Sun Life Insurance Company was recently awarded a contract to provide employee life and disability insurance effective Jan. 1, 2019. There will be no changes to the plan design or employee premiums.
Open enrollment for life insurance will begin Nov. 12 and continue through Nov. 30 for employees that would like to increase their coverage levels. No action is required for employees that want to keep their coverage levels the same.
Below is a brief summary of the highlights for 2019, which are the same as 2018:
- Basic Life Insurance Coverage will continue to be $25,000.
- Supplemental Life Insurance:
- Eligible employees may elect 1x, 2x, 3x, 4x or 5x base salary coverage rounded to the next higher multiple of $1,000.
- The maximum amount of coverage available is $750,000.
- The guarantee issue limit is the lesser of 5x base salary or $100,000.
- Dependent Life Insurance:
- Dependent life insurance can be purchased in amounts of $5,000, $10,000 and $15,000 coverage plans.
- Eligible dependents include spouse and children up to age 26.
- A child’s coverage will end on the first day of the calendar year following the child’s 26th birthday.
- Accidental Death and Dismemberment will have no change.
- Long-term Disability will have no change.
- Benefits are reduced to 65 percent at age 65, 42 percent at age 70, 27 percent at age 75, 20 percent at age 80, 15 percent at age 85, 12 percent at age 90, and 9 percent at age 95.
No Medical Underwriting Required
Sun Life will allow benefit eligible employees a one-time opportunity to increase life insurance benefits during this open enrollment. Employees may increase their supplemental life insurance up to 5x their base salary coverage or $100,000 guarantee issue, whichever is the lesser, without medical underwriting. Dependent life insurance coverages may also be made during open enrollment without medical underwriting. Employees may increase dependent coverage amounts up to the $15,000 maximum. To add coverage in either category, employees must complete the Group Life Insurance Form and return to Human Resources by Nov. 30, 2018.
Medical Underwriting Required
If an employee would like to increase their supplemental life insurance greater than the guarantee issue amount of $100,000, he or she will need to complete the Group Life Insurance Form and return to Human Resources by Nov. 30, 2018. In addition to the form, employees must go to Sunlife’s website at https://www.sunlife-usa.net/eoi/ to complete the online Evidence of Insurability (EOI) application. The University’s policy number is 920445. The Group Life Insurance form and online EOI application must be completed by Nov. 30, 2018.
Employees may review their current elections on the Southeast portal under the Employee SS tab and select the Benefits Statement. Life Insurance coverage and dependents are displayed on this statement.
No action is required for employees that want to keep their coverage levels the same.
If you have any questions regarding the Life Open Enrollment process, contact your Human Resources Specialist or you may call Human Resources at ext. 2206.