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Group Life Insurance /AD&D and Voluntary Life/AD&D
Life Insurance is a key element of proper financial planning and helps provide financial stability and protection for families in case of an untimely death. If you are an eligible full-time employee, Access Management provides $25,000 of basic group term Life insurance through Guardian. Access Management also provides an additional matching amount of accidental death and dismemberment (AD&D) insurance through Guardian. AD&D provides double the benefit in the event of accidental death. It also covers loss of limb or eye due to accident. The benefit reduces to $12,500 at age 70. It is portable when you leave employment with Access Management by notifying Guardian within 30 days.
Employees have the option of purchasing portable Supplemental Life and AD&D Insurance through Guardian, in addition to their employer-paid Life/AD&D insurance. This is intended to provide additional protection to full-time employees. Those interested can elect the amount that suits their needs at an affordable rate. Cost are based on age and amount and are found in the Beacon enrollment portal.
If you do not enroll in supplemental employee or spouse life when you are first eligible (within 30 days of your eligibility), there is no guaranteed issue amount later on and any amounts requested are subject to Evidence of Insurability (EOI).
Supplemental (Voluntary) Life/AD&D Insurance
This coverage is portable; you may take it with you when separating from Access Management by contacting guardian within 30 days. Employee: Employees may purchase a minimum of $10,000 and up to $250,000. Please note that the guarantee issue amount for new hires or employees who haven’t purchased Voluntary Life is $100,000. Employees wishing to apply for coverage above $100,000 will need to seek approval for this coverage by completing an Evidence of Insurability (EOI) form, where they will answer a series of simple health questions for Guardian underwriting to review. Benefits reduce to 50% of the elected benefit at age 70. If electing coverage for yourself, you may also elect coverage for your spouse and/or children. Spouse: Increments of $5,000 up to $250,000, (but not to exceed your elected amount). The guarantee issue amount for a spouse is $35,000 when you are a new hire or purchasing Voluntary Life for the first time. Your spouse will have to complete an EOI for amounts over $35,000. Children 14 days to 26 years: $5,000 or $10,000. All child life is guarantee issue. All children are covered at one rate.
Choose Your Beneficiary
➢ Make sure your Life and AD&D benefits will be paid as you intend.
➢ Be sure you name a beneficiary when you enroll in Life and AD&D benefits in the Beacon portal.
