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 and Voluntary Life and AD&D Insurance
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.
(800) 423-2765 | unum.com
Basic Life Group # 921393 | Voluntary Life Group # 921384
Are you a new hire?
When you first become eligible for our benefit programs, you must either enroll or waive coverage for Voluntary Life Insurance. If you do not enroll yourself and your dependents for coverage the first time you are eligible, and you wish to enroll during a subsequent enrollment period, you will have to provide proof of good health by filling out an Evidence of Insurability (EOI) form, which may include taking a physical examination, and you may be declined coverage. Future exams will be at your cost.
How to apply for additional coverage over the policy’s Guaranteed Issue amounts:
You will need to complete and submit Unum’s Evidence of Insurability application using a secure link that will be emailed to your TaxBit company email address. You will have a 90-day window to complete the assessment using the link. The link will expire after 90 days.
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Life Insurance |
Basic Life and Accidental Death & Dismemberment (AD&D) Insurance
Taxbit provides each employee with $50,000 of Life and AD&D insurance. This coverage is completely free to employees — Taxbit pays the premiums. Benefits reduce by 65% at age 65 and an additional 50% at age 70. Additionally, you have the option to convert your coverage if you retire, lose eligibility or terminate your employment with Taxbit. This benefit is provided through UNUM.
Voluntary Life Insurance
Taxbit 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. $150,000 is available without proof of good health. If you wish to elect an amount that is above $200,000, you will need download and complete the Evidence of Insurability (EOI) form. 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 $250,000. $25,000 is available without proof of good health. If you wish to elect an amount that is above $25,000 for your spouse, you will need download and complete the Evidence of Insurability (EOI) form. Benefits terminate when your spouse turns age 70.
Children’s insurance coverage is for unmarried dependent children from live birth to age 26, subject to eligibility requirements. Infants ages live birth to 14 days have a flat benefit of $1,000. Coverage for child(ren) from 6 months old up to age 26 can be purchased in increments of $2,000 up to a maximum of $20,000. 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.
See enrollment system for Voluntary Life Insurance rates.
