Assurant Employee Benefits Insurance Company
Voluntary Group Term Life And Accident Death & Dismemberment Insurance
September 10, 2008
Assurant Employee Benefits provides employer-sponsored benefits programs, including long- and short-term disability, dental, term life and accidental death and dismemberment insurance. The company also offers voluntary (employee-paid) dental, disability and term life product solution
Rates
Am I eligible for coverage?
You are eligible to participate in this plan if you are a permanent, year-round employee of a member school district of Greenbush Health and working in the United States. You must work at least 20 hours weekly to be eligible for benefits.
How much can I buy?
Voluntary Life comes in $10,000 units. You can buy as many as you need, from a minimum of $20,000 (2 units) up to a maximum of $350,000 (35 units), not to exceed five times your basic annual earnings. You will be automatically enrolled for a matching amount of Accidental Death and Dismemberment (AD&D).
What is AD&D coverage?
Accidental Death and Dismemberment (AD&D) coverage provides a payment in the event of your loss of life, limb, or eyesight, as a direct result of an accident, provided the loss occurs within 365 days of the accident. This limit is extended if you are in a coma or on life support. The amount payable in the event of an accident death is equal to your Voluntary Life insurance amount. In the event of an accidental dismemberment, it is based on the nature of the loss:
- One hand, one foot, or the sight of one eye…….50% of the amount of AD&D;
- Any two or more of the above………………….100% of the amount of the AD&D
The AD&D option includes the following features which pay an additional amount of benefit if accidental death occurs:
- Higher Education Benefit - $3,000 per year up to four consecutive years for eligible dependent students.
- Automobile Accident Benefit – 20% of the scheduled AD&D benefit if you die from an automobile accident injury while wearing a seat belt.
What about coverage for my family?
If you buy coverage for yourself, you may buy units of $5,000 up to $50,000 for your lawful spouse. You may also purchase coverage for you children, in the amount of $1,000 $5,000, or $10,000. The amount of coverage for any dependent may not exceed 50% of your own amount. Eligible children include your unmarried children, from live birth through 18 (through age 24 if a full-time student). If you and your spouse both work for the same employer and are both eligible for this insurance as employees, you cannot cover each other as dependents and only one of you may insure any dependent children. Additional Accidental Death and Dismemberment (AD&D) is not available for dependents.
What about medical questions?
For newly eligible employees who are applying within 31 days of their initial eligibility:
If you become eligible on or after October 1, 2002, you can purchase, without proof of good health up to $100,000 for yourself, $50,000 for your spouse, and $10,000 for your children without having to answer medical questions. These amounts are known as the amount of “Guarantee Issue”. Guarantee Issue is only available if you apply within 31 days of eligibility. Coverage for your dependent children is also available without proof of good health provided they are enrolled within 31 days of eligibility. Proof of good health will be required for any amount of coverage if application is not made within 31 days of eligibility. Late applications may only apply during the annual enrollment period.
Will my coverage reduce as I get older?
You coverage will reduce by 33%, rounded to the next higher $10,000 at age 70. The reduced amount will be further reduced an additional 33% at age 75, similarly rounded.
What happens if I get sick?
The Disability Benefit provision of the policy addresses this situation. If you become disabled prior to age 60 while insured for Voluntary Life and remain continuously disabled as defined in the policy for the qualifying period, your coverage (including Dependent Life coverage) will continue without further premium payment until the earlier of the date you recover, attain age 65, or retire. Your AD&D coverage will also continue for up to one year from the date of disability. The qualifying period is six months. For disabilities beginning between age 60 and 65, the insurance can be continued for up to one year, but not pat the earlier of age 65, or the date you retire.
Is there an accelerated benefit?
Yes. If you or your insured spouse have at least $10,000 of coverage, and have a medical condition which has been diagnosed by a doctor as life-threatening and which results in an expected life span of 12 months or less, you can request up to 80% of your Voluntary Life coverage be paid immediately. The written consent of the beneficiary must be obtained for any request over 50% of the death benefit. The remainder of you or your spouse’s benefit (minus an interest charge) is still payable to the beneficiary after the insured person’s death.
What if I leave my employer?
If you terminate your employment you may continue Voluntary Life coverage for yourself and your dependent spouse for up to 3 years by paying premiums to Assurant Employee Benefits via direct billing to your home. Proof of good health isn’t required, but you must apply within 31 days of the date your group coverage ends. This portable coverage is for Life and Dependent Life only and has no cash value or disability benefit. The portable certificate can be converted to an individual policy which will accumulate cash value.
Is there a conversion privilege?
Your Voluntary Life coverage can be converted to an individual policy without proof of good health if you apply and pay the premium within 31 days of the date coverage terminates. If benefits are terminated because of non-payment of premium, conversion is not available. AD&D coverage is not eligible for conversion.
Are there any limitations or exclusions?
In the case of Accidental Death & Dismemberment, benefits will not be paid if the loss results directly or indirectly from: war or any act of war, whether declared or not; taking part in a riot or insurrection, or an act of riot or insurrection; service in the armed forces of any country, combination of countries or international organization at war, whether declared or not; any physical or mental disease; any infection, except a pyogenic infection that occurs from an accidental wound; an assault or felony committed by the covered person; suicide or attempted suicide, while sane or insane; the use of any drug, unless it is used as prescribed by a doctor; or your intoxication, including but not limited to operating a motor vehicle while you are intoxicated. The Disability Benefit, the Accelerated Benefit and Portability all have some limitations or exclusions. There is a suicide limitation for both employees and dependents which disallows payment of benefits for death from suicide during the first year or new or additional coverage. Only a return of premium payments would be paid to the beneficiary.
How much does Voluntary Life cost?
Monthly premium rates for you and your spouse are based on your respective attained ages and will change annually on the group policy anniversary as you move to a higher age band. One premium covers all eligible children in the family. Please refer to your enrollment materials for cost information.
How do I sign up?
Complete the Voluntary Term Life Insurance Employee Application. Make sure you answer all questions that apply to your benefit elections. Your coverage will become effective on the entry date specified in the group policy, provided you are actively at work on that date. Otherwise, your coverage will become effective on the day you return to your full-time duties. Dependent coverage will become effective according to the policy entry date unless your dependent is in a hospital or similar facility on that day, or if your spouse is disables as defined by the master policy on the effective date.
Group Health Questionnaire (downloadable version)
Assurant Employee Benefits Beneficiary Designation
