Life Insurance
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Although we don’t like to think about it, should death occur, the survivors left behind could face serious financial hardship. Your family might need an alternative source of income to pay off your bills and to meet their ongoing financial responsibilities. That is the purpose of life insurance – to provide funds for those left behind.
LIFE INSURANCE AND AD&D
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Child Crisis Arizona provides 100% employer paid Basic Life Insurance and Accidental Death and Dismemberment (AD&D) coverage to all benefit eligible employees. The life insurance covers 1x your annual salary up to a maximum of $50,000. If your death is due to accidental causes your beneficiary would receive an additional payout equal to one times your annual base salary up to a maximum of $50,000.
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VOLUNTARY LIFE INSURANCE
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Supplemental Life insurance can also be purchased at the employees’ cost through Lincoln Financial Group. Voluntary Life benefit amounts must equal Voluntary AD&D, please see Paycom for rates and Evidence of Insurability (EOI) requirements, if applicable.
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EMPLOYEE COVERAGE Available in increments of $10,000 up to a maximum of 5x your salary or $500,000 (whichever is less). During initial enrollment, you can enroll in up to $100,000 of coverage guaranteed without providing evidence of insurability.
SPOUSE COVERAGE Available in increments of $5,000 up to 50% of the employee amount, not to exceed $125,000. During initial enrollment, spouses can enroll in $30,000 of coverage guaranteed without providing evidence of insurability.
CHILD COVERAGE You may also cover your children 15 days up to age 26 (if full-time student), with $2,000 to$10,000 of coverage.
From birth to 14 days coverage is $2,000.
EVIDENCE OF INSURABILITY
If you apply for Voluntary Life coverage over the guarantee issue amount or apply at future enrollments, you will be required to complete an evidence of insurability form for approval. The form can be found online in Paycom.
