Providence Engineering - 2023 Benefits Guide

VOLUNTARY LIFE INSURANCE
CARRIER: Sun Life
Category
Employee Coverage
Benefit Amount
Benefit Increments
Benefit Maximum
Guaranteed Issue Coverage
Spouse Coverage
Benefit Amount
Benefit Increments
Benefit Maximum
Guaranteed Issue Coverage
Age Reduction Schedule
Age 70
Age 75
Dependent Child Coverage
*Unmarried dependent children from 14 days to
age 21 or to age 24 if full-time student
*Children ages 14 days - 6 months are eligible for
a reduced benefit
Up to 5x Annual Salary
$10,000
$500,000
$100,000
Benefit
Up to 50% Employee Amount
$5,000
$100,000
$25,000
To 67% at Age 70
To 50% at Age 75
$10,000
$500
Notes:
- Rates are age-banded; cost increases with age
- Employee must be enrolled in Supplemental Life Coverage for dependents to enroll in coverage
- Supplemental Life Coverage is portable upon Retirement
- Spouse termination age - 70
- After your initial enrollment, Evidence of Insurability (EOI) is required for additional coverage
Amounts elected over the guaranteed issue amount will require Evidence of Insurability (medical
questions). To complete the evidence of insurability online: https://www.sunlife-usa.net/eoi
REMINDER
Review your beneficiary designations
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