Life Insurance & AD&D
Benefits Enrollment & Changes
You may enroll in benefits during your first 31 days of full-time employment. However, once elections have been submitted, you are unable to make changes even if you are still within your 31-day enrollment window. You may also make changes to current coverage within 31 days of the date you experience a qualified change in status or change coverage during the annual open enrollment period. Open Enrollment is typically held November 1 – 15 each year, and elections made during this period become effective January 1 of the next calendar year.
Life Insurance & AD&D / Voya
Changes for 2024:
No changes to rates
One-time offer of guaranteed employee supplemental life coverage with no health questions, up to certain limits
Basic Life & AD&D
No one really likes to think about life insurance. However, we all know it is something we need to have in place to assist financially in case something unexpected occurs. That’s why Maritz provides each full-time employee with Basic Life insurance coverage equal to 1 ½ times your annual base salary (Up to $250,000) plus $1,000 Basic Dependent Life coverage.
We also provide an additional 1 ½ times your annual base salary (up to $250,000) in Basic Accidental Death & Dismemberment Insurance (AD&D), which provides coverage due to accidents.
We pay the full cost of that coverage – you don’t pay anything out of your pocket.
Supplemental Life & AD&D
In addition to the Basic Life and AD&D that Maritz provides, we also offer supplemental life insurance and AD&D coverage you can purchase for yourself, your spouse, and/or your children. For any additional coverage you elect, you have the convenience of having the cost deducted from each of your paychecks throughout the year.
If the Basic Life insurance that Maritz provides is sufficient for you, but you need additional coverage for family members, you may elect spouse or dependent child supplemental life coverage without electing supplemental life coverage for yourself.
Accidental Death & Dismemberment (AD&D) coverage complements your Supplemental Term Life insurance coverage and helps protect you 24 hours a day, 365 days a year. This valuable coverage is available to you even if you already have accident insurance. It provides benefits beyond your disability or life insurance for losses due to covered accidents – while commuting, traveling by public or private transportation and during business trips.
Voya’s AD&D insurance pays you benefits if you suffer a covered accident that results in paralysis or the loss of a limb, speech, hearing or sight, brain damage or coma. If you suffer a covered fatal accident, benefits will be paid to your beneficiary.
If you are currently enrolled in Supplemental Life, for you, your spouse, or children, and elect to continue the same level of coverage for the next calendar year, those coverage amounts will continue without any additional approval needed.
Please note: During open enrollment, if you enroll or increase to a higher increment than specified below for the one-time offer of guaranteed Supplemental Life for yourself, you will have to answer health questions and be approved for the additional coverage through the Evidence of Insurability process with Voya. If you enroll or increase to any higher amount for your spouse or your dependent children, you will have to answer health questions and be approved for the additional coverage, regardless of the amount elected.
If you have elected a coverage amount that will require approval, you will receive an email with a link to Voya’s website shortly after open enrollment ends to answer some health questions and start the approval process.
Guaranteed Supplemental Limits
Voya will be providing all full-time employees a one-time offer of guaranteed Supplemental Employee Life coverage during this year’s open enrollment period up to certain limits, without having to answer any health questions or being approved for coverage. Employees can elect or increase by 1x basic annual earnings up to the lesser of 3x basic annual earnings or $250,000. Any increase above these limits will require approval. If you choose not to enroll or increase coverage up to these limits during this one-time guaranteed enrollment window, you will not have another opportunity to enroll or increase coverage until next year’s open enrollment period unless you experience a qualified status change. At that time, you would have to be approved for coverage regardless of the amount elected.
New employee, new spouse due to marriage, or new child due to birth or adoption only.
For new full-time employees, Voya will be providing a one-time offer of guaranteed optional life coverage during your initial enrollment period (first 31 days after your full-time start date), without having to answer any health questions or being approved for coverage. If you choose an amount of coverage above the guaranteed limits shown below, you will have to answer health questions and be approved before the additional amount will become effective.
There is also a one-time offer of guaranteed optional life coverage for a new spouse being added due to marriage, or a new child being added due to birth or adoption, provided the coverage is elected within 31 days of the event.
The guaranteed limits are:
Employee up to 3 times basic annual earnings, or $250,000, whichever is less
Spouse up to $50,000
Children up to $25,000
If you choose not to enroll or increase coverage up to these limits during this one-time guaranteed enrollment window, you will not have another opportunity to enroll or increase coverage until next year’s open enrollment period unless you experience a qualified status change. At that time, you would have to be approved for coverage regardless of the amount elected.
Supplemental Coverage Options
|
Supplemental Life and AD&D Options |
|
|
Life |
|
|
For You |
1 to 5 times your basic annual earnings, to a maximum of $500,000 |
|
For Your Spouse |
$25,000, $50,000, $75,000, or $100,000 |
|
For Your Children |
$5,000, $10,000, or $25,000 (up to age 26) |
|
AD&D |
|
|
For You |
1 to 5 times your basic annual earnings, to a maximum of $500,000 |
|
For You and Your Family |
Spouse Only - 50% of Employee’s coverage amount; Children Only - 15% of Employee's coverage amount; Spouse and Children – Spouse 40% of Employee's coverage amount; Children 10% of Employee's coverage amount |
Please Note: Basic & Supplemental Life and AD&D coverage amounts are based on your annual base salary as of January 1 of each year. Your Basic and Supplemental Life and AD&D coverage will be reduced to 65% of your normal coverage amount once you reach age 65. At age 70, coverage will be reduced to 50% of the normal coverage amount.
Monthly Supplemental Life Costs
|
Employee’s Age |
Employee Life Cost (per $1,000 of coverage) |
Spouse Life* (per $1,000 of coverage) |
|
Under 25 |
$.03 |
$.05 |
|
25-29 |
$.04 |
$.06 |
|
30-34 |
$.05 |
$.08 |
|
35-39 |
$.06 |
$.10 |
|
40-44 |
$.08 |
$.12 |
|
45-49 |
$.13 |
$.18 |
|
50-54 |
$.20 |
$.32 |
|
55-59 |
$.35 |
$.52 |
|
60-64 |
$.49 |
$.94 |
|
65-69 |
$.89 |
$1.61 |
|
70+ |
$1.43 |
$1.61 |
|
Child Life Insurance** |
$.055 per $1000 of coverage |
|
Supplemental A&D Employee Only |
$.015 per $1000 of coverage |
|
Supplemental AD&D Family |
$.028 per $1000 of coverage |
*Rates are determined based on employee’s age for both employee and spouse supplemental life insurance coverage.
**Covers all eligible children under age 26.
Added Benefits
Added benefits through Voya are Travel Assistance Services (pre-trip information, emergency personal services, medical assistance services, emergency transportation services), and Funeral Planning and Concierge Services (pre-planning services, at-need services, funeral home price finder report).
Executive GVUL Coverage
Please note that if you are a VP or above and currently have GVUL coverage through MetLife for you, your spouse, or children, the open enrollment period for these life insurance plans will continue to be held annually in June. You can view your GVUL coverage on the MetLife employee portal. However, your AD&D coverage with Voya will be part of the November open enrollment period for all other benefits if you wish to make any changes for next year.