Group and Optional Life Insurance
New Life & Disability Carrier Guardian = Unique Benefit Opportunity for You!
Great News! Effective April 1, 2015, Guardian will now be our carrier for Life Insurance and Long-Term Disability coverage, replacing Sun Life as our current carrier.
Important to know about the change:
- Your coverages currently in place with Sun Life will be transferred to Guardian, and your coverage amounts will stay the same, both your basic life coverage and your voluntary elections.
- The new carrier, Guardian, is providing you with an open enrollment opportunity (April 1 - April 30, 2015) to purchase life insurance of up to 5x your salary to the guarantee issue amounts without providing proof of eligibility (medical statement) up to $300,000 for employees, and up to $20,000 for spouses, $10,000 for dependent children. Additional amounts may be purchased, but will be subject to Evidence of Insurability (Medical statement). Spouse coverage can be up to 50% of the employee election.
- Guardian provides a unique annual benefit election that allows you to increase your elected coverage by up to $50,000 per year, up to the guarantee issue amount without proof of insurability, as long as an employee purchases the minimum amount of coverage, $10,000, on themselves and $5,000 on spouse, and $5,000 on dependent children, now during the open enrollment period.
As part of our benefits program, we are giving you an opportunity to obtain this voluntary coverage at affordable group rates, which may be significantly less than you would pay if you were to enroll outside of the workplace.
Benefits of enrolling now in the Voluntary Life Insurance Plan:
- Generous amounts of this essential coverage, with Guarantee Issue amounts (up to $300,000 for an employee)
- Spouse and dependent coverages available
- Convenient payroll deductions
- Annual Benefit election to increase employee benefits by up to $50,000 per year as long as you purchase the minimum of $10,000 now.
Life insurance can help you to ensure that those who depend on you will be taken care of tomorrow. And that can help you feel better today.
If you have questions or need more information, the Guardian Representatives will be holding two presentations next Friday, April 10th at 10 a.m. and 2 p.m. in the HR Training Room in the Executive Building. After the presentation, they will stick around to help you fill out forms and answer any questions.
Please register for the sessions HERE.
Willamette University provides basic Group Term Life Insurance through Guardian for all eligible employees up to two (2) times the employee’s annual salary, to a maximum of $1,000,000 (amounts over $600,000 are subject to Evidence of Insurability). Eligible employees work a minimum of 30 hours per week, or are otherwise a .75 FTE employee; employees are covered beginning the first day of the month after their start date.
Accidental Death & Dismemberment Insurance
Willamette University provides Accidental Death and Dismemberment coverage for all eligible employees equal to one (1) times the employee’s elected life benefits. These benefits are paid in the event of accidental death or dismemberment. Employees are covered the beginning the first day of the month after their start date; eligible employees work a minimum of 30 hours per week, or are otherwise a .75 FTE employee.
Voluntary Life and AD&D Insurance
Eligible employees may purchase additional Voluntary Life Insurance of up to five (5) times the employee’s annual salary, with a maximum of $600,000. Voluntary Life Insurance also allows for coverage of an employee’s spouse/domestic partner and eligible dependent children. Spousal coverage is to a maximum of $250,000; dependent child coverage is to a maximum of $10,000. For new employees, there is a guarantee issue of coverage up to $300,000 per employee, $20,000 for a spouse, and $10,000 for dependent children (amounts over guarantee issue are subject to Evidence of Insurability). Voluntary Life Insurance coverage comes with included Accidental Death and Dismemberment coverage for employee, spouse/domestic partner, and eligible children up to one (1) times the elected life benefits.
Benefits are paid based on the terms and conditions of the Summary Plan Description (SPD).
Employees may download the Life Benefit Summary, life insurance information and buying tips, and the Voluntary Life Insurance Enrollment form by clicking the links to the right. Visit Guardian's Website for more information.