Life Insurance
In order to provide you and your family with financial protection in the event of your death, Jim Ellis provides Basic term life insurance and Accidental Death and Dismemberment coverage, or AD&D. If you die as a result of an accident, the plan also pays either the amount of your life insurance or a percentage for loss of limbs, speech, hearing, and more.
Voluntary Term Life is also available and provides the opportunity to supplement the life benefit provided by Jim Ellis. You may want to consider purchasing additional life insurance at favorable group rates.
Beneficiaries
You will be required to provide your beneficiary information at the time of your enrollment. A beneficiary is a person who would receive your life insurance benefit in the event of your death.
Evidence of Insurability (EOI)
As a new hire, you are able to elect up to the Guarantee Issue of $200,000 for yourself and $50,000 for your spouse with no health questions. Should you wish to elect an amount that exceeds the Guarantee Issue, an Evidence of Insurability Form is required. You may obtain an EOI Form from the Resources page or by calling the Benefits Service Center. Most new and additional elections at Annual Open Enrollment also require an Evidence of Insurability (EOI). To apply, simply complete the form and submit it to Anthem for review. You will not be deducted for your pending amount unless / until you are approved.
Important Notes
- There is no age cap to be eligible to enroll
- Spouse life cannot exceed 50% of team member amount
- Spouse premiums are based on the spouse's age
- Child(ren) can be covered until age 26
- Beneficiary information is required upon enrollment
- Accidental Death and Dismemberment (AD&D) coverage is included
- Benefit is doubled in the event of death due to accident
- 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.
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 employee 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
Guarantee 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.
Employment Termination of Coverage
Your life insurance coverage plan will cease on your termination date. You will have the opportunity to convert your Basic Employer-Paid Life Insurance and Group Voluntary Employee-Paid Life Insurance policy into an individual policy. To do so, you must complete a portability application within 30 days from your employment termination date.
This option allows you to maintain life insurance after your employment ends. Contact the Benefits Service Center at (770) 295-1100 for additional information regarding the portability process.
