Benefits & Wellness
Voluntary Life
Voluntary Life Insurance allows you to buy additional life insurance above your Basic Life coverage, at a low group premium. With Voluntary Life Insurance, you can choose to increase your current life insurance benefit in increments of $10,000.
All benefits eligible employees will have the option to enroll into Voluntary Life coverage. Individuals eligible for Dependent Life Insurance are your legal Spouse or Unmarried Children, from live birth to the attainment of age 26. Stipulations for each Voluntary Life option are listed below.
Voluntary Employee Life
- Available for Full-Time Employees only.
- Can increase in increments of $10,000.
- Maximum coverage amount is $500,000.
- Maximum Guaranteed amount is $100,000.
- Is subject to Age Reduction Clause (explained below).
Voluntary Spouse Life
- Spouses will only qualify for coverage if the Employee is also enrolled in Voluntary Life coverage.
- Spouse can only be covered for up to 50% of the total Voluntary Employee amount.
- Can increase in increments of $5,000.
- Maximum coverage amount is $100,000.
- Maximum Guaranteed amount is $20,000.
- Is subject to Age Reduction Clause (explained below).
Voluntary Child Life
- Dependent children will only qualify for coverage if the Employee is also enrolled in Voluntary Life coverage.
- Coverage may not exceed 50% of Voluntary Employee Life coverage.
- Can increase in increments of $2,000.
- Dependent children are only eligible up to age 26.
- Maximum Guaranteed amount is $10,000 (per child).
If elected, this coverage would be in addition to the Basic Life coverage provided by the College. The employee would be responsible for 100% of the premium for Voluntary Life. The premium will vary depending on the amount of coverage elected.
Voluntary Life coverage is administered through Medical Mutual of Ohio (MMO) and is subject to an Age Reduction Clause. This means that when the covered individual reaches a set age, the amount of life coverage will reduce by a set percentage. For example: if you elect $40,00 in Voluntary Employee Life Coverage the reduction will be as follows:
- At age 65, the original $40,000 amount is reduced by 35% to become $26,000.
- At age 70, the original $40,000 amount is reduced by 50% to become $20,000.
Evidence of Insurability Requirements
The Evidence of Insurability (EOI) Form is a statement of medical history and related information used by MedMutual Life to determine whether an applicant is eligible for the requested coverage. Employee's may make the enrollment election during their initial eligibility period (first 30 days of active full-time employment) without needing the EOI form.
If the EOI form is required for the requested enrollment or change, the coverage will become effective on the date MedMutual Life determines that the evidence is satisfactory and provides written notice of approval to the employee. In the case of Open Enrollment, the approved EOI amount will be effective on the first day of the benefit period (July 1st).
If any benefits eligible employee wishes to do one of the following, the EOI form is required:
- Add Voluntary Employee Life Coverage outside of initial eligibility period.
- Increase Voluntary Employee Life Coverage outside of initial eligibility period.
- Add Voluntary Spouse or Voluntary Child Life Coverage outside of initial eligibility period.
- Increase Voluntary Spouse or Voluntary Child Life Coverage outside of initial eligibility period.
- Increase or add Voluntary Employee, Voluntary Spouse, or Voluntary Child coverage over the guaranteed amount.
Employees will need to complete section 3 located on pages 1-3 of the form. Once completed, return the form to the HR Department. HR will complete the Employer portion (section 1) and send to MML for processing. Notification of approval or denial of the EOI Request will be provided by MML directly to the Employee.
