Optional Group Term Life Insurance for Both Groups
Optional Group Term Life Insurance. Optional group term life insurance is guaranteed issue for new hires and first time eligible employees. New hires and first time eligible employees may enroll in a benefit level between one and five times their annual earnings, up to a benefit maximum of $500,000. New hires and first time eligible employees may also elect six or seven times their annual earnings, up to a benefit maximum of $1,000,000. Elections of six or seven times their annual earnings or coverage of more than $500,000 are subject to evidence of insurability. Members may increase benefit amount by one level up to the lesser of five times their annual earnings or $500,000 during open enrollment without evidence of insurability. Elections to enroll in optional group term life outside the new hire election period, period of initial eligibility or elections beyond the previously stated benefit levels during open enrollment require evidence of insurability. If a member does not pass the evidence of insurability, coverage will revert to the highest guaranteed issue amount. Members may submit new evidence of insurability each year during open enrollment regardless of past failures. During open enrollment for the 2016 plan year, eligible employees not currently enrolled in optional group term life coverage may elect one times their annual earnings, up to a benefit maximum of $500,000, on a guaranteed issue basis without evidence of insurability.
