Effective September 1, 2015 Dearborn National will be the provider of basic and voluntary life insurance benefits. All amounts of coverage and benefits will be automatically rolled over to the Dearborn National. Read on for important information concerning employees who are not actively at work on the effective date of the new policy.
The Enrollment and Change Form is to be used when an employee wishes to change a beneficiary, contingent beneficiary, or designated percentage of benefit. Employers should retain a copy in the employee’s personnel file as it will be required at time of claim.
EMPLOYEES: If you are not actively at work on September 1, 2015 your coverage will be continued for the amount of time it would have been with Lincoln Financial, for up to 12 months. If you do not return to work prior to the end of the 12 month period, Conversion is the only option to continue coverage. Portability and Waiver of Premium will NOT be available.
We recommend that any disabled employee or employee who is not actively at work on September 1, 2015 apply for Waiver of Premium with Lincoln. This will allow the employee to continue coverage for the duration of their disability without having to pay premium, as defined in your Lincoln policy.
A basic $10,000 life insurance policy is provided to members who participate in the Egyptian Trust health insurance program. Additional voluntary term life insurance coverage is available to district employees at very reasonable rates. Employees of participating districts may purchase up to $100,000 of additional term life insurance on a guaranteed issue basis (no medical underwriting) if purchased at the time the employee is first eligible to participate in the Egyptian Trust. Check with your local district representative to inquire about the supplemental/optional life insurance program.
The Evidence of Insurability (EOI) form is to be completed when an Employee or Spouse is enrolling for more than the guaranteed issue amount. Also, if the Employee or Spouse is enrolling in any amount after the 31 days from their date of hire, EOI is required. Guaranteed Issue amount is $100,000 for new Employees under age 60 when enrolling within 31 days of their date of hire. Guaranteed Issue amount for a Spouse is 50% of the Employee’s election up to $37,500 when enrolling within 31 days of the Employees date of hire. An “EOI Coverage Election Summary” must be sent in with the EOI Form. The summary will provide election amounts to Dearborn National.
The Portability Provision allows employees to keep their Life Insurance coverage when they leave your School District. This provision offers a rate that is closer to the current group rate than the Conversion Provision. The form is to be filled out by both the employer and employee (rates listed on page 2) and mailed in to Dearborn National (address listed on form) with the first modal premium. You must apply for the continuation within 31 days of the date of termination of coverage.
The Conversion Provision is available upon becoming ineligible for group insurance (e.g., terminating employment). Employees may convert their Group Life Insurance to an Individual Whole Life Insurance policy. The form is to be filled out by both the employer and employee (rates listed on page 2) and mailed in to Dearborn National (address listed on form) with the first modal premium.
When a loved one dies, families often face complex issues ranging from estate planning, legal questions, funeral planning, coping with grief and financial uncertainties. That’s why Dearborn National offers Beneficiary Resource Services, a program that combines family wellness and security at the most difficult of times. Services include grief and financial counseling, funeral planning, legal support, as well as online will preparation.
As a participating member in the Dearborn National Life Insurance program you are extended Travel Resource Services. This is a 24-hour emergency service that can help you access emergency assistance when you are traveling 100 or more miles away from home. Help is there when a crisis strikes. More than 850,000 multilingual service professionals stand ready to assist you in more than 200 countries and territories worldwide.