Life and AD&D Benefits
Life and AD&D Benefits
COMPANY PAID
Wesley Woods provides a Life and AD&D benefit administered by Mutual of Omaha, at no cost to you. The Life insurance benefit will be paid to your designated beneficiary in the event of death while covered under the plan. The AD&D benefit will be paid in the event of a loss of life or limb by accident while covered under the plan.
The above benefits will begin to decrease at age 65 to 65%; 50% at age 70 The Benefit amount for the Basic Life policy is 1x Annual Earnings to a Benefit Maximum of $50,000
IMPORTANT REMINDER!
BE SURE TO ASSIGN A BENEFICIARY OR LIVING TRUST TO ENSURE YOUR ASSETS ARE DISTRIBUTED ACCORDING TO YOUR WISHES.
VOLUNTARY
Wesley Woods offers voluntary life and AD&D through Mutual of Omaha for you, your spouse and your eligible children. Electing to purchase this additional coverage allows you to do more to protect your loved ones financially in the event of your death. Benefits will begin to decrease at age 65 to 65%; 50% at age 70. The rates for the voluntary life and AD&D are reflected as you complete the enrollment process.
IMPORTANT THINGS TO CONSIDER
- You must elect coverage for yourself in order to enroll your spouse and/or your eligible child(ren)
- The rate for your spouse is based on your age
- You will be required to submit Evidence of Insurability, if:
- Your election exceeds the Guaranteed issue amount
- You declined coverage during your initial eligibility period
- You elect to increase your current election in excess of the Guarantee Issue amount
- Remember to update your beneficiary