Life insurance protects your loved ones. It pays a benefit so they can afford to pay for funeral expenses, pay off debts, and maintain their current standard of living. It is one of the best ways to show you care. HCDE provides all eligible employees with a no-cost, $20,000 policy. The term life policy is in effect while you are employed.
Voluntary Term Life Insurance
Voluntary life insurance is term life coverage you can purchase in addition to the basic life plan provided by your employer. Plan amounts are offered in tiers, so you can choose the amount of coverage that works best for you and your family. Coverage is available for spouse and child(ren) ONLY if you have life coverage for yourself, and it is limited to up to 100% of the employee's coverage election. Employees enrolling in coverage over the guaranteed issue limits will be subject to insurability and must complete a health questionnaire prior to coverage being issued or declined. Please see the policy in the Reference Center for more details and limitations.
Highlights
Employee Minimum Coverage is $10,000, up to 5x annual salary to a maximum coverage of $500,000.
Spouse coverage in increments of $5,000 up to $250,000 (not exceeding 100% of employee coverage). Spouse means any person who is a party to a marriage and, under state, federal, or provincial laws, is recognized as a spouse and is not insured under the policy as an employee.
Child(ren) coverage in increments of $2,000 up to $10,000 for children under 26 with no medical questions asked. Dependent child does not include any person who is insured as an employee or is considered to be a dependent child of more than one employee.
Age-banded rates for employees, spouses, and children. This policy will age the insured as of their age on September 1 of each year, and rates will be based on your age-band for that plan year.
