LIFE AND AD&D
Life is full of surprises, but your peace of mind doesn’t have to be! With life insurance, you can protect the ones you love and ensure that the adventure continues, no matter what.
Resources
Basic Life Insurance
We know you want to protect your loved ones in case of life’s uncertainties. Hiram College offers Basic Term Life Insurance and Accidental Death & Dismemberment (AD&D) coverage at no cost to you. You may purchase additional, supplemental coverage to increase your coverage amounts & provide coverage for your dependents.
At no cost to you, Basic Term Life Insurance gives you:
- Coverage in the amount of 1x your basic annual salary to a maximum of $250,000
- AD&D coverage as part of your life insurance
- The ability to port or convert your policy if you leave the college
- Possible accelerated death benefit if you are diagnosed with a terminal disease
Supplemental Life Insurance
You also have the option to apply for and purchase additional voluntary Supplemental Term Life Insurance for yourself, your spouse and dependents.
The plan is set up with an annual election option: this allows an employee who is currently enrolled in the voluntary life to annually increase coverage up to $50,000 not to exceed the Guarantee Issue. This option only applies to the employees and not dependents.
Any late entrant (someone who previously declined the benefit) – full evidence of insurability is required.
- Employee: $150,000
- $10,000 minimum, $10,000 increments with a maximum of $500,000 (or 5x Salary)
- Spouse: $30,000
- $5,000 minimum, $5,000 increments with a max of $250,000 (not to exceed 100% of employee approved amount)
- Child: $10,000
- 14 days to 6 months: $1,000 minimum, $1,000 increments with a maximum of $10,000 (not to exceed 100% of employee approved amount)
- 6 months +:$1,000 minimum, $1,000 increments with a maximum of $10,000 (not to exceed 100% of employee approved amount)
- An employee who already has Optional Life coverage can increase their volume by up to $50,000 without EOI during the re-enrollment period beginning 12/01 through 12/31 with an effective date of 01/01 as long as it remains at or below the GI amount.”
- Once the employee reaches the GI amount, they’re required to submit EOI.
- When EOI is approved, additional EOI is waived for the next re-enrollment period if the member elects to increase their volume another $50,000. If the member wants an amount above the $50,000 volume increase, EOI must be submitted.
- EOI will be required for re-enrollment increases the second year after the approval date.
- When EOI is declined, the member doesn’t receive the increased amount and isn’t eligible to step up annually. EOI is required for any future increases.
- Spouse and Child Voluntary Life do not automatically increase during the re-enrollment period and will require EOI.
