Core Coverage
Employee Life Insurance is part of the "core" package of FlexSolutions benefits. This means that you must elect a minimum level of coverage, either...
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$50,000, or
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50% of your salary
... whichever is less.
If you do not enroll in FlexSolutions when you are first eligible to do so, and during each Open Enrollment thereafter, you will automatically receive the core coverage amount.
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Evidence Of Insurability
Under the Employee Life Insurance Plan, there are certain situations in which the Insurance Company requires "evidence of insurability" (proof of good health) before your elected coverage amount will take effect, as explained below.*
If You Are Enrolling In FlexSolutions For The First Time
When you first enroll in FlexSolutions, you may elect any coverage amount up to $600,000 without submitting evidence of insurability. Any election amount above this level will require you to submit evidence of insurability.
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If You Are A Current FlexSolutions Participant
During Open Enrollment (or as a result of certain qualifying "changes in status") you may increase your life insurance coverage without submitting evidence of insurability. However, evidence of insurability is required if...
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Such an increase would bring your coverage level to an amount in excess of $600,000; or
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You choose to increase your coverage amount by more than one level—even if your new election is less than $600,000. For example, if you choose to increase your coverage amount from 1 times to 3 times your salary, you must submit evidence of insurability, even if 3 times your salary equals an amount less than $600,000.
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Completing the Evidence of Insurability Process
If you make an election requiring evidence of insurability, you will receive a form from the Insurance Company. Be sure to complete this form and return it to the Insurance Company as directed. You may also be required to take a medical exam at your own expense before your coverage can be approved.
Until your higher coverage amount is approved, you will be covered at—and pay only for— the maximum coverage amount you would be eligible for without evidence of insurability.
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Changing Your Election
The life insurance coverage you choose either when you initially enroll as a new hire or during the annual Open Enrollment will remain in effect throughout the Plan Year (January 1 through December 31), unless you have a qualifying "change in status" as defined by the IRS. These include...
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Marriage, divorce, or legal separation
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Birth or legal adoption of a child
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Death of a spouse/domestic partner or child
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A change in your or your spouse's/domestic partner's employment, resulting in a loss of coverage
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A reduction or increase in the hours of employment
If you have a change in status and want to make a change in your benefit plans and/or coverage levels, you must notify your local Human Resources representative and complete the necessary form no later than 31 days after the qualifying event (e.g. marriage, birth, etc.). If you fail to notify Human Resources within 31 days, you will not be able to change your elections until the next Open Enrollment. Any benefits change you make must be directly related to the status change.
You may also update your beneficiary designations at any time.
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