Woodbury Corporation / Life Insurance

Woodbury Corporation provides each employee working 30+ hours per week with $10,000 of Life and AD&D insurance as part of your core benefits. This coverage is completely free to employees — Woodbury Corporation pays the premiums. Additionally, you have the option to convert your coverage if you retire, lose eligibility or terminate your employment with Woodbury Corporation. When you are 65 or older, you Life Insurance Benefit will reduce to the follow percentage: 65% at age 65; 50% at age 70.

Employees must work 30+ hours per week to be eligible for this benefit, which is provided through New York Life.

Woodbury Corporation offers Voluntary Life and AD&D for you and your dependents, which can be purchased through New York Life. This option gives you the advantage of purchasing life insurance and AD&D 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, not to exceed five times your annual salary or $500,000. $100,000 is available without proof of good health during your initial enrollment period only. If after your initial enrollment period you will be required to complete an Evidence of Insurability Form.

Employees must work 30+ hours per week to be eligible for this benefit. See enrollment system for Voluntary Life Insurance rates.

You may purchase spouse coverage in increments of $5,000, not to exceed 50% of the employee elected amount, or $250,000. $30,000 is available without proof of good health during your initial enrollment period only. If after your initial enrollment period your spouse will be required to complete an Evidence of Insurability Form.

Children’s insurance coverage is for unmarried dependent children from live birth to age 26, subject to eligibility requirements. Coverage is for $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 for the $10,000 coverage amount. The amount of coverage from birth to 6 months is $1,000.

Employees must work 30+ hours per week to be eligible for this benefit. See enrollment system for Voluntary Life Insurance rates.

This information is designed to help you choose a benefit plan for 2024 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.