Page 14 - Benefits Guide
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Employee Benefits Guide
Life, AD&D and Disability
Corizon Health’s life and AD&D coverage can help you prepare for the unexpected.
Basic Life and AD&D Insurance
Corizon Health automatically provides Basic Life and Accident insurance coverage to you and pays 100% of the cost of this benefit. If you are a full-time employee, your coverage is equal to your base annual salary, up to $750,000. No enrollment is necessary, but you must be actively at work on your benefit-effective date for this coverage to begin.* If you are not actively at work on the benefit effective date, then your benefit will be available the date that you return to active status. The beneficiary(ies) you designate will apply to all coverages. If you terminate employment or are no longer eligible for this coverage, you may convert your group term life insurance coverage to a personal policy within 31 days of coverage termination. Contact Prudential’s Life Conversion Unit at 1-877-889-2070. Please check your specific coverage details in the online benefits enrollment portal.
Supplemental Term Life and AD&D Insurance
Additional amounts of supplemental life and accident insurance protection are also available to you and your family. You must be actively at work on your benefit-effective date for this coverage to begin.*
Imputed Income
Any amount of life insurance that exceeds $50,000 is considered taxable “imputed income” by the IRS and will be included on your W-2 form for that year.
*“Actively at work” as defined under policy provisions.
Coverage Options
Limits
Supplemental Employee Life and AD&D Insurance
Increments of $10,000, up to $750,000.
Guaranteed Issue (GI) is 2x your base annual salary, up to $250,000.
You may elect one additional $10,000 increment up to GI without Evidence
of Insurability (EOI). If previously denied for an increase, you remain ineligible
unless you submit EOI.
Age reductions may apply.
Spouse Life and AD&D Insurance
Increments of $5,000 up to a maximum of $50,000.
GI is 25,000; EOI is required for all changes.
Not to exceed 50% of employee supplemental coverage (guaranteed issue of
$25,000 during initial eligibility).
Available only if Supplemental Employee Life coverage is purchased.
Age reductions may apply.
Child Life and AD&D Insurance
$10,000.
Available only if Supplemental Employee Life coverage is purchased.
Company-Provided Basic Life and AD&D Insurance
Corizon provides Basic Life and AD&D insurance for all employees. Please check your specific coverage details in the online benefits enrollment portal.
Designate Your Beneficiary
When you enroll online for benefits, look for the prompts to designate beneficiary(ies) for the company-provided life insurance plan and/or your supplemental life insurance plans. If beneficiary(ies) is not designated, benefits will be paid per the carrier policy.
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