Life Insurance
Employer-Paid Basic Life & AD&D Insurance
Jim Ellis provides all eligible employees with employer-paid basic life & Accidental Death & Dismemberment (AD&D) insurance at no cost to you. This benefit includes an AD&D benefit, which means if your death is caused by a covered accident, the benefit amount is doubled. If you are injured or dismembered due to a covered accident, the plan pays a benefit.
Team Member Paid Voluntary Term Life Insurance
Voluntary term life insurance for you, your spouse, and/or your child(ren) is also available to supplement the life insurance benefit provided by Jim Ellis.
Your life insurance coverage is insured by The Standard Insurance Company.
Important Basic Life Insurance Provisions
- Beneficiary information is required upon enrollment.
- Includes Accidental Death & Dismemberment coverage.
- Includes benefit reductions as follows due to your age.
- By 35% at age 65 and by 50% at age 70 (applicable for team member and spouse).
- If you are below age 60 and diagnosed with a terminal illness with a life expectancy of less than 12 months, you may collect 75% of your life insurance benefit, up to $250,000, prior to your death. See certificate for details.
Important Voluntary Life Insurance Provisions
- Beneficiary information is required upon enrollment.
- Voluntary life insurance does not include an AD&D benefit.
- The plan includes benefit reductions as follows due to your age.
- By 35% at age 65 and by 50% at age 70 (applicable for team member and spouse).
- The spouse life insurance amount may not exceed 50% of the team member’s coverage amount.
- If you are below age 60 and diagnosed with a terminal illness with a life expectancy of less than 12 months, you may collect 75% of your life insurance benefit, up to $250,000, prior to your death. See certificate for details.
Evidence of Insurability Information
New team members may elect up to $200,000 for yourself and $50,000 for your spouse, as well as child life insurance coverage with no health questions. Voluntary life insurance elections and increases for employee, spouse, and child coverage after the initial new hire eligibility window require medical underwriting.
Maximums and Age Reductions
Plan Maximums
Team Member Life: Up to 5x earnings in $10,000 increments to a maximum of $500,000
Spouse Life: Up to 50% of team member amount in $5,000 increments to a maximum of $100,000
Child Life (15 days to Age 26): $10,000 coverage up to age 26
Guaranteed Issue Amounts
Team Member Life: $200,000
Spouse Life: $50,000
Child Life: $10,000
Age Reductions
The team member and spouse voluntary life benefits reduce to 65% of original benefit following your 65th birthday and to 50% of original benefit following your 70th birthday. The change will take place on January 1 following the birthdays.
Coverage Continuation Upon Employment Termination
Portability:
- The voluntary life insurance benefit includes coverage continuation through portability, if certain conditions are met.
- Portability is amending your term life insurance policy to an individual life insurance policy.
- In order to be eligible for portability coverage, you must be under the age of 65, continuously covered under the plan for 12 months.
- The portability rates, which are higher than the active team member voluntary life insurance rates, are included on the Portability Form, located on the Resources page.
- The Portability application must be submitted along with payment of the first month’s premium within 31 days of your employment termination.
- No health questions apply for the portability option.
Conversion:
- The conversion option is included for both the employer-paid basic life insurance benefit and the voluntary life insurance plan.
- Conversion is amending your term life policy to an individual whole life insurance policy.
- This whole life insurance has no age maximum and provides permanent life insurance protection with cash value.
- Conversion premiums are significantly higher premiums than active term life or portability.
- The conversion option is included for both the employer-paid basic life insurance and voluntary term life insurance.
- Please refer to the conversion form on the resources page of the benefits website.
- No health questions apply for the conversion option.
