Basic Life and AD&D Insurance
Sun Life
Life and Accidental Death & Dismemberment (AD&D) insurance provides protection to those who depend on you financially, in the event of your death or an accident that results in death or serious injury.
Basic Life Insurance
Life insurance can help provide for your loved ones if something were to happen to you. Silvi provides full-time employees with $50,000 in group life insurance.
Silvi pays for the full cost of this benefit.
Voluntary Life and AD&D Insurance
While Silvi offers basic life insurance some employees may be interested in additional coverage based off their personal circumstances. Are you the sole provider for your household? What other expenses do you expect in the future (for example, college tuition for your child)?
Depending on your needs, you may want to consider buying supplemental coverage.
Your Voluntary Life offerings are as follows:
- Employees are eligible to elect up to $500,000
- Spouses are eligible to elect up to $250,000
- Employees are able to make a Voluntary AD&D election for themselves and for dependents
The Voluntary AD&D plan design matches the Voluntary Life plan design. However, employees will make a separate election for Voluntary Life and Voluntary AD&D.
COVERAGE FOR YOU:
- Increments of $25,000 up to 5 times salary or $500,000, whichever is less.
- Evidence of Insurability (EOI) is required for the following scenarios:
– If you did not elect Voluntary Life in past years but elect Voluntary Life for the first time.
– If you are currently enrolled in Voluntary Life and elect to increase your amount of Voluntary Life insurance by an amount in excess of $25,000.
– If the elected amount is in excess of $100,000.
COVERAGE FOR YOUR SPOUSE AND CHILD(REN):
- Spouse: Increments of $5,000, up to a maximum of 50% of employee election or $250,000, whichever is less
- Child(ren) from birth to 6 months: $500
- Child(ren) over 6 months to age 19 (25 if a full-time student): Increments of $2,500 up to $10,000
- Evidence of Insurability (EOI) is required for the following scenarios:
– If you did not elect Dependent Voluntary Life in past years but elect Dependent Voluntary Life for the first time.
– If you elect to increase your amount of Dependent Voluntary Life Insurance
– If the elected amount is in excess of $30,000.
Employer-paid Basic Life
Voluntary Life and AD&D
Online EOI Application
Evidence of Insurability (EOI) Application
Why Do I Need Life Insurance?
Ask yourself this: In the event of my death, how would my family …
- Pay final expenses?
- Pay off debt?
- Pay for daily living expenses?
- Replace Your Income?
- Maintain financial stability?
Common Life Insurance Terms
- Accidental Death Insurance (AD&D): Generally an add-on to a regular life insurance policy, it is only paid if the death of the insured occurs as the result of an accident.
- Age Reductions: Most insurance policies reduce your life insurance benefit as you age.
- Beneficiary: The person or party named by the owner of a life insurance policy to receive the policy benefit.
- Contingent Beneficiary: The party designated to receive proceeds of a life insurance policy following the insured’s death if the primary beneficiary predeceased the insured.
- Conversion: If you ever leave employment, you may be able to convert the group policy into an individually owned life insurance policy.
- Coverage Amount: Value of life insurance.
- Portable: If you ever leave employment, you may be able to port the life insurance coverage to a new plan.
- Premiums: Amount paid to the insurance company to buy a policy and keep it in force.