Voluntary Life Insurance – Reliance Insurance
This voluntary insurance is in addition to the $30,000 policy provided to all benefit-eligible employees.
*Is there any reason to change your beneficiaries? For either the CES sponsored policy or your voluntary life insurance policy… Married? Divorced? Make sure that your life insurance benefits are provided to the people you want to protect financially. Please note that you can’t change your beneficiary in your will – a changed will doesn’t override the beneficiary designation of your life insurance policy.
How to Enroll
When completing your required enrollment, be sure to select who is being covered.
Learn More about Voluntary Life Insurance
Voluntary Life Insurance Plan and Cost Information
Why do I need additional insurance?
To replace income lost if something happens to you – providing money to your survivors is important, and life insurance is the most cost-effective way to do it. The benefit can be used to pay off debt, pay for final expenses or fund a child’s education.
How much can I elect?
If you are currently enrolled in supplemental life:
- You may elect your current levels with no additional proof of elibility. Employees with current plans are “grandfathered” and plans may be carried over and enrolled at the same level with Reliance Insurance.
- If you are enrolled for an amount less than $250,000, you may elect to increase coverage by one or two increments ($10,000 or $20,000), not to exceed $250,000 without having to answer health questions.
- If your spouse is currently enrolled for an amount less than $50,000, you may elect to increase your spouse’s coverage by one or two increments ($10,000 or $20,000), without having to answer health questions.
If you have not elected extra life insurance, you will have the following options:
Employee: Increments of $10,000 to $300,000
Spouse: Increments of $10,000 to $100,000
•Coverage for your spouse cannot exceed your Additional Life amount
Child(ren): $10,000
If you waived coverage previously, you may still elect an additional life insurance amount up to $300,000 contingent upon providing evidence of insurability and approval from Reliance Standard.
Voluntary Life Insurance Summary Pan and Rate Chart
Is there anything else I should know about this coverage?
- Keep Your Beneficiaries Up to Date. Make sure to keep your beneficiary information updated so your benefit is paid according to your wishes.
- The plan includes a Waiver of Premium benefit: if you become disabled prior to age 65 premiums are waived.
- The plan is portable. You may be eligible to take the coverage with you if your employment ends.
- Important Notice: When a participant moves from one age category to the next (e.g. 49 to 50), rates change to reflect the different category as of the following July 1.
For more information, contact: hr@collaborative.org