Page 17 - Venafi - 2021 Benefit Guide - CA
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life insurance options
Voluntary Life Insurance
Venafi offers Voluntary Life for you and your dependents, which can
be purchased through LifeMap. 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 $5,000 from $10,000, not to exceed five
Life insurance can provide income times your annual salary or $500,000. If you enroll when you are first
eligible, $150,000 is available without proof of good health. Benefits
protection for you and your family. reduce beginning at age 65 — see plan documents for full details.
Basic coverage is provided automatically to you at no
cost. Voluntary coverage is available to purchase based Voluntary Dependent Life Insurance
on your needs. These benefits are provided through You may purchase spouse coverage in increments of $5,000 from
LifeMap. $10,000 to a maximum of $250,000. $30,000 is available without
proof of good health. Benefits reduce beginning at age 65 — see
Basic Life and Accidental Death &
Dismemberment (AD&D) Insurance plan documents for full details.
Venafi provides each team member with 2x your basic annual Children’s insurance coverage is for unmarried dependent children
salary (to a maximum of $500,000) of Life and AD&D insurance as up to age 26, subject to eligibility requirements. You may purchase
part of your core benefits. This coverage is completely free to team $10,000 of children's coverage, in increments of $2,000. Coverage
members — Venafi pays the premiums. Additionally, you have is inclusive for all children. This means that if you have one child
the option to convert your coverage if you retire, lose eligibility or or many children, you pay one flat amount; however, each child is
terminate your employment with Venafi. Benefits reduce beginning covered individually for the coverage amount.
at age 65 — see plan documents for full details.
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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. 14
If there is a difference between this guide and the Plan Documents, the Plan Documents prevail.
