Associates may elect voluntary term life insurance through Reliance Matrix (formerly Reliance Standard). Contributions are taken on a post-tax basis. Voluntary term life insurance is portable but not permanent. Term life insurance does not accrue a cash value and the benefit reduces by 50% at age 70.
Associates may purchase voluntary term life insurance in increments of $10,000 up to the lesser of $1,000,000 or five times your base annual salary. Guaranteed issue coverage is available for newly eligible associates up to $500,000. Amounts over the guaranteed issue for newly eligible associates are subject to evidence of insurability (EOI). All elections for late enrollees are subject to EOI. During annual enrollment, associates currently enrolled in the plan may increase their election by one level ($10,000) without EOI, up to the guaranteed issue amount of $500,000. Any additional amounts elected over the guaranteed issue level will be subject to EOI.
Associates may purchase term life insurance for their spouse in increments of $10,000 to a maximum of $380,000. Coverage amounts for spouses are limited to 100% of the associate’s combined coverage amount (basic life and voluntary associate term life). Guaranteed issue coverage is available for newly eligible spouses in the amount of $100,000. All late enrollee elections are subject to EOI.
Associates may purchase term life insurance for their child(ren) in units of $2,500 to a maximum of $10,000. All amounts are guaranteed issue for newly eligible children. Premiums for child life are per unit, which means that the payroll deductions will remain the same regardless of the number of children covered by the plan. Dependent children may be covered until the end of the month during which they turn 26, but must be unmarried and financially dependent on the associate for support.