Page 24 - 2015 Advia CU Benefits & Notices
P. 24
Advia CU - MI 2015
Basic Life/AD&D and Optional Life/AD&D Coverage
Life insurance is extremely important if you have family members that
depend upon your income. Life insurance provides financial security
for you and your dependents should you die while an employee at the
Credit Union. Accidental Death & Dismemberment (AD&D) insurance
pays an additional benefit if your death is a result of an accident. In
addition, AD&D insurance will pay a portion of the benefit for a loss of
limb, eyesight, or both, if the loss is directly related to the accident.
Advia CU provides a company-paid Basic Life/AD&D benefit for you by
Sun Life Financial (Sun Life). You can purchase additional life and/or
AD&D coverage for yourself and dependents.
Your Basic Life and Optional Life (employee and spouse) insurance
benefits reduce to 65% at age 65 and to 50% at age 70. Coverage effective dates and increases in
coverage may be delayed if you and/or your dependents are disabled or hospital confined on the date
coverage is scheduled to take effect. Review the Sun Life Summary Plan Description for details.
When do you need to provide Evidence of Insurability (E of I)?
Optional Life Amounts* New Hire Enrollment Open Enrollment &
Mid-Year Changes
$10,000 increments If not currently enrolled and you
Employee up to a 5 times your
If you elect more than $100,000 elect coverage
salary/$500k max If currently enrolled and you elect
to increase coverage
Spouse $5,000 increments If you elect more than $25,000 If not currently enrolled and you
Child(ren) up to a Maximum elect coverage
benefit of $50,000 or
If currently enrolled and you elect
50% of the to increase coverage
Employee’s
Supplemental Life Not Required If not currently enrolled and you
Insurance amount, elect coverage
whichever is greater.
Amounts up to
$10,000
* Any coverage amount subject to E of I will became effective on the date approved by Sun Life.
Optional AD&D Amounts When do you need to provide
Evidence of Insurability?
Employee Amount Equal to Your
Supplemental Life Insurance Not Required at Any Time
Spouse Only Amount Equal to Covered Life
Child Only Not Required at Any Time
Family Amount Equal to Covered Life Not Required at Any Time
Not Required at Any Time
Amount Equal to Covered Life
As this coverage is an after-tax deduction, you have the ability to change coverage during the course of
the year. However, you will be subject to Evidence of Insurability.
Salus Group© Copyright 2014 Page | 24
Basic Life/AD&D and Optional Life/AD&D Coverage
Life insurance is extremely important if you have family members that
depend upon your income. Life insurance provides financial security
for you and your dependents should you die while an employee at the
Credit Union. Accidental Death & Dismemberment (AD&D) insurance
pays an additional benefit if your death is a result of an accident. In
addition, AD&D insurance will pay a portion of the benefit for a loss of
limb, eyesight, or both, if the loss is directly related to the accident.
Advia CU provides a company-paid Basic Life/AD&D benefit for you by
Sun Life Financial (Sun Life). You can purchase additional life and/or
AD&D coverage for yourself and dependents.
Your Basic Life and Optional Life (employee and spouse) insurance
benefits reduce to 65% at age 65 and to 50% at age 70. Coverage effective dates and increases in
coverage may be delayed if you and/or your dependents are disabled or hospital confined on the date
coverage is scheduled to take effect. Review the Sun Life Summary Plan Description for details.
When do you need to provide Evidence of Insurability (E of I)?
Optional Life Amounts* New Hire Enrollment Open Enrollment &
Mid-Year Changes
$10,000 increments If not currently enrolled and you
Employee up to a 5 times your
If you elect more than $100,000 elect coverage
salary/$500k max If currently enrolled and you elect
to increase coverage
Spouse $5,000 increments If you elect more than $25,000 If not currently enrolled and you
Child(ren) up to a Maximum elect coverage
benefit of $50,000 or
If currently enrolled and you elect
50% of the to increase coverage
Employee’s
Supplemental Life Not Required If not currently enrolled and you
Insurance amount, elect coverage
whichever is greater.
Amounts up to
$10,000
* Any coverage amount subject to E of I will became effective on the date approved by Sun Life.
Optional AD&D Amounts When do you need to provide
Evidence of Insurability?
Employee Amount Equal to Your
Supplemental Life Insurance Not Required at Any Time
Spouse Only Amount Equal to Covered Life
Child Only Not Required at Any Time
Family Amount Equal to Covered Life Not Required at Any Time
Not Required at Any Time
Amount Equal to Covered Life
As this coverage is an after-tax deduction, you have the ability to change coverage during the course of
the year. However, you will be subject to Evidence of Insurability.
Salus Group© Copyright 2014 Page | 24
