LIFE AND AD&D INSURANCE
SUPPLEMENTAL LIFE AND AD&D INSURANCE
Your Company provides you the option to purchase supplemental life and AD&D insurance for yourself, your spouse, and your dependent children through Lincoln Financial Group. You must elect coverage for yourself in order to purchase coverage for your spouse and/or children. Employee supplemental life rates are age-banded (listed below). Benefits will reduce to 65% at age 70 and to 50% at age 75.
Employee: 1x, 2x, or 3x annual earnings up to $1,000,000, rounded to the highest multiple of $1,000.
Guarantee issue: $300,000.
Spouse: $10,000, $25,000, or $50,000 up to 100% of the employee’s election.
Dependent children: $5,000, $10,000, or $15,000.
During the 2021 open enrollment period, employees may increase their supplemental life insurance benefit or enroll in coverage for the first time up to $300,000, without submitting evidence of insurability. If you apply for any other amounts, or if you have previously been denied coverage, you will be required to complete evidence of insurability (EOI).
To complete evidence of insurability, log into mylincolnportal.com (company code ID: LMBENEFITS) and click on “Complete Evidence of Insurability / Statement of Health.” Then, answer the questions asked and electronically sign and submit the form. Be sure to save the confirmation report for your records.
SUPPLEMENTAL LIFE AND AD&D INSURANCE COSTS
Listed below are the biweekly (24 pay period) rates for supplemental life and AD&D insurance. The amount you pay for supplemental life and AD&D insurance is deducted from your paycheck on a post-tax basis.
Accident
Accident insurance can pay a set benefit amount based on the type of injury you have and the type of treatment you need. It includes a range of incidents, from common injuries to more serious events.
Why is this coverage so valuable?
- It can help you with out-of-pocket costs that your medical plan doesn’t cover, like copays and deductibles.
- You’re guaranteed base coverage, without answering health questions.
- It includes a wellness benefit that pays $50 per calendar year per insured individual if a covered health screening test is performed, including: blood tests, chest X-rays, stress tests, mammograms, and colonoscopies.
Critical Illness
If you’re diagnosed with an illness that is covered by critical illness insurance, you can receive a lump-sum benefit payment. You can use the money however you want to assist you in offsetting unexpected expenses due to a critical illness diagnosis.
Why is this coverage so valuable?
- The money can help you pay out-of-pocket expenses like copays, deductibles, and other living expenses that may be impacted.
- You can use this coverage more than once. Even after you receive a payout for one illness, you’re still covered for the remaining conditions and for the reoccurrence of any critical illness with the exception of skin cancer. The reoccurrence benefit pays 100% of your coverage amount. Diagnoses must be at least 180 days apart or the conditions can’t be related to each other.
- It includes a wellness benefit that pays $50 per calendar year per insured individual if a covered health screening test is performed, including: blood tests, chest X-rays, stress tests, mammograms, and colonoscopies.
Who can get coverage?
- Employee: $10,000 increments up to $30,000; guarantee issue: $30,000
- Spouse: Up to 50% of employee election ◦ Dependent children: Up to 50% of employee election
Hospital Indemnity
Hospital indemnity insurance can complement your medical coverage by helping to ease the financial impact of a hospitalization. It provides a lump-sum payment that can be used for hospital admission, accident-related inpatient rehabilitation, hospital stays, or any other expenses that you incur.
What’s included?
- $2,000 for each covered hospital admission (once per year)
- $100 for each day of your covered hospital stay, up to 60 days (once per year
- $200 for each day you spend in intensive care, up to 15 days (once per year)
