Page 14 - Goodwill of SWPA 2022 Benefits Guide

Voluntary Life Insurance

Life insurance is an important part of your financial wellbeing, especially if others depend on you for support. You may choose
to purchase additional life coverage for yourself and your dependents at affordable group rates. You or your spouse must
be insured in order for your dependent child(ren) to be covered.

Eligibility Contribution Requirements

● Yourself ● Coverage is employee-paid.
● Your legal spouse under age 70.
(Spouse coverage terminates at age 75.) Benefit Reduction Due to Age*
● Your children* from 4 days up to age 26
(regardless of student status) Age Face Amount Reduces to

*unmarried financially dependent children, natural and adopted children upon 75 to 79 60% of available or in force amount at age 74
finalization of adoption; stepchildren and foster children living with you
80 to 84 35% of available or in force amount at age 74
Notes: 85 to 89 27.5% of available or in force amount at age 74
● Age limit does not apply to handicapped children.
● A person may not have coverage as both an Employee 90 to 94 20% of available or in force amount at age 74
and Dependent. 95 to 99 7.5% of available or in force amount at age 74
● Only one insured spouse may cover Dependent children. 100 5% of available or in force amount at age 74
● The benefit amounts chosen for employee and spouse
need not be the same. *Applicable to Employee or Spouse coverage

Voluntary Life Insurance for you Features
● Living Benefit Rider (expressed as Accelerated Death
Employee Benefit in some States and Imminent Death Benefit in PA)
● Increments of $10,000
● Portability
● Minimum of $10,000 to a maximum of $500,000
● Guaranteed issue is up to $100,000 for employees ● Waiver of Premium
under age 60 and up to $10,000 for employees between
ages 60 and 69. There is no guaranteed issue for Exclusions
employees age 70 or older.
● Death by suicide is not covered during the first two years
an insured’s insurance is in force. Insurance coverage is
Voluntary Life Insurance for your dependents incontestable after it has been in force two years during
the insured’s lifetime, except for non-payment of premium.
Spouse Child(ren)
● Increments of $10,000 ● 14 Days to 6 months: $1,000 Notes: For a comprehensive list of exclusions and limitations,
● Minimum of $10,000 to a ● Age 6 months to 26 years of please refer to the Certificate of Insurance. The Certificate
maximum of $500,000 age (regardless of student also provides all requirements necessary to be eligible for
● Guaranteed issue is up status): choice of $2,500, coverage and benefits.
to $20,000 for spouses $5,000; $7,500 or $10,000
under age 60. There is ● Choose one benefit
no guaranteed issue for amount for all eligible
spouses age 60 or older. children in the family

Note: Guaranteed issue is subject to underwriting rules
and is not available in all circumstances.

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