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 available for you, your spouse, & children. The employee must be approved for coverage to add dependents.
The benefit amount reduces to 65% at age 65, to 50% at age 70 and to 30% at age 75.
Available voluntary insurance plans are listed below:
Supplemental Life and AD&D
Group Policy Number: CSAC EIA 31640-7 Acct #37
- This benefit is available to all eligible employees through Voya Financial for the 2017 plan year. Employees can apply for supplemental coverage in increments of $10,000, the minimum coverage amount is $20,000 with a maximum of $500,000.
- New Hires: Employees can elect up to $150,000 without providing evidence of insurability (EOI) if they apply within 31 days of first becoming eligible. An EOI form will be required for all other enrollees.
Employee Amount
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$20,000 up to a maximum of $500,000 in $10,000 increments
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Spouse Amount
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$20,000 OR 50% of employee amount
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Child(ren) Amount
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$10,000, not to exceed 100% of employee amount
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New hires who elect Voluntary Life within their first 31 days of employment receive a guaranteed issue amount without having to submit Evidence of Insurability form to Voya
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Employee Guaranteed Issue Amount
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$150,000
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Spouse Guaranteed Issue Amount
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$50,000
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Child(ren) Guaranteed Issue Amount
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$10,000
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- Beneficiary Reminder: Make sure that you have named a beneficiary for your life insurance benefit. It's important to know that many states require that a spouse be named as the beneficiary, unless they sign a waiver.
- Taxes: Due to IRS regulations, a life insurance benefit of $50,000 or more is considered a taxable benefit.
Supplemental Life and AD&D Plan Summary
Supplemental Life and AD&D Plan Document
Voya Short-Term Disability Insurance
Group Policy Number: 31640-7
- This benefit can replace a portion of your income during the initial weeks of a disabling illness or accident. The weekly benefit amount is 60% of your covered weekly earnings. The maximum weekly benefit is $1,325.
- This plan lasts for 12 weeks and has a 7 day wait period before benefits are paid.
- New Hires: Employees can enroll without providing an evidence of insurability (EOI) form if they apply within 31 days of first becoming eligible. An EOI form will be required for all other enrollees.
Voya Short Term Disability Plan Document
Short & Long Term Enrollment at a Glance
Voya Long-Term Disability Insurance
Group Policy Number: 31640-7
- This benefit can replace a portion of your income if you can't work because an injury or illness prevents you from performing any of your functions over a long time. It's important to know that benefits are reduced by income from other benefits you might receive while disabled, like workers' compensation and Social Security.
- This plan pays 60% of monthly covered earnings up to a $10,000 monthly maximum and begins after 360 days of disability.
- Only certain Bargaining Units not already covered by an LTD Policy can participate.
Voya Long Term Disability Plan Document