Providence Engineering - 2023 Benefits Guide
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GROUP LIFE INSURANCE<br />
CARRIER: Sun Life<br />
LIFE and ACCIDENTAL DEATH & DISMEMBERMENT (AD&D)<br />
<strong>Providence</strong> provides $50,000 Employer Paid Life and Accidental benefits to all<br />
full-time employees through Sun Life.<br />
The company also offers Basic Life and AD&D for your spouse in the amount of<br />
$10,000 and children over 6 months in the amount of $5,000. If elected, the<br />
premium is $1.03 a paycheck.<br />
● Employee Coverage reduces to 67% at age 70 and 50% at age 75<br />
● Child eligibility – For the voluntary life insurance, child eligibility includes<br />
children up to their 26 th birthday regardless of full time student status. A<br />
reduced benefit of $500 is payable for a child from 14 days - 6 months.<br />
VOLUNTARY LIFE INSURANCE<br />
CARRIER: Sun Life<br />
WHAT IS VOLUNTARY LIFE INSURANCE?<br />
Voluntary Life insurance is offered through an employer<br />
but is paid by employees.<br />
WHY PURCHASE VOLUNTARY LIFE<br />
INSURANCE?<br />
● This type of life insurance has limited<br />
underwriting required. This allows for people<br />
with health conditions or lifestyles that might<br />
otherwise disqualify them to qualify for life<br />
insurance.<br />
● The group rates are lower than what you could purchase on your own.<br />
● You may purchase a policy for your spouse and children IF you elect coverage for yourself.<br />
REMINDER<br />
Review your beneficiary designations<br />
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