Life Insurance
Evidence of Insurability
Evidence of Insurability is the process by which an insurance carrier makes the determination that an employee or spouse is insurable at or above a certain dollar amount by requiring proof of good health. Evidence of Insurability will be required for any combination of the employee's Basic and Supplemental Life that is greater than $500,000. New hires are allowed to elect supplemental life up to 2 times their annual salary without Evidence of Insurability within the first 31 days of employment. Human Resources can provide you with an Evidence of Insurability form with instructions for you to complete and submit to Reliance Standard.
| Evidence of Insurability | |
|---|---|
| Basic Life Insurance 1.5x | Evidence of Insurability does not apply |
| If the combination of Basic and Supplemental is greater than $600,000 | Evidence of Insurability applies |
| If Spousal Dependent Life is greater than $25,000 | Evidence of Insurability applies |
| Any change to supplemental or spousal life, if it is not elected within the first 31 days of employment | Evidence of Insurability applies |
Beneficiary
Life insurance benefits are paid to the beneficiary on file when a life insurance claim is processed. You are automatically the beneficiary of any life insurance you choose for your spouse and children. Your benefit selection form allows you to designate both a primary and secondary beneficiary for your own insurance plan. You may change your beneficiary at any time during the calendar year by completing a benefit selection form. Below is some suggested wording for identifying that beneficiary.
| Suggested Wording for Beneficiary Designation | |
|---|---|
| Type of Beneficiary | Wording to Be Used |
| To your estate One beneficiary Two beneficiaries (equal shares) Two beneficiaries (unequal shares) One primary and one contingent |
Estate Mary J. Smith, wife James Jones, brother, and Mary Scott, friend, in equal shares or the survivor, if any. John J. Wills, father, as to two-thirds and Mark I. Wills, brother, as to one-third or the survivor, if any. Lois P. Gomez, wife, if living otherwise Tom V. Gomez, son. |
Continuation of Life Insurance
Life insurance ends on your last day worked. Dependent life insurance coverage terminates either when your coverage ends or when the individual ceases to be your eligible dependent. For life insurance purposes only, when a child reaches ages 19 to 26, they must be a full-time student in order to remain eligible for life insurance benefits. You may have portability options or you may convert your group life insurance to an individual whole life policy through the carrier, Reliance Standard, if you contact them within 31 days of your last day worked
You have the option to convert your coverage to an Individual Life Insurance Policy, or you may have the option to port your life insurance (provided you are not sick or injured). You must act within 31 days of your termination date to continue coverage under either option. If you decide to continue life insurance coverage, contact Reliance Standard at 1-800-351-7500.
