Employee Life Insurance: Lincoln's Voluntary Benefits Explained

Voluntary employee life insurance is an optional policy that individuals can choose to purchase, offering a death benefit of up to $500,000 to their beneficiaries. Employees can increase their coverage by $10k or $20k during Open Enrollment. Lincoln Financial Group offers voluntary term life insurance and Accidental Death & Dismemberment (AD&D) insurance to eligible employees.

Employees can increase their insurance by $10k or $20k during Open Enrollment

Voluntary employee life insurance is an optional policy that individuals can choose to purchase. It offers a death benefit of up to $500,000 to their beneficiaries. Employees can increase their insurance by $10k or $20k during Open Enrollment. Their amended plan will be GI (Guaranteed Issue) of $160,000. This is in addition to any other life insurance or AD&D insurance employees may have, such as the Group Term Life Insurance provided in the current benefits package.

Voluntary life insurance premium rates for eligible 12-month employees and eligible 10-month employees are based on age as of January 1 for each year the coverage is in effect, and the amount of coverage elected. Employees pay through payroll deductions. Employees under the age of 60 who are totally disabled from any occupation for six months in a row qualify for a Waiver of Premium for life and AD&D insurance and spouse coverage. Terminally ill insureds are provided with an Accelerated Death Benefit, allowing them to use a portion of the term life benefit in any manner, subject to restrictions.

Employees pay the full cost of the insurance through payroll deductions

Voluntary life insurance is an optional policy that individuals can choose to purchase, offering a death benefit of up to $500,000 to their beneficiaries. Employees can increase their coverage by $10k or $20k during Open Enrollment, with a maximum of $500k or 7x their salary. Employees who choose this coverage pay the full cost of the insurance through payroll deductions.

Voluntary life insurance premium rates for eligible 12-month employees and eligible 10-month employees are based on age as of January 1 for each year the coverage is in effect, and the amount of coverage elected. Employees can also choose to add Accidental Death & Dismemberment (AD&D) insurance to their financial portfolio, which can provide a benefit to their beneficiaries or to them in the event of certain accidents.

Eligible employees can elect Life Insurance and/or AD&D insurance for themselves. Employees under the age of 60 who are totally disabled from any occupation for 6 months in a row qualify for a Waiver of Premium for life and AD&D insurance and spouse coverage. Terminally ill insureds are provided with an Accelerated Death Benefit, allowing them to use a portion of the term life benefit in any manner, subject to restrictions.

To enrol in voluntary life insurance, Madison County Employees need to complete an Evidence of Insurability (EOI) as soon as possible if they want to increase their amount by more than $20,000 for employees and more than $10,000 for spouses. EOI is the information Lincoln Financial uses to verify an individual's good health when purchasing life, disability, or critical illness insurance.

Employees must complete an Evidence of Insurability (EOI) to increase their insurance by more than $20,000

Voluntary employee life insurance is an optional policy that individuals can choose to purchase, offering a death benefit of up to $500,000 to their beneficiaries. Employees can increase their insurance by $10k or $20k during Open Enrollment. Their amended plan will be GI (Guaranteed Issue) of $160,000, with $10k increments to $500k max, or 7x salary max.

If employees want to increase their insurance by more than $20,000, they must complete an Evidence of Insurability (EOI) form. This is the information that Lincoln Financial uses to verify an employee's good health when they are purchasing life, disability, or critical illness insurance. Employees will be asked general questions, such as their date of birth, height, and weight, as well as qualifying questions, including whether they have been diagnosed with a disease or are prescribed medications for a condition.

The Evidence of Insurability form can be completed online at www.MyLincolnPortal.com. Employees will need to register using the Company Code: "MADCTYCOMM". Once they have completed the form, they will need to review their responses, electronically sign the form, and submit their application.

It is important to note that voluntary life insurance is a benefit that employees who choose this coverage pay the full cost for through payroll deductions. This insurance can provide a sense of security during an employee's life, knowing that they are protecting the financial future of their loved ones in the event that they are unable to do so themselves.

Employees can elect to add Accidental Death & Dismemberment (AD&D) insurance

Voluntary life insurance is an optional policy that individuals can choose to purchase, offering a death benefit of up to $500,000 to their beneficiaries. Employees can elect to add Accidental Death & Dismemberment (AD&D) insurance, which provides a benefit to beneficiaries or the employee themselves in the event of certain accidents.

AD&D insurance is offered by Lincoln Financial Group, and eligible employees can elect to add this coverage for themselves. Employees who choose this coverage pay the full cost through payroll deductions. The premium rates for eligible 12-month and 10-month employees are based on age as of January 1 for each year the coverage is in effect, as well as the amount of coverage elected.

For example, an employee under the age of 60 who is totally disabled from any occupation for 6 months in a row would qualify for a Waiver of Premium for life and AD&D insurance, including spouse coverage. Terminally ill insureds can also access an Accelerated Death Benefit, allowing them to use a portion of the term life benefit in any manner, subject to restrictions.

It is important to note that this AD&D insurance coverage is in addition to any other life insurance or AD&D insurance that employees may already have, such as the Group Term Life Insurance provided in the current benefits package.

Employees under 60 who are totally disabled for 6 months qualify for a Waiver of Premium

Voluntary life insurance is an optional policy that individuals can choose to purchase, offering a death benefit of up to $500,000 to their beneficiaries. Employees can increase their coverage by $10k or $20k during Open Enrollment, with a maximum of $500k or 7x their salary. This type of insurance is offered by Lincoln Financial Group, and is available to employees of Kean University and Madison County.

To qualify for the Waiver of Premium, employees must meet certain criteria. They must be under the age of 60 and totally disabled from any occupation for 6 months in a row. This means that they are unable to work in any job, not just their current occupation. The disability must be due to a non-work-related medical condition, and the employee must provide evidence of their disability. This evidence is typically in the form of an Evidence of Insurability (EOI), which is used by Lincoln Financial Group to verify the employee's good health. The EOI includes general applicant information such as date of birth, height, and weight, as well as qualifying questions about any diagnosed diseases or prescribed medications.

It is important to note that the Waiver of Premium is not automatic and must be applied for. Employees should contact their human resources department or the insurance provider directly to initiate the process. The specific requirements and procedures may vary depending on the employer and insurance provider, so it is essential to review the relevant policies and guidelines. By taking advantage of this benefit, employees can ensure that their loved ones are financially protected even in the event of their total disability.

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