Voluntary Employee and Dependent Term Life Insurance
TERM LIFE INSURANCE IS LIFE INSURANCE THAT COVERS YOU WHILE YOU ARE EMPLOYED BY US, BUT DOES NOT HAVE A CASH VALUE.
Voluntary Employee Term Life Insurance
Benefits Full time employees working 30 or more hours per week during a school or calendar year are eligible for voluntary term life insurance. Coverage amounts are determined by the amount you elect and remain in effect throughout the plan year. You may purchase voluntary term life insurance in amounts from $10,000 to $500,000 in $5,000 increments. Enrollment into this plan is only offered once a year during open enrollment. You may elect coverage or change your coverage amounts each year during annual benefits open enrollment with proof of good health. New employees may elect up to a $200,000 benefit without proof of good health (guaranteed issue) during the first year of employment. Your voluntary life insurance benefits are provided through American United Life (AUL), our life insurance provider.
Increasing Your Coverage If you elect or increase coverage after your first year of employment, then proof of good health is required. Upon approval, your coverage and payroll deductions take effect.
Special Features If you become ineligible for benefits or leave us, your voluntary term insurance benefits may be convertible. You may convert all or a portion of this coverage to an individual whole life policy. The rates for converted coverage will most likely be higher than you will pay under the Supplemental Life Plan. You may continue a whole life policy even after you reach age 65. Voluntary Term Life Insurance Premiums Your premiums are based on your age and pay. AUL will quote your individual rates for each option. Your premiums are paid on an after-tax basis and are deducted directly from your personal checking account.
Beneficiary Designation
It’s important to designate a beneficiary(ies) when your insurance coverage begins. To do so, you must designate he/she/they in your web benefits portal through Paylocity. You should also review/update your beneficiary designations regularly.
Voluntary Dependent Term Life insurance
None of us wants to consider the loss of a loved one. But even during the saddest times of our lives, there are financial considerations. To help you prepare for those financial concerns now, we offer Dependent Term Life Insurance through American United Life (AUL). Benefits The Voluntary Dependent Life Insurance Plan offers several coverage options for your family’s needs. You may elect to cover your family even if you do not elect to cover yourself under the Voluntary Life Plans. Keep in mind that Dependent Life Insurance is also term insurance and only continues for the term of your employment. You may enroll in this only once a year during open enrollment.
Coverage amounts: • You may select coverage for your spouse of $5,000, $10,000 or $20,000. • You may select coverage for your children of $2,500, $5,000, or $10,000. *When you select coverage for your children, you are covering each of your dependent children for this amount regardless of the number of children you have. Remember, dependents include children under age 19 or age 25 if a full-time student.
