Page 8 - Magnet Employee Benefits Brochure 2021-22 FINAL

2021–2022 Employee Benefits Brochure

Basic Life and AD&D – Reliance Standard

100% Employer paid for full-time eligible employees
▪ $10,000 Benefit Amount for Life
▪ $10,000 Benefit Amount for Accidental Death and Dismemberment

Benefit Reduction Schedule: your benefits will reduce to 65% at age 65, and 50% at age 70.

Voluntary Life – Reliance Standard

Employee: All full-time employees are eligible for this benefit.
Increments of $10,000 to $500,000 (to max of 5x’s annual earnings, whichever is less)
Guaranteed Issue: $150,000
Benefit Reduction Schedule: your benefits will reduce to 65% at age 65, and 50% at age 70.

Spouse: Your spouse is eligible, as long as you apply for and are approved for coverage for
yourself.
Increments of $10,000 to $100,000 (to max of $100,000)
Guaranteed Issue: $30,000
Volume is not to exceed 100% of the employee’s coverage amount

Children: Eligible if under age 19 (or under age 26 if they are full-time students), as long as
you apply for and are approved for coverage for yourself.
Increments of $2,500 (to a max of $10,000)
Guaranteed Issue: $10,000
Volume is not to exceed 100% of the employee’s coverage amount

During an Annual Enrollment Period, if you are currently insured under the Voluntary Life
Insurance portion of this Policy, you may increase your Voluntary Life Insurance Benefit, or if
you are eligible for the Voluntary Life Insurance portion of this Policy but have not previously
enrolled, you may become insured under the Policy, but only after having provided Evidence of
Insurability (EOI) documentation, subject to approval (even amounts up to the guaranteed issue
amounts will be subject to EOI requirements). If you have a qualifying event, you may qualify to
enroll up to guaranteed issue without EOI. Please contact HR if interested.

New hires may enroll up to the guaranteed issued amounts without providing Evidence of
Insurability. Any amounts above the guaranteed issue will be subject to Evidence of Insurability
requirements.

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