Life Insurance
Life Insurance can help provide financial protection for your family if you pass away. The money received from a life insurance policy could help your family with both everyday and future expenses, including medical bills, funeral costs, utilities, college tuition, and mortgage payments. Term Life Insurance provides you with coverage as long as you continue paying your monthly premium.
In order to provide you and your family with financial protection in the event of your death, the Green Company offers voluntary term life insurance for employees, your spouse, and your child(ren). The plan includes Accidental Death and Dismemberment coverage, or AD&D. If you pass away 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.
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 $150,000 for yourself, $50,000 for your spouse, and $10,000 for your child(ren) 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 The Hartford 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
- Common law spouses and domestic partners are not eligible for spouse life coverage.
- Spouse life cannot exceed 100% of employee amount
- Child(ren) can be covered only 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 married to another Green Company employee:
- You must elect Employee Life only (no Spouse Life coverage is available)
- Only one employee can cover the child(ren); no duplicate coverage is allowed
Maximums and Age Reductions
Plan Maximums
Employee Life: Up to 5x earnings in $10,000 increments to a maximum of $300,000
Spouse Life: Up to 100% of employee amount in $10,000 increments to a maximum of $100,000
Child Life: $10,000 coverage up to age 26
Guarantee Issue Amounts
Employee Life: $150,000
Spouse Life: $50,000
Child Life (14 days to 6 months): $100
Child Life (6 months - 26 years): $10,000
Age Reductions
The employee voluntary life benefit reduces to 50% of original benefit following your 70th birthday. The spouse benefit also reduces to 50% following the spouse’s 70th birthday. The change will take place on January 1 following the 70th birthday.
Portability and Conversion
You have the opportunity to continue your life insurance benefit should you terminate employment with the Green Company. You may either port your policy to an individual term life plan or convert your policy to a whole life plan upon termination. Additional information regarding these two options may be obtained by contacting the carrier or by visiting the Resources page.
