How much is Basic Life Insurance?How much Voluntary Life can I buy?Do I have to insure each child separately?
Plan Options: Basic Life and AD&D, Voluntary Life, and Voluntary Dependent Life
Life insurance can provide income protection for you and your family. Some coverage is provided automatically to you at no cost. Other supplemental coverage is available to purchase based on your needs.
(866) 851-2429 | standard.com
Life Insurance
Basic Life and Accidental Death & Dismemberment (AD&D) Insurance
Gold Cross provides each employee with $50,000 of Life and AD&D insurance as part of your core benefits. The company also provides $20,000 of Basic Life for your spouse and $10,000 of Basic Life for your children age 6 months and older ($1,000 of coverage is provided for children under 6 months of age). These coverages are completely free to employees — Gold Cross pays the premiums. Additionally, you have the option to convert your coverage if you retire, lose eligibility or terminate your employment. This benefit is provided through Standard Insurance Company.
Voluntary Life Insurance
Gold Cross offers Voluntary Life for you and your dependents, which can be purchased through Standard Insurance Company. This option gives you the advantage of purchasing life insurance at affordable group rates. It is not a pre-tax benefit option. Premiums are paid with after-tax dollars through an automatic payroll deduction from your paycheck. These coverages are completely voluntary.
You may purchase additional coverage in increments of $10,000, to a maximum of $500,000. If you enroll when you are first eligible, $200,000 is available without proof of good health. Benefits reduce beginning at age 65.
See enrollment system for Voluntary Life Insurance rates.
Voluntary Dependent Life Insurance
You may purchase spouse coverage in increments of $5,000, not to exceed 100% of the employee elected amount, or $200,000. $30,000 is available without proof of good health. Benefits reduce beginning at age 65.
Children’s insurance coverage is for unmarried dependent children from live birth to age 26, subject to eligibility requirements. Coverage is for $2,000, $4,000, or $10,000 and is inclusive for all children. This means that if you have one child or many children, you pay one flat amount; however, each child is covered individually up to the coverage amount.
See enrollment system for Voluntary Life Insurance rates.
This information is designed to help you choose a benefit plan for 2021 only. Please refer to the Plan Documents provided by the carrier for information regarding coverage, limitations and exclusions. If there is a difference between this guide and the Plan Documents, the Plan Documents prevail.
