Page 15 - 2017 FutureSteps
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Voluntary Life Election Options Example 1
We heard and understand greatly the frustration regarding the voluntary life Joe Smith, an employee of
insurance elections in the past. We have been working diligently with Metlife, and W&T, has a current election
have come to a resolution to simplify the election process. In 2017, there will be of $10,000 in voluntary
changes to the amounts of life insurance offered. Every employee who wishes life insurance. Since the
to purchase voluntary life insurance is required to make a new election this year. $10,000 election is below
Depending on the amount you currently have, there will be additional choices you will the $50,000 increment, he
have to make. We have outlined your options below, but if you have any questions has the choice to terminate
please contact HR at Beneits@WTOffshore.com. the coverage, or elect any
increment of $50,000 and
be required to turn in a
Employee Voluntary Life Spousal Voluntary Life statement of health (SOH).
You have the option to elect voluntary
life insurance in increments of $50,000 You have the option to elect voluntary life Example 2
up to $500,000 or 5x your annual salary, insurance for your spouse in increments Joan Beneit, an employee
whichever is less. If you have a current of $25,000 up to $250,000, or 100% of of W&T, has a current
election that is below $50,000, you have your election, whichever is less. If your election of $100,000 in
the option to drop the insurance or elect spouse currently has less than $25,000, voluntary life insurance.
$50,000, or a higher increment of, and you will have the option of dropping the If Joan wishes to elect
a statement of health (SOH) will be coverage or electing $25,000 and a $100,000 for the 2017
required. If you have a current election statement of health (SOH) is required. plan year, she can without
a SOH. If Joan wishes to
that is something other than an increment If your spouse has a current election increase her election in
of $50,000, you will have the option to of something other than an increment an increment of $50,000,
elect up or down. If you choose to elect of $25,000, you will have the option a SOH will be required to
down to the lower increment of $50,000, to elect up or down. If you choose to do so.
a SOH is not required. If you choose elect down to the lower increment of
to elect up to the next increment of $25,000, a SOH will not be required. If Example 3
$50,000, a SOH will be required. Please you choose to elect up to the next higher Joe Smith, an employee of
see the examples to the right for a better increment of $25,000, a SOH will be W&T, has a current election
understanding. required. Remember, in order to elect of $75,000 in voluntary
spousal coverage, you must have equal
to or greater than coverage elected for life insurance. This year
Joe has the option to
yourself.
Child Voluntary Life either elect $50,000 in life
insurance without a SOH,
You will have the option to elect either a $5,000 or $10,000 beneit for your children. or increase his election
to a higher increment of
Important! $50,000 and submit a
If you are increasing your election to a higher increment of $50,000, you are required to statement of health.
submit a statement of health. While your statement of health is being reviewed by Metlife, These examples are the
and until you have been approved, you will remain at the lower increment of $50,000 and same options for the
deducted from payroll at this level. spouse elections given the
In Example 3 to the right, if Joe wants to move to $100,000 (from $75,000) he will be beneits in increments of
issued and deducted for $50,000 of life insurance until his SOH is approved by Metlife. $25,000.
We encourage all employees to keep records of approvals.
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We heard and understand greatly the frustration regarding the voluntary life Joe Smith, an employee of
insurance elections in the past. We have been working diligently with Metlife, and W&T, has a current election
have come to a resolution to simplify the election process. In 2017, there will be of $10,000 in voluntary
changes to the amounts of life insurance offered. Every employee who wishes life insurance. Since the
to purchase voluntary life insurance is required to make a new election this year. $10,000 election is below
Depending on the amount you currently have, there will be additional choices you will the $50,000 increment, he
have to make. We have outlined your options below, but if you have any questions has the choice to terminate
please contact HR at Beneits@WTOffshore.com. the coverage, or elect any
increment of $50,000 and
be required to turn in a
Employee Voluntary Life Spousal Voluntary Life statement of health (SOH).
You have the option to elect voluntary
life insurance in increments of $50,000 You have the option to elect voluntary life Example 2
up to $500,000 or 5x your annual salary, insurance for your spouse in increments Joan Beneit, an employee
whichever is less. If you have a current of $25,000 up to $250,000, or 100% of of W&T, has a current
election that is below $50,000, you have your election, whichever is less. If your election of $100,000 in
the option to drop the insurance or elect spouse currently has less than $25,000, voluntary life insurance.
$50,000, or a higher increment of, and you will have the option of dropping the If Joan wishes to elect
a statement of health (SOH) will be coverage or electing $25,000 and a $100,000 for the 2017
required. If you have a current election statement of health (SOH) is required. plan year, she can without
a SOH. If Joan wishes to
that is something other than an increment If your spouse has a current election increase her election in
of $50,000, you will have the option to of something other than an increment an increment of $50,000,
elect up or down. If you choose to elect of $25,000, you will have the option a SOH will be required to
down to the lower increment of $50,000, to elect up or down. If you choose to do so.
a SOH is not required. If you choose elect down to the lower increment of
to elect up to the next increment of $25,000, a SOH will not be required. If Example 3
$50,000, a SOH will be required. Please you choose to elect up to the next higher Joe Smith, an employee of
see the examples to the right for a better increment of $25,000, a SOH will be W&T, has a current election
understanding. required. Remember, in order to elect of $75,000 in voluntary
spousal coverage, you must have equal
to or greater than coverage elected for life insurance. This year
Joe has the option to
yourself.
Child Voluntary Life either elect $50,000 in life
insurance without a SOH,
You will have the option to elect either a $5,000 or $10,000 beneit for your children. or increase his election
to a higher increment of
Important! $50,000 and submit a
If you are increasing your election to a higher increment of $50,000, you are required to statement of health.
submit a statement of health. While your statement of health is being reviewed by Metlife, These examples are the
and until you have been approved, you will remain at the lower increment of $50,000 and same options for the
deducted from payroll at this level. spouse elections given the
In Example 3 to the right, if Joe wants to move to $100,000 (from $75,000) he will be beneits in increments of
issued and deducted for $50,000 of life insurance until his SOH is approved by Metlife. $25,000.
We encourage all employees to keep records of approvals.
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