Providence Engineering - 2023 Benefits Guide
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VOLUNTARY LIFE INSURANCE<br />
CARRIER: Sun Life<br />
Category<br />
Employee Coverage<br />
Benefit Amount<br />
Benefit Increments<br />
Benefit Maximum<br />
Guaranteed Issue Coverage<br />
Spouse Coverage<br />
Benefit Amount<br />
Benefit Increments<br />
Benefit Maximum<br />
Guaranteed Issue Coverage<br />
Age Reduction Schedule<br />
Age 70<br />
Age 75<br />
Dependent Child Coverage<br />
*Unmarried dependent children from 14 days to<br />
age 21 or to age 24 if full-time student<br />
*Children ages 14 days - 6 months are eligible for<br />
a reduced benefit<br />
Up to 5x Annual Salary<br />
$10,000<br />
$500,000<br />
$100,000<br />
Benefit<br />
Up to 50% Employee Amount<br />
$5,000<br />
$100,000<br />
$25,000<br />
To 67% at Age 70<br />
To 50% at Age 75<br />
$10,000<br />
$500<br />
Notes:<br />
- Rates are age-banded; cost increases with age<br />
- Employee must be enrolled in Supplemental Life Coverage for dependents to enroll in coverage<br />
- Supplemental Life Coverage is portable upon Retirement<br />
- Spouse termination age - 70<br />
- After your initial enrollment, Evidence of Insurability (EOI) is required for additional coverage<br />
Amounts elected over the guaranteed issue amount will require Evidence of Insurability (medical<br />
questions). To complete the evidence of insurability online: https://www.sunlife-usa.net/eoi<br />
REMINDER<br />
Review your beneficiary designations<br />
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