Page 16 - 2018 VER Benefit Guide
P. 16
Life and AD&D Insurance
VER provides life and accidental death and dismemberment (AD&D) insurance at no
cost to you. Hourly employees will receive a lat $25,000 beneit. Salaried employees
will receive a beneit equal to 1x your annual salary. Beneit reductions apply beginning
at age 65. Coverage is provided through Cigna.
Voluntary Life and AD&D
Employee
VER also provides employees an opportunity to supplement the company provided
life insurance with a voluntary life and AD&D program. Employees will be able to
purchase voluntary life and AD&D insurance for yourself, your spouse, and your
dependent children.
Employees can elect coverage in increments of $10,000 to a maximum of $500,000 or
5x your salary, whichever is less. Evidence of insurability is required for any election
over $200,000 and subject to approval by the insurance company.
For your spouse, you may elect coverage in $5,000 increments to a maximum of
$500,000. Coverage for your spouse may not exceed the amount of voluntary life
insurance you elect for yourself. Coverage is guaranteed up to $25,000. Any election
over $25,000 will require evidence of insurability and is subject to approval by the
insurance company.
Coverage for your children is available in $2,000 increments to a maximum of
$10,000. Evidence of insurability is not required for child life insurance.
! Important Note about Voluntary Life Coverage
If you do not currently participate in our voluntary life and AD&D program, during Open
Enrollment this fall, you can elect coverage up to the guaranteed issue amounts, without
providing evidence of insurability. Carefully consider your FSA contribution amounts; unused
funds are not rolled over and are forfeited to the plan. However, the FSAs offer a grace period
where you may incur claims through March 15 of the following year and claim against
the previous year’s funds. All claims must be submitted for reimbursement by March 31 of the
following plan year.
If you currently participate in our voluntary life and AD&D program and have coverage lower
than the guaranteed issue amounts, during Open Enrollment this fall, you can increase your
coverage up to the guaranteed issue amounts without providing evidence of insurability.
16 2018 Benefits Enrollment
VER provides life and accidental death and dismemberment (AD&D) insurance at no
cost to you. Hourly employees will receive a lat $25,000 beneit. Salaried employees
will receive a beneit equal to 1x your annual salary. Beneit reductions apply beginning
at age 65. Coverage is provided through Cigna.
Voluntary Life and AD&D
Employee
VER also provides employees an opportunity to supplement the company provided
life insurance with a voluntary life and AD&D program. Employees will be able to
purchase voluntary life and AD&D insurance for yourself, your spouse, and your
dependent children.
Employees can elect coverage in increments of $10,000 to a maximum of $500,000 or
5x your salary, whichever is less. Evidence of insurability is required for any election
over $200,000 and subject to approval by the insurance company.
For your spouse, you may elect coverage in $5,000 increments to a maximum of
$500,000. Coverage for your spouse may not exceed the amount of voluntary life
insurance you elect for yourself. Coverage is guaranteed up to $25,000. Any election
over $25,000 will require evidence of insurability and is subject to approval by the
insurance company.
Coverage for your children is available in $2,000 increments to a maximum of
$10,000. Evidence of insurability is not required for child life insurance.
! Important Note about Voluntary Life Coverage
If you do not currently participate in our voluntary life and AD&D program, during Open
Enrollment this fall, you can elect coverage up to the guaranteed issue amounts, without
providing evidence of insurability. Carefully consider your FSA contribution amounts; unused
funds are not rolled over and are forfeited to the plan. However, the FSAs offer a grace period
where you may incur claims through March 15 of the following year and claim against
the previous year’s funds. All claims must be submitted for reimbursement by March 31 of the
following plan year.
If you currently participate in our voluntary life and AD&D program and have coverage lower
than the guaranteed issue amounts, during Open Enrollment this fall, you can increase your
coverage up to the guaranteed issue amounts without providing evidence of insurability.
16 2018 Benefits Enrollment
