Page 12 - NH NC Guide
P. 12
Voluntary Term Life and AD&D
Voluntary Term Life Insurance
We recognize you and your family have speciic needs and our company paid life insurance policy may
not be enough to ensure your inancial security if your income were suddenly lost. If necessary, we
offer a voluntary life insurance option with competitive group rates so you can purchase and secure
the inancial protection you need. Voluntary life insurance can be purchased in increments of $10,000
up to the lesser of 5 times your annual salary or $500,000. As noted to the left, you may elect up to
$150,000 of coverage during this open enrollment period without answering any medical questions.
Dependent Voluntary Life Coverage
If you elect voluntary life coverage for yourself, you can also elect voluntary life coverage for your
spouse and dependent children. This coverage offers inancial protection to you in the event of your
covered family member’s death.
Coverage choices
X Voluntary spouse life insurance—increments of $5,000 up to $500,000
Note: you cannot elect spousal life insurance greater than your own total additional life insurance
value
X You must provide EOI if you elect spouse coverage in excess of $30,000
X Premium rates for spouse coverage are based on spouse’s age
X Voluntary child life insurance—increments of $2,000 up to $10,000 (coverage from birth to age
6 months is limited to $1,000)
X If you elect coverage for your spouse during this initial offering, each year at annual enrollment
you may increase the amount of spouse life up to the $30,000 guaranteed issue level without
providing evidence of insurability
Voluntary AD&D (Accidental Death and Dismemberment)
You also have the option of purchasing voluntary AD&D coverage. This coverage pays a beneit
if you, your spouse, or your child(ren) is either killed or injured as a result of an accident. You may
purchase AD&D coverage for yourself, your spouse, and your children regardless of whether you
purchase voluntary life coverage up to the same limits available for voluntary life coverage. AD&D
coverage does not require medical evidence of insurability. As you go online to enroll on the new
MG+BW Lockton Marketplace website, the cost of coverage will automatically be calculated for you.
Employee AD&D Monthly Rate Spouse AD&D Monthly Rate Child AD&D Monthly Rate
$0.599 per $10,000 $0.315 per $5,000 $0.074 per $2,000
12
New Hire Guide
Voluntary Term Life Insurance
We recognize you and your family have speciic needs and our company paid life insurance policy may
not be enough to ensure your inancial security if your income were suddenly lost. If necessary, we
offer a voluntary life insurance option with competitive group rates so you can purchase and secure
the inancial protection you need. Voluntary life insurance can be purchased in increments of $10,000
up to the lesser of 5 times your annual salary or $500,000. As noted to the left, you may elect up to
$150,000 of coverage during this open enrollment period without answering any medical questions.
Dependent Voluntary Life Coverage
If you elect voluntary life coverage for yourself, you can also elect voluntary life coverage for your
spouse and dependent children. This coverage offers inancial protection to you in the event of your
covered family member’s death.
Coverage choices
X Voluntary spouse life insurance—increments of $5,000 up to $500,000
Note: you cannot elect spousal life insurance greater than your own total additional life insurance
value
X You must provide EOI if you elect spouse coverage in excess of $30,000
X Premium rates for spouse coverage are based on spouse’s age
X Voluntary child life insurance—increments of $2,000 up to $10,000 (coverage from birth to age
6 months is limited to $1,000)
X If you elect coverage for your spouse during this initial offering, each year at annual enrollment
you may increase the amount of spouse life up to the $30,000 guaranteed issue level without
providing evidence of insurability
Voluntary AD&D (Accidental Death and Dismemberment)
You also have the option of purchasing voluntary AD&D coverage. This coverage pays a beneit
if you, your spouse, or your child(ren) is either killed or injured as a result of an accident. You may
purchase AD&D coverage for yourself, your spouse, and your children regardless of whether you
purchase voluntary life coverage up to the same limits available for voluntary life coverage. AD&D
coverage does not require medical evidence of insurability. As you go online to enroll on the new
MG+BW Lockton Marketplace website, the cost of coverage will automatically be calculated for you.
Employee AD&D Monthly Rate Spouse AD&D Monthly Rate Child AD&D Monthly Rate
$0.599 per $10,000 $0.315 per $5,000 $0.074 per $2,000
12
New Hire Guide
