Page 18 - Dragados 2022 Benefits Guide

EMPLOYEE VOLUNTARY LIFE COVERAGE
You pay the entire cost for coverage elected
Your Benefit Options
Maximum Benefit
Definition of “Annual Earnings”
Guaranteed Issue (GI) Amount
Benefit Reduction
Suicide Exclusion
If You Elect
Is Evidence of Insurability Required?
1 or 2 x annual earnings and the amount of insurance up to $250,000
No.
This is because the amount of insurance is within the GI limits [lesser of 2 x annual earnings or $250,000]
1 or 2 x and the amount of insurance is more than $250,000
Yes.
Evidence is required for amount over the GI limit of $250,000
3, 4 or 5 x salary
Yes.
Evidence is required for all multiples of salary over 2 x annual earnings
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Dragados 2022 Benefits Guide
Voluntary Life
Voluntary Life Insurance coverage provides you and your family with additional financial security. Life Insurance is about more than paying for memorial services- it’s about making sure your family can maintain its standard of living over the long run if something happens to you. How much your family needs depends on your personal situation (other income, monthly expenses, and short-and long-term debt).
Please refer to your certificate of insurance for further details on plan coverage provisions.
Employee
You may elect in $10,000 increments up to a maximum of 5x your annual earnings.
$1,000,000
Your annual wage or salary, excluding extra compensation, bonus, commission and overtime
Lesser of 2 x annual compensation or $250,000 (does not apply outside of new hire or Qualified Life Status change periods)
Age 65: 35% reduction. Age 70: 50% reduction Included – 2 years
Note: The actively at work rule applies.
Evidence of Insurability Rules:
When you enroll within 31 days of your initial eligibility date, during a special enrollment, or due to a qualified life status change, the following rules apply:
If you apply for any amount of Voluntary Life after your initial eligibility period you will be considered a late entrant. All multiples of salary and amount of insurance will be subject to evidence of insurability.