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.
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 GGL for review. You will not be deducted for your pending amount unless / until you are approved.
Employee 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
Employee Life: $200,000
Spouse Life: $50,000
Child Life: $10,000
The employee 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.