Life Insurance

Life.jpg

Maritz Life Insurance – Voya

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).  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.

Maritz is adding a $1000 Basic Dependent Life benefit for each full-time employee retroactive to January 1, 2018. This benefit is fully paid by the company at no cost to you. You will automatically be enrolled for this benefit, which will cover your spouse and dependent children up to age 26, if applicable.

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.

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.

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.  However, your AD&D coverage with Voya will be part of this open enrollment period if you wish to make any changes for 2019.

Added benefits through Voya are Beneficiary Assistance, Travel Assistance Services (pre-trip information, emergency personal services, medical assistance services, emergency transportation services), Funeral Planning and Concierge Services (pre-planning services, at-need services, funeral home price finder report), and Employee Assistance Program (EAP) Services (up to 4 visits).

Guaranteed Coverage up to Certain Limits (Available for New Full-Time Employees, New Spouses Due to Marriage, or New Babies Due to Birth Only):

If you are a new employee electing supplemental life insurance within your first 31 days of full-time employment (or changing status from part-time to full-time), or you are adding spouse life within 31 days after a marriage, or child life for a newborn within 31 days after the birth, Voya will provide you with a one-time offer of guaranteed optional life coverage for you up to certain limits, without having to answer any health questions or being approved for coverage.  If you choose not to enroll 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.   Guaranteed coverage is not available for any employee electing new supplemental life or increasing coverage during the open enrollment period or following any other type of qualified status change. Approval is required for any new amounts elected.

Guaranteed coverage (for new full-time employees, new spouses due to marriage, or new babies due to birth only):

Employee up to 3 times basic annual earnings, or $250,000, whichever is less

Spouse up to $50,000   

Children up to $25,000

You will be guaranteed coverage up to the limits shown above if you enroll during the initial election periods listed above. If you elect an amount that is higher than the maximums listed, you will automatically be enrolled in coverage up to the guaranteed limit, but you will be required to answer health questions and be approved for the additional coverage above those limits through Voya’s Evidence of Insurability process before the additional amounts will become effective.  If you have elected a coverage amount that will require approval, you will receive an email with a link to Voya’s website to answer some health questions and start the approval process.  You will be enrolled up to the amount you elected that is guaranteed and will be notified once the additional amount you elected has been approved.

Please Note:  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.

Life+Coverage+Options.jpg

Monthly Supplemental Life Coverage Costs (per $1000 of Coverage)

Life+Rates+Employee+%26+Spouse.jpg
Life+Rates+Child+%26+ADD.jpg

*Rates are determined based on employee’s age for both employee and spouse supplemental life insurance coverage.   

Note: 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. 

** Covers all eligible children under age 26.

For more information about the Voya Life Insurance Plan:

  • Visit Voya HERE to find videos and more information

  • Call the Life Insurance Customer Care Center at 1-800-955-7736