Eligible employees are given the opportunity to enroll in the Voluntary Life Insurance program once a year during Open Enrollment, which is typically held in October and November. You may not enroll in the Voluntary Life Insurance program at any other time of the year.
During Open Enrollment you or your spouse (under age 70) may apply in any $10,000 amount up to $500,000 each. For amounts above what is pre-approved, the medical questions on the application are to be completed. A spouse may be insured even if the employee is not insured. You may qualify for coverage provided you are a benefit eligible person under age of 70 and are scheduled to work at least 20 or more hours per week on a regular basis.
If you are newly eligible and have not had the opportunity to enroll in the program during Open Enrollment you are pre-approved one-time-only for Voluntary Life Insurance up to $50,000. You are eligible for this guarantee issue regardless of your health condition and with no medical questions, provided you sign up during your first Open Enrollment and you are under age 70. Employees between ages 60 and 70 can get up to a total of $20,000 pre-approved during the first Open Enrollment. A $10,000 pre-approved spouse life insurance amount is available for any spouse under age 60. For your spouse to be eligible for this pre-approved amount you must apply for at least $50,000 of life insurance. Your spouse must not be confined either to a hospital or at home.
If you previously had the opportunity to enroll in the Voluntary Life Insurance program during a past Open Enrollment you may be eligible for a $10,000 pre-approved amount regardless of health and with no medical questions. This guarantee issue benefit is available provided you have not been previously declined, or postponed for insurance coverage, had your application withdrawn, or voluntarily terminated your insurance. There is no guarantee issue coverage for your spouse after your first opportunity to enroll during Open Enrollment.
Your dependent children are all pre-approved for life insurance during the Open Enrollment period provided you or your spouse are insured for this coverage. A dependent child is an unmarried child from age 14 days to 20 years (to age 26 if a full-time student) who is dependent upon you for financial support. A child must not be confined to either a hospital or at home when coverage becomes effective.
Children may be insured in increments of $2,500 up to $10,000 each. Children’s insurance from age 14 days to age 6 months is limited to $1,000, regardless of the benefits amount selected. One price insures all the children in your family each for the amount selected.
Yes. You may keep this family term life insurance if you ever leave TSRI by simply completing a portability application within 31 days of your termination date. The premium is then paid direct to the insurance company on a quarterly basis.
The rates are age rated and published each year during Open Enrollment.