Snap Finance / Life Insurance

Snap Finance provides each employee with $50,000 of Life and AD&D insurance as part of your core benefits. This coverage is completely free to employees — Snap Finance pays the premiums. Additionally, you have the option to convert your coverage if you retire, lose eligibility or terminate your employment with Snap Finance. This benefit is provided through Unum.

Snap Finances offers Voluntary Life for you and your dependents, which can be purchased through Unum. 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. This coverage is completely voluntary.

You may purchase additional coverage in increments of $10,000, not to exceed five times your annual salary or $500,000. $200,000 is available without proof of good health during your initial eligibility period. If you wish to elect an amount that is above $200,000, you will need download and complete an Evidence of Insurability (EOI) form* and submit it to Unum.

Benefits will reduce by 35% at age 65, reduce again by an additional 40% at age 70, reduce again by an additional 25% at age 75 and finally reduce again by an additional 10% at age 80. Benefits will terminate at retirement.

See enrollment system for Voluntary Life Insurance rates.

In addition to the additional coverage offered for employees, you may also purchase coverage for your spouse in increments of $5,000, not to exceed 100% of the employee elected amount, or $250,000. $30,000 is available without proof of good health. If you wish to elect an amount that is above $30,000 for your spouse, you will need download and complete an Evidence of Insurability (EOI) form* and submit it to Unum. Benefits reduce by 35% starting at age 65 and will terminate when your spouse turns age 70.

Children’s insurance coverage — for unmarried dependent children from age 6 months to age 19 (if your child is a full-time student coverage is available until age 26) — is available in a flat amount of $10,000. Infants under 6 months of age have a flat benefit of $1,000. Coverage 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 for the coverage amount. Children’s insurance coverage amounts are guaranteed issue.

See enrollment system for Voluntary Life Insurance rates.

You must have employee coverage in order to elect Spouse or Child coverage.

* Evidence of Insurability must be submitted to, and approved by, Unum when:

• Elected amount exceeds guarantee issue amount
• Any benefit increase or new election requested which exceeds more than 2 increment levels
• Any requested increase that has been previously withdrawn or declined
• Initial coverage elected is more than 31 days after first becoming eligible.

This information is designed to help you choose a benefit plan for 2025 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.