Additional Life Coverage

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» Resources
» Employee Coverage
» Spouse Coverage
» Dependent Coverage
» Rates
» Scenarios for Guaranteed Acceptance or Underwriting


Resources

Video: Watch
Document: Coverage Worksheet
Document: Health Assessment Form
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Employee Coverage

» Rating Method: Age Rated Using Employee's Age
» Age Ratings: Click Here
» Qualification Requirements: None
» Coverage Increments: $5,000 Units
» Coverage Minimum: $20,000
» Coverage Maximum: $500,000 or 5x Employee's Gross Annual Pay (whichever is less)
» Guaranteed Acceptance: Depending on Application Scenario - Up to $150,000
» Guaranteed Acceptance & Underwriting Scenarios: Click Here

» Accidental Death & Dismemberment (AD&D): Yes - $0.15 per $5,000 Unit of Coverage Regardless of Age
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Spouse Coverage

» Rating Method: Age Rated Using Spouse's Age
» Age Ratings: Click Here
» Qualification Requirements: $40,000 Employee Coverage Minimum
» Coverage Increments: $5,000 Units
» Coverage Minimum: $20,000
» Coverage Maximum: $250,000 or 50% of Employee's Coverage
» Guaranteed Acceptance: Depending on Application Scenario - Up to $50,000
» Scenarios for Guaranteed Acceptance or Underwriting: Click Here

» Accidental Death & Dismemberment (AD&D): No
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Dependent Coverage

» Rating Method: Volume with Single Premium Covering Multiple Dependents
» Coverage Requirements: $20,000 Employee Coverage Minimum
» Coverage Option 1: $10,000 Coverage for $2 per month
» Coverage Option 2: $20,000 Coverage for $4 per month
» Guaranteed Acceptance: Depending on Application Scenario
» Scenarios for Guaranteed Acceptance or Underwriting: Click Here

» Accidental Death & Dismemberment (AD&D): No
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Monthly Rates

» Per $5,000 Unit of Coverage
» Initial Age Rate is Determined as the Employee or Spouse Age on the Date the Coverage Begins
» Thereafter Age Rating is Re-Calculated & Adjusted if Necessary at the Start of Each Plan Year (July 1st)

Rate per 5k                              5k With AD&D       Rate per 1k
$  0.35          34 & Under        $  0.50                $0.07
$  0.50          35 - 39               $  0.65                $0.10
$  0.70          40 - 44               $  0.85                $0.14
$  1.15          45 - 49               $  1.30                $0.23
$  1.95          50 - 54               $  2.10                $0.39
$  3.20          55 - 59               $  3.35                $0.64
$  3.70          60 - 64               $  3.85                $0.74
$  6.05          65 - 69               $  6.20                $1.21
$10.25          70 - 74               $10.40                $2.05
$15.90          75 & Over          $16.05                $3.18

Non-Age Rated Initial $20,000 of Coverage
$  3.60          N/A                    $  4.80
» Only Available to New Employer Groups Joining from the State Insurance Pool & for Employees Enrolling During the Employer Group's Initial Enrollment when the Employee had Similar Coverage In-Force

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Scenarios for Guaranteed Acceptance or Underwriting

Scenario  1: Guaranteed Acceptance
» When: During a new employer group's initial enrollment.
» Other Requirements: For an Employee with coverage amounts in-force on the last day of coverage with the employer group's prior carrier.
» Coverage Available: Any Amount.
» Applications Can Be Made: Only during the employer group's initial enrollment onto the Health Plan for coverage starting in the employer group's first month of participation in the Health Plan.
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Scenario  2: Guaranteed Acceptance
» When: During a new employer group's initial enrollment.
» Other Requirements:
» Coverage Available: For new applications of amounts up to $150,000 (or up to $50,000 for a Spouse), as long as the amount applied for is not more than 5x the Employee's gross annual pay or $500,000 (whichever is less).
» Application Can Be Made: Only during the employer group's initial enrollment onto the Health Plan for coverage starting in the employer group's first month of participation in the Health Plan.
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Scenario  3: Guaranteed Acceptance
» When: During a new employer group's initial enrollment.
» Other Requirements:
» Coverage Available: For new applications of amounts in exceess of coverage amounts in-force on the last day of coverage with the employer group's prior carrier, up to $150,000 (or up to $50,000 for a Spouse), as long as the amount applied for is not more than 5x the Employee's gross annual pay or $500,000 (whichever is less).
» Application Can Be Made: Only during the employer group's initial enrollment onto the Health Plan for coverage starting in the employer group's first month of participation in the Health Plan.
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Scenario  4: Underwriting Required
» When: During a new employer group's initial enrollment.
» Other Requirements:
» Coverage Available: For new applications of amounts exceeding $150,000 (or $50,000 for a Spouse), while the amounts up to $150,000 (or S50,000 for a Spouse) are Guaranteed Acceptance regardless of the outcome of underwriting.
» Application Can Be Made: Only during the employer group's initial enrollment onto the Health Plan for coverage starting in the employer group's first month of participation in the Health Plan.
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Scenario  5: Guaranteed Acceptance
» When: Employees of an existing employer group with no coverage and this is the first opportunity to apply.
» Other Requirements:
» Coverage Available: An application for amounts up to $150,000 (or up to $50,000 for a Spouse), as long as the amount applied for is not more than 5x the Employee's gross annual pay or $500,000 (whichever is less).
» Application Can Be Made: During the Health Plan's Annual Renewal Period or at the time the employer group first makes it available.
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Scenario  6: Underwriting Required
» When: Employees of an existing employer group with no coverage and this is the first opportunity to apply.
» Other Requirements:
» Coverage Available: Any application for amounts exceeding $150,000 (or $50,000 for a Spouse), while the amounts up to $150,000 (or S50,000 for a Spouse) are Guaranteed Acceptance regardless of the outcome of underwriting.
» Application Can Be Made: During the Health Plan's Annual Renewal Period or at the time the employer group first makes it available.
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Scenario  7: Underwriting Required
» When: Employees of an existing employer group with no coverage and this is not the first opportunity to apply.
» Other Requirements:
» Coverage Available: An Application for any coverage amount whether for Employee, Spouse or Dependents.
» Application Can Be Made: Only during the Health Plan's Annual Renewal Period.
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Scenario  8: Guaranteed Acceptance
» When: Employees of an existing employer group with coverage and increasing it.
» Other Requirements:
» Coverage Available: For an increases in Employee coverage of $5,000 once each plan year, not to exceed 5x the Employee's gross annual pay or $500,000 (whichever is less).
» Application Can Be Made: Only during the Health Plan's Annual Renewal Period.
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Scenario  9:  Underwriting Required
» When: Employees of an existing employer group with coverage and increasing it.
» Other Requirements:
» Coverage Available: For applications of any increase in Employee coverage greater than $5,000.
» Application Can Be Made: Only during the Health Plan's Annual Renewal Period.
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Scenario 10: Underwriting Required
» When: Employees of an existing employer group with coverage and increasing it.
» Other Requirements:
» Coverage Available: For new Spouse coverage.
» Application Can Be Made: Only during the Health Plan's Annual Renewal Period.
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Scenario 11: Underwriting Required
» When: Employees of an existing employer group with coverage and increasing it.
» Other Requirements:
» Coverage Available: For any increase in Spouse coverage.
» Application Can Be Made: Only during the Health Plan's Annual Renewal Period.
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Scenario 12: Underwriting Required
» When: Employees of an existing employer group with coverage and increasing it.
» Other Requirements:
» Coverage Available: For new Dependent coverage.
» Application Can Be Made: Only during the Health Plan's Annual Renewal Period.
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Scenario 13: Underwriting Required
» When: Employees of an existing employer group with coverage and increasing it.
» Other Requirements:
» Coverage Available: An increase in Dependent coverage.
» Application Can Be Made: Only during the Health Plan's Annual Renewal Period.
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