Page 14 - Draken Intl. 2022 OE Flipbook
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Life Insurance
Life and AD&D Insurance Voluntary Life and AD&D Insurance
Draken provides basic life and AD&D insurance for You may choose to purchase additional life and AD&D
employees and offers voluntary insurance options for coverage for yourself and your dependents at affordable
employees and their dependents. group rates. Rates are based on age and the coverage
level chosen.
Basic Life and AD&D Insurance
Life insurance is an important part of your financial Voluntary Life and AD&D Insurance for you
wellbeing, especially if others depend on you for Employee
support. Draken provides basic life and accidental • Up to a $300,000 maximum
death and dismemberment insurance at no cost equal • Guaranteed issue up to $150,000 during the new hire
to $100,000 for eligible full-time, regular employees enrollment period for employees under age 65
and eligible part-time, regular employees working at
least 50% of a full-time schedule. For new and existing Voluntary Life and AD&D Insurance
employees, coverage is group term life which reduces for your dependents
with age, with the first reduction at age 65 to 65% and Spouse Child(ren)
at age 70 to 50% of the original benefit amount. • Up to a $250,000 maximum • $10,000 per child
• Benefit is contingent upon • Covered starting from the
Features employee enrolling in child’s date of birth
• Conversion: Coverage may be converted to an Voluntary Life and cannot
individual policy when coverage terminates or reduces. exceed the Employee
Coverage
• Portability: Allows an insured employee to take their • Guaranteed issue up to
group Life insurance with them or continue with Life $50,000 during the new
insurance under the group when coverage ends for hire enrollment period for
reasons other than sickness, injury, retirement, or employees under age 65
termination of employer’s plan.
Features
Note: Update your beneficiary information anytime
by logging into your Paycom account. Go to ESS > • Portability (if eligible): Coverage can be ported upon
Benefits > Beneficiary. termination of active employment.
• Conversion: Coverage may be converted to an
individual policy when coverage terminates or reduces.
Age banded rates apply and are based on your age as
of January 1st.
• Coverage Reduction: Employees between the ages
65-69 on January 1st will automatically receive a 35%
reduction in coverage level and those age 70+ will
automatically receive a 50% reduction in coverage level.
The coverage level elected above the GI coverage in the
Employee and/or Spouse plan is subject to Evidence of
Insurability (EOI). Contact HR for the EOI process.
Note: If you are enrolling for the first time as a newly
eligible employee, you will be able to elect coverage up to
the Guaranteed Issue (GI) without Evidence of Insurability
(EOI). If you waive coverage but elect to enroll in the
future, you will be considered a late entrant. Late entrants
(employees who don’t enroll when initially eligible) must
complete Evidence of Insurability (EOI) regardless of
elected coverage level.
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