The Voluntary Life benefit is a supplemental benefit and is employee paid if you choose to enroll. Your deductions will be taken out on a post-tax basis so the benefit is not taxable to your beneficiary should you pass away.
The employee benefit is in $10,000 increments to a max of $200,000 and is payable to your beneficiary if you were to pass away. You may also enroll your spouse and/or child(ren) if you enroll.
The spouse benefit is $5,000 increments to a max of $25,000 not to exceed 100% of the employee elected amount.
The child benefit is $1,000 increments up to $10,000, not to exceed 100% of the employee elected amount.
If you enroll in this benefit as a new hire, you have access to Guarantee Issue coverage. Guarantee Issue (GI) means that you can elect coverage up to a certain amount without having to provide Evidence of Insurability (EOI), or responses to your medical health history. The GI for employee as a new hire is $200,000 if under age 65; GI for spouse is $25,000 if under age 65; GI for child(ren) is $10,000. You will pay only one price for dependent child(ren), even if you enroll multiple children. If you waive coverage as a new hire and later enroll during a future annual enrollment January 1, you will need to complete the EOI and Guardian can approve or decline your coverage. If you increase coverage at a future annual enrollment, EOI will also be required. EOI is also required as a new hire if your coverage election amount exceeds the GI, but you will always be approved for the GI regardless of your prior or current health status.
The cost is age banded in 5 year increments per $1,000 of benefit. Your cost will increase every 5 years at policy anniversary of January 1 when you age into a new age bracket. There is also age reduction that occurs when you reach certain milestone ages beginning at age 65. Additional benefit information can be found in your Voluntary Life Summary which is located under Resources.
