Your family depends on your income for a comfortable lifestyle and for the resources necessary to make their dreams, such as a college education, a reality. Like anyone, you don’t like to think of the scenario where you’re no longer there for your family. However, you do need to ensure their lives and dreams can continue if the worst should occur.
Voya life insurance plan pays benefits if you die or are seriously injured. The basic life insurance is automatically provided by ITS ConGlobal. IRS regulations require that the imputed value of life insurance in excess of $50,000 be reported on your W2 as taxable income.
| Basic Life | Coverage Amount |
|---|---|
| Exempt Employees | 1.5x your annual base salary, up to $500,000 |
| Non-Exempt Employees | $15,000 |
| Basic AD&D Coverage | Matches Basic Life coverage |
| Age Reduction | Age 65: Reduced to 67%; Age 70: Reduced to 45%; Age 75: Reduced to 30% |
| Guarantee Issue | $500,000 |
You have the freedom to select adequate levels of life insurance coverage to protect the well-being of your family. ConGlobal offers supplemental life and supplemental accidental death & dismemberment through Voya. Supplemental life insurance and supplemental accidental death and dismemberment insurance are available for you and your family. These premiums are 100% paid for by you and are based on your age.
To cover your spouse or dependents, you as the employee must also participate in the supplemental life coverage. Depending on the amount you elect, you may have to answer questions about you or your spouse’s health.
ConGlobal uses the employee’s age for spouse coverage. The employee is always the beneficiary for dependent coverage.
| Supplemental Life | Coverage Amount |
|---|---|
| For Yourself | Increments of $50,000 up to $1,000,000 |
| For Your Spouse | $25,000 or $50,000 |
| For Your Eligible Children | $10,000 |
| Age Reduction | Age 65: Reduced to 67%; Age 70: Reduced to 45%; Age 75: Reduced to 30% |
| Guarantee Issue | Employee: $500,000 Spouse: $50,000 Child: $10,000 |
Your beneficiary designation is the person you name to receive your life insurance benefits in the event of your death and includes any life insurance benefits available through the Company. Benefits payable for a dependent’s death are payable to you if living; otherwise, benefits may, at the option of the insurance company, be payable to your surviving legal spouse or to the executors or administrators of your estate.
Visit dayforcehcm.com to update your beneficiary throughout the year.
Evidence of insurability (EOI) is a health questionnaire that documents your overall health and helps the insurance carrier determine whether you qualify for coverage.
If you are a new hire and you and your eligible dependents enroll within 30 days of your initial eligibility date, you may apply for any amount of life insurance coverage up to the guaranteed issue limit of the lesser of 3x your salary or
$500,000 for yourself and up to $50,000 for your spouse without EOI.
If you apply for coverage for yourself or your dependents more than 30 days after your initial eligibility date (i.e., qualifying life event) or choose coverage above the guaranteed issue limit, you will be required to provide EOI and be approved by Voya in order to qualify for coverage.
If you already have Supplemental Life coverage, you may increase your coverage during the annual open enrollment, by one increment of $50,000 without EOI, if you don’t exceed 3x your salary.
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Questions? Contact Voya at 800-913-8318 or voya.com.