Additional life insurance – what you need to know

If you offer additional life insurance to your employees and/or their spouse/domestic partners, it is very important that you update the benefit amount correctly for employees and/or their spouse/partners in SIMON.

New employees and/or their spouse/partner

Coverage amounts
A spouse/partner cannot have additional life unless the employee does. The spouse/partner cannot have more than the employee does.

1. New hires have a guaranteed issue amount of up to $80,000 in $10K increments. You should not update any amount over $80,000 in SIMON.
2. New spouses have a guaranteed issue amount of up to $20,000 in $5K increments. You should not update any amount over $20,000 in SIMON.

Amounts larger than the guarantee issue
If a new employee applies for a higher amount over the guaranteed issue amount, The Trust will be notified by the Standard if the application has been approved, denied or closed. If approved, the Trust will update SIMON with the higher amount the first of the month following the Standard approval date and notify you at that time. Trust staff will also upload a copy of the letter under the employee record in SIMON.

Your data entry matters!
Do not enter a higher amount into the SIMON system than the guaranteed issue amount or an amount that has not been approved by the Standard. Why does this matter? In the unfortunate event of the employee or spouse/partner passing away, the Standard will only pay out the guaranteed issue amount or current approved amount, even if the employee had been paying for a higher, unapproved amount.

Medical history statement
The medical history statement (aka EOI) applications are now completed online by the employee. Feel free to share this link with your employees.

Existing employees who currently have additional life and want to increase their amount

Existing employees who currently have additional life insurance and would like to apply for a higher amount can apply at any time for this benefit. Do not change the current additional life amount in SIMON.

Existing employees who want additional life insurance

Existing employees who do not have additional life insurance can apply at any time for this benefit. Do not enter an amount for additional life in SIMON.