MarketStar / Life Insurance

As part of your core benefits, MarketStar provides basic Life and AD&D for each full-time employee in the amount of two times your annual earnings to a maximum of $750,000. This coverage through Unum, is completely free to employees — MarketStar pays the premiums. Coverage amounts reduce to 50% of the original amount at age 70.

MarketStar offers Voluntary Life insurance for you and your dependents. 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 can purchase additional Life coverage from $10,000 to $1,000,000 in $10,000 increments, up to 10 times your earnings. You can get up to $500,000 with no health questions. This is your guaranteed issue amount. The total amount of coverage between the base and additional amounts may not exceed $1,750,000.

You can purchase additional Life coverage for your spouse from $5,000 to $250,000 in increments of $5,000. You must purchase coverage for yourself in order to purchase coverage for your spouse. Spouse coverage must not exceed 100% of the coverage amount you purchase for yourself. Your spouse can get up to $50,000 with no health questions, if eligible * (see delayed effective date). This is their guaranteed issue amount.

Get $10,000 of coverage for your children if eligible * (see delayed effective date). One policy covers all of your children until their 26th birthday. The maximum benefit for children from live birth to 14 days is $500. The maximum benefit for children 14 days to 6 months is $10,000.

MarketStar is giving you the opportunity to get guaranteed life insurance coverage. During this year’s special open enrollment, elect coverage for yourself and your dependents without having to answer medical questions. Employees with existing voluntary life coverage will have their benefits rolled over to the new UNUM life plan. This year’s open enrollment is available to those currently enrolled in life coverage wishing to increase coverage and those who are not currently enrolled but wish to have coverage.

This information is designed to help you choose a benefit plan for 2022-2023 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.

* Delayed effective date: If your spouse or child has a serious injury, sickness, or disorder, or is confined, their coverage may not take effect. Payment of premium does not guarantee coverage. Please refer to your policy contract or see your plan administrator for an explanation of the delayed effective date provision that applies to your plan.