The following applies only to employers who offer additional life insurance to their employees.
The Board of Trustees approved the following changes to additional life insurance:
- Increase employee additional life maximum from $300K to $500K.
- Increase spouse/domestic partner Additional Life cap from 50% to 100% of employee election.
Open enrollment
Due to these changes, the Standard has approved a one-time open enrollment for employees eligible for additional life insurance.
A one-time increase in voluntary additional life coverage will be allowed without evidence of insurability (EOI). See the chart below to determine if an EOI is required:
Who | Currently enrolled | No EOI required | EOI required |
|---|
Employee | No | $10,000 or $20,000 | Any amount over $20,000 |
Employee | Yes | Increase by $10,000 or $20,000 | - Increase by more than $20,000
- Total amount elected is greater than $100,000
|
Spouse/domestic partner | No | $5,000 | Any amount over $5,000 |
Spouse/domestic partner | Yes | Increase by $5,000 | - Increase by more than $5,000
- Total amount elected is greater than $20,000
|
Note: Prior declines will remain declined and an EOI will need to be submitted for any changes. All requests for additional life will be reviewed by Trust staff to determine need for EOI.
To enroll and/or increase coverage
Send both forms to the Trust. Deadline to submit forms is December 31.
- If EOI is required, Standard will notify the employee of the decision, we will notify you. This is a busy time of year so decisions may not be completed until 2022. Coverage will be effective the first of the month following approval.
- If no EOI is required, coverage will be effective 1/1/22.
- Do not enter any election into SIMON as we will need to review all elections for possible prior denial.
Sample employee communication
Use this sample language to communicate this opportunity to your employees.
Questions?
Contact Trust staff at benefitinfo@awcnet.org. Questions about the premium credit for life insurance? Find out what it is and how it works.