Voluntary Life Insurance
The Lincoln Term Life Insurance Plan:
- Offers a monetary benefit to your family if you pass away or if you die due to an accident.
- Awards you a cash payment if you experience a qualifying loss in an accident, like the loss of a limb or your vision.
- Includes group pricing for participants.
Employee Life
Insurance Choices :- Increments of $10,000
Highest coverage limit
The limit cannot surpass the smaller of five times the annual salary (rounded to the next $10,000) or $500,000.
Lowest coverage limit :- $10,000
Guaranteed Life insurance limit
$500,000
Your insurance will decrease by 35% upon reaching 65 years of age; it will further drop by 50% of the initial limit at age 70. The benefits will cease once you retire.
Spouse Life The maximum amount for Dependent Life Insurance cannot exceed 2. 5 times the annual income of the employee or 50% of the Member Benefit.
Insurance Choices :- Increments of $5,000
Highest coverage limit :- This limit cannot go beyond $250,000.
Lowest coverage limit :- $5,000
Guaranteed Life insurance limit :- $30,000
Coverage amounts drop by 35% when a member turns 65 years old. Benefits will end when the member turns 70 or retires, whichever comes first.
Dependent Child(ren) Life
Coverage for children aged six months to under 26 years, regardless of their education or marital status $10,000
Coverage for infants aged at least 14 days but under six months $250
What Your Benefits Include
Employee Coverage
Guaranteed Life Insurance Coverage Limit
- Initial Open Enrollment: During the first time you are offered this insurance, you can select a coverage limit of up to $500,000 without needing to provide proof of insurability.
- Annual Limited Enrollment: As a continuing member, you have the option to raise your coverage limit by two levels without supplying proof of insurability up to the guaranteed life insurance limit. If you have previously submitted proof and were denied or withdrew your application, you might need to provide evidence of insurability.
- If you opt out of this coverage now and decide to enroll later, you may need to provide evidence of insurability, which may be at your own cost.
Maximum Insurance Coverage Limit
- You can opt for coverage up to $500,000. For voluntary life insurance, proof of insurability might be necessary. Refer to the Evidence of Insurability section for more information.
Spouse/Domestic Partner Coverage – You can obtain term life insurance for your spouse or domestic partner if you choose coverage for yourself.
Guaranteed Life Insurance Coverage Limit
- Initial Open Enrollment: When this coverage is initially available to you, you can select a coverage limit of up to $30,000 for your spouse or domestic partner without needing to provide proof of insurability.
- Annual Limited Enrollment: As a continuing member, you are allowed to raise the coverage limit for your spouse or domestic partner by two levels without needing proof of insurability. Should you have previously submitted proof and faced a denial or withdrawal, you might need to provide evidence of insurability.
- If you choose to decline this coverage now and decide to enroll in the future, evidence of insurability might be needed, potentially at your own expense.
Maximum Insurance Coverage Limit
- You are able to select a coverage limit of up to $250,000 for your spouse or domestic partner. Proof of insurability may be required.
Dependent Child(ren) Coverage – You can obtain term life insurance for your dependent children when you select coverage for yourself. Guaranteed Life Insurance Coverage Options: $10,000
Additional Coverage Advantages Offered with Life Insurance
Premium Waiver :- Included
Transferability :- Included
Quick Payout for Death Benefit :- Included
Policy Conversion :- Included
Exclusions from Benefits
As with any insurance, this term life insurance does include certain exclusions.
There may be an exclusion for suicide in life insurance policies.
This is just a partial list of exclusions. A full list can be found in the policy. Variations may apply by state.
Have questions? Call 800-423-2765 and reference Group ID: 938166.
This should not be seen as a complete explanation of the insurance coverage provided. The policy contains the governing provisions, and this summary does not change those provisions or the insurance itself. This should not be considered a binding agreement. A coverage certificate will be provided to you that details the benefits more comprehensively. Check your certificate for your maximum benefit limits. If there is a discrepancy between this summary and the contract, the contract will take precedence.
LifeKeys services are delivered by ComPsych Corporation based in Chicago, IL. ComPsych®, EstateGuidance, and GuidanceResources are trademarks registered to ComPsych® Corporation. TravelConnect services are offered by On Call International, located in Salem, NH. ComPsych and On Call International are not part of Lincoln Financial Group. Coverage is dependent on the actual contract terms. Each independent company is solely accountable for its own responsibilities.
The TravelConnect® program is not accessible to insured employees and their dependents under policies issued in New York.
The group insurance products and services mentioned here are provided by The Lincoln National Life Insurance Company in Fort Wayne, IN, which does not seek business in New York nor holds a license to operate there. In New York, Lincoln Life and Annuity Company of New York in Syracuse, NY issues insurance products. Both are part of Lincoln Financial Group. Availability and/or features of products may differ by state. Certain limitations and exclusions apply. Lincoln Financial Group is the brand name for Lincoln National Corporation and its affiliates. Affiliates are independently responsible for their own fiscal and contractual duties.
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