Insurance Education Part #4
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Insurance Education Part #4. Basic Life Insurance. Basic Life Insurance. Features $3,000 term life insurance Employees enrolled in any health plan eligible are covered Premium paid by employer Dismemberment benefits. Insured by The Hartford. Insurance Education Part #4.

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Basic Life Insurance

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Basic life insurance

Insurance Education Part #4

Basic Life Insurance


Basic life insurance

Basic Life Insurance

  • Features

  • $3,000 term life insurance

  • Employees enrolled in any health plan eligible are covered

  • Premium paid by employer

  • Dismemberment benefits

Insured by The Hartford


Basic life insurance

Insurance Education Part #4

Optional Life Insurance


Basic life insurance

Optional Life Insurance

  • Features

  • Maximum coverage level of $500,000

  • Premium based on:

    • Level of coverage

    • Age as of previous December 31st

  • Benefit amount reduced at age 70 for active employees and retirees

  • Portable

Insured by The Hartford


Basic life insurance

Optional Life Insurance

  • First $50,000 of coverage pretax

  • No medical evidence needed if enrolled within 31 days of employment

  • Coverage - three times salary, rounded down to nearest $10,000 increment, or $500,000, whichever is less

(cont.)

Insured by The Hartford


Basic life insurance

Optional Life Insurance

(cont.)

  • Accidental death benefit (double)

  • Seat belt rider with 25 percent additional benefit

Insured by The Hartford


Basic life insurance

Optional Life Insurance

(cont.)

  • “EstateGuidance” benefit

    • Employee must be actively at work one full day for benefit to become effective

    • For more information go to:

      www.EstateGuidance.com/wills

      (promotional code - HFD1877)

Insured by The Hartford


Basic life insurance

Optional Life Insurance

  • Travel Assistance Program benefits

  • Education and daycare benefits

  • Felonious assault benefits

  • Dismemberment benefits

(cont.)

Insured by The Hartford


Basic life insurance

Optional Life Insurance

  • Living benefits up to 80 percent of coverage amount if employee’s life expectancy is one year or less

  • Premium waiver for one year with disability

  • Employee must be actively at work for coverage to be effective

(cont.)

Insured by The Hartford


Basic life insurance

Optional Life Insurance

  • Beneficiary

  • Designate beneficiary by legal name

  • May make estate or trust beneficiary

  • Designate percentage amountsfor multiple beneficiaries

Insured by The Hartford


Basic life insurance

Optional Life Insurance

(cont.)

  • May change beneficiary throughout year by completing:

    • A paper-copy NOE or

    • An online NOE by visiting EIP’s Web site:

      www.eip.sc.gov

    • And click on:

      “MyBenefits”

Insured by The Hartford


Basic life insurance

Insurance Education Part #4

Dependent Life Insurance


Basic life insurance

Dependent Life

Insurance

  • Spousal Coverage

  • New hire can enroll his/her spouse for $10,000 or $20,000 if spouse is

    • Not employed by state insurance program participating employer and

    • Not covered by state insurance program participating employer

Insured by The Hartford


Basic life insurance

Dependent Life

Insurance

(cont.)

  • Can apply for additional spousal coverage with medical evidence of good health

    • Cannot exceed 50 percent of employee’s Optional Life Insurance coverage or

    • Up to $100,000 maximum

Insured by The Hartford


Basic life insurance

Dependent Life

Insurance

(cont.)

  • Employee must be actively at work for coverage to be effective

  • Spousal premiums based on employee’s age and amount of coverage

Insured by The Hartford


Basic life insurance

Dependent Life

Insurance

(cont.)

  • Employee is beneficiary

  • Accidental death and dismemberment benefits

  • Suicide exclusion applies

Insured by The Hartford


Basic life insurance

Dependent Life

Insurance

  • Child Coverage

  • $15,000 per child

  • Premiums: $1.24 per month, regardless of number of children covered

  • Can enroll eligible children throughout year without medical evidence of good health

Insured by The Hartford


Basic life insurance

Dependent Life

Insurance

  • Covers listed dependents only

  • Employee is beneficiary

  • No double indemnity benefits

  • Employee must be actively at work for coverage to be effective

(cont.)

Insured by The Hartford


Basic life insurance

Insurance Education Part #4

Basic Long Term Disability Insurance

(BLTD)


Basic life insurance

Basic Long Term Disability Insurance

  • Features

  • Available to employees enrolled in any health plan

  • Premium paid by employer

  • BLTD income taxable

  • 62.5 percent benefit, up to $800 maximum per month

Insured by Standard Insurance Company


Basic life insurance

Basic Long Term Disability Insurance

(cont.)

  • 90-day waiting period

  • Subject to pre-existing condition

  • Two-year limit on “Own Occupation” disability

    • At end of two years – reviewed for “Any Occupation” definition for permanent disability

  • 24 month mental health disability

Insured by Standard Insurance Company


Basic life insurance

Basic Long Term Disability Insurance

(cont.)

  • Benefit amount reduced by deductible income including:

    • Workers’ Compensation

    • Social Security benefits

    • Sick leave pay

    • SCRS state retirement income

Insured by Standard Insurance Company


Basic life insurance

Insurance Education Part #4

Supplemental Long Term Disability Insurance

(SLTD)


Basic life insurance

Supplemental Long Term Disability Insurance

  • Features

  • Premium based on monthly salary, plan chosen and age

  • Employee pays total premium

  • 65 percent of monthly salary up to $8,000 per month maximum

  • Choice of two plans: 90-day or 180-day waiting period before benefits begin

Insured by Standard Insurance Company


Basic life insurance

Supplemental Long Term Disability Insurance

(cont.)

  • Benefit amount reduced by Workers’ compensation, Social Security, sick leave pay, BLTD benefit and SCRS income

  • Minimum benefit of $100

  • SLTD income not taxable

Insured by Standard Insurance Company


Basic life insurance

Supplemental Long Term Disability Insurance

  • Exclusions and Limitations

  • Pre-existing condition

  • Own occupation/any occupation disability

  • 24-month maximum mental health disability

  • Conversion available

Insured by Standard Insurance Company


Basic life insurance

Supplemental Long Term Disability Insurance

Maximum Benefit Period

  • Age at DisabilityMaximum Benefit Period

    • Age 61 or youngerTo age 65 or 3 years, 6 mo. longer

    • Age 623 years, 6 months

    • Age 633 years

    • Age 642 years, 6 months

    • Age 652 years

    • Age 661 year, 9 months

    • Age 671 year, 6 months

    • Age 681 year, 3 months

    • Age 69 and older1 year

Insured by Standard Insurance Company


Basic life insurance

Supplemental Long Term Disability Insurance

Lifetime Security Benefit

  • Extends SLTD benefits indefinitely for disabled employees who:

    • Suffer severe impairments, making them unable to perform two or more activities of daily living (i.e. bathing, dressing, continence, toileting, transferring and eating)

Insured by Standard Insurance Company


Basic life insurance

Supplemental Long Term Disability Insurance

Monthly Premiums

(Based on employee’s age as of

preceding January 1st)

Plan One(90 days)

Plan Two

(180 days)

Age

  • Younger than 31

  • 31-40

  • 41-50

  • 51-60

  • 61-65

  • 66 and older

.00065

.00089

.00179

.00360

.00433

.00528

.00050

.00069

.00137

.00277

.00333

.00406

Factor x Salary = Premium


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