Voluntary Life Insurance
Voluntary and Dependent Life Insurance
In addition to the company paid life insurance plan, you may purchase additional life insurance for yourself and/or dependents at your own expense.
Voluntary life insurance can be in increments of $1,000 up to a maximum of five (5) times your annual salary not to exceed $500,000. An Evidence of Insurability Form is required for amounts over $150,000.
Voluntary life insurance can only be increased during open enrollment or in the event of a qualifying life event. During these times you may increase your coverage in increments of $1,000, up to $500,000. Employees either electing coverage for the first time or increasing coverage must complete an Evidence of Insurability Form.
During open enrollment for benefits effective in 2012, employees enrolling in coverage for the first time or increasing their coverage amount to an amount less than $150,000 will not need to submit an evidence of insurability form.
- Life benefits begin to reduce at age 70.
- This plan contains a premium waiver. If you become disabled and are no longer able to work, your premiums will be waived during the period of disability.
- This plan also has an accelerated benefit option, which pays 100% of the benefit for the terminally ill up to a maximum of $250,000.
For new employees: Spousal life insurance can be purchased in increments of $1,000 up to $150,000. An Evidence of Insurability Form is required for spousal coverage amounts of $30,000 or more.
Spousal life insurance can only be increased during open enrollment. The entire elected amount of coverage will be subject to Evidence of Insurability.
This life benefit can be purchased in increments of $1,000 up to a maximum of $10,000.
Employees can only elect dependent life insurance (spouse and child) if they have elected voluntary life insurance for themselves.
Please contact the Benefits Manager at (703) 908-7672 for additional information.