Voya Life and AD&D Insurance
This page provides information on the employer paid and employee paid Voya Life and Accidental Death & Dismemberment (ADD) Insurances.
Life Insurance pays your beneficiary a lump sum if you die. AD&D provides another layer of benefits to either you or your beneficiary if you suffer from loss of a limb, speech, sight, or hearing, or if you die in an accident. Coverage is provided by Voya. Remember to review your beneficiaries annually during Open Enrollment and update as needed. There are various life insurance policies dependent on your bargaining unit.
Voluntary Supplemental Life and AD&D Insurance
Voluntary Supplemental Life Insurance allows you to purchase additional life insurance to protect your family's financial security. This is an employee paid benefit. Coverage is available for your spouse and/or child(ren) if you purchase coverage for yourself. The employee must be approved for coverage to add dependents. Employees can apply for supplemental coverage in increments of $10,000, the minimum coverage amount is $20,000 with a maximum of $500,000. The benefit amount reduces to 65% at age 65, to 50% at age 70 and to 30% at age 75.
New employees can enroll within the first 31 days of employment with a guaranteed issue of up to $150,000 without submitting an Evidence of Insurability (EOI) form. An EOI form will be required for all other enrollees including during Open Enrollment. It is the employees responsibility to complete an EOI form which requires additional information about your health and the health of your dependents you want to cover. You must submit the EOI form to Voya for them to determine your eligibility. The coverage will not begin and no deductions will be taken from your paycheck until the EOI has been approved by Voya.
Voluntary Life and AD&D
| |
Election Amounts |
New Hire Guaranteed Issue |
| Employee Amount |
$20,000 up to a maximum of $500,000 in $10,000 increments |
Up to $150,000 |
| Spouse Amount |
$20,000 up to 50% of employee amount |
Up to $50,000 |
| Child(ren) Amount |
$10,000, not to exceed 100% of employee amount |
Up to $10,000 |
You have the option to continue your Voluntary Voya Life Insurance after you separate from the County. You must do so within 31 days of your separation. There are two options for continuing your plan:
- Port - Portability allows you to continue your coverage under the same group policy by paying your premiums directly to the insurance company (age limitations may apply).
- Convert - Conversion allows you to convert all or a portion of your Group Term Life Insurance to an individual Whole Life Policy when you are no longer eligible for coverage under the group policy.
- NOTE: County policies are only Term and have no cash value. They only become Whole Life when someone leaves County employment and converts their coverage.
Employer Paid Basic Life Insurance
The County provides Basic Term Life Insurance to employees in certain bargaining units at no cost. No action is needed to maintain these benefits. Employees also have option to purchase additional supplemental life insurance. On the policy anniversary after you attain age 65, the benefit amount is reduced by 35% of the original face amount. On the policy anniversary after you attain age 70, the benefit amount is reduced by 50% of the original face amount. This benefit is provided as follows:
Employer Paid Basic Life Insurance
| Bargaining Unit |
Amount of Life Insurance |
| 08, 09, 10, 16, 17 |
$50,000 |
| 04, 06, 07, 11, 12, 15 |
$30,000 |
Taxes: Due to IRS regulations, a life insurance benefit of $50,000 or more is considered a taxable benefit.
Contact Information
Phone: 800-955-7736
Website: www.voya.com
Group Name: PRISM Health
Group Number: 316407
Account: 37 – County of San Luis Obispo
Since this is a group insurance plan, Voya does not maintain individual or personalized policy information unless you have filed a claim.
For instructions on how to submit an Evidence of Insurability (EOI) form, please visit the EOI Form Instructions webpage.
Reference
FAQs
Voya Group Name: CSAC EIA
Voya Group Number: 316407
Voya Account Number: 37 – County of San Luis Obispo
1-800-955-7736
www.voya.com
Yes, download a copy of the Voya Life Insurance plan document posted online. The plan document contains the group policy information. Since this is a group insurance plan, Voya does not maintain individual or personalized policy information unless you have filed a claim.
You may update your beneficiary anytime online at BenXcel.net. Please also review their contact information and make sure it is accurate.
- Voluntary Life & AD&D: Yes, this is a 100% employee paid benefit. Rates will change based on the coverage elected and your age throughout the life of your plan. Please see BenXcel.net for your personalized premium. Monthly premium payments are deducted in two (2) installments from the first two (2) pay periods of each month. They appear as after tax deductions on your remuneration statement. Premiums will change annually with your age.
- Employer Paid Life Insurance: The premium for this benefit is paid by the County.
Yes, you can continue the voluntary employee paid Voya Life Insurance after separating. You cannot continue your employer paid life insurance though. There are two options for continuing your plan:
- Port - Portability allows you to continue your coverage under the same group policy by paying your premiums directly to the insurance company (age limitations may apply).
- Convert - Conversion allows you to convert all or a portion of your Group Term Life Insurance to an individual Whole Life Policy when you are no longer eligible for coverage under the group policy. Only Group Term Life Insurance is available for conversion.
You must decide if you would like to continue your life insurance within 31 days of separation. If you would like to port or convert your plan, contact hrbe[email protected] for assistance with the required form.