Page 13 - PSA 2020-21 New Hire Guide
P. 13
Protection Strategies Incorporated




Life and Disability Insurance



Life and disability insurance is provided through The Hartford.

Basic Life and Accidental Death and Voluntary Life and AD&D*
Dismemberment (AD&D) X You may purchase additional life insurance for

For eligible employees, the company automatically yourself, spouse, and children. Participation is
provides you a beneit of $50,000, at no cost to you, for voluntary and premiums are 100% employee paid
life insurance and accidental death and dismemberment X If you elect coverage that requires submission of
insurance. an evidence of insurability form, you will not be
enrolled in that amount until you submit the form
and receive approval from The Hartford


Employees
X Increments of $10,000 up to 5 times your salary.
Maximum beneit of $500,000

X Guaranteed issue is $150,000
X Evidence of insurability will be required for
amounts over the guaranteed issue amount

X During open enrollment, you may elect or increase
insurance coverage up to two increments ($20,000)
on a guaranteed acceptance basis, provided you
have not been previously declined for coverage

Spouse
X Increments of $5,000 up to a maximum beneit
of $100,000 (not to exceed 50% of the employee’s
elected amount)

X Guaranteed issue is $50,000
X During open enrollment, you may elect or increase
insurance coverage up to two increments ($10,000)
What is Evidence of Insurability on a guaranteed acceptance basis, provided you
(EOI)? have not been previously declined for coverage

If EOI is required, this means you must provide certain
information about your health in order for the insurance Dependent Children
company to review your information and approve you for X $10,000 beneit (6 months old to age 25)
coverage. If you are newly eligible, you can elect up to the
guaranteed issue amount without submitting EOI. You may X $1,000 beneit (age 15 days to 6 months old)
be required to submit EOI if you have previously waived this
coverage or if you elect above the guaranteed issue amount. * If you elect coverage for the irst time or increase your coverage
during this open enrollment, you must be actively at work on July
1, 2020 in order for the increased coverage to be efective. In order
for newly elected spouse/dependent coverage to be efective, your
spouse/dependents must be performing the duties of similarly
situated dependents.
13
   8   9   10   11   12   13   14   15   16   17   18