How to Create a Voluntary Life Plan
How to Create a Voluntary Life Plan:
- Navigate to the "Premiums" tab of the plan.
- Purchase Dependency Settings
- Determine if employee can purchase coverage for spouse and children without buying it themselves.
- Employee Premiums:
- Purchase Increment – the incremental amount in which employees can elect coverage.
- Premiums – premiums should be entered per the purchase increment.
- For example, if the purchase increment is $10,000 and rates are provided by the carrier per $1,000, and the rate is $0.09, the premium entered should be $0.90 (Rate per $1,000 * Purchase increment (10))
- Spouse Premiums:
- Purchase Increment – the incremental amount in which spouses can elect coverage.
- Premiums – premiums should be entered per the purchase increment.
- For example, if the purchase increment is $10,000 and rates are provided by the carrier per $1,000, and the rate is $0.09, the premium entered should be $0.90 (Rate per $1,000 * Purchase increment (10))
- Child Premiums:
- Purchase Increment – the incremental amount in which dependents can elect coverage.
- Premiums – premiums should be entered per the purchase increment.
- For example, if the purchase increment is $10,000 and rates are provided by the carrier per $1,000, and the rate is $0.09, the premium entered should be $0.90 (Rate per $1,000 * Purchase increment (10))
- Enter Employee and Spouse Reduction Levels:
- Determine if spouse reduction rates are based on the employee’s age, or the spouse’s age.
- Enter Age Calculation Settings:
- Enter Purchase Maximums for Employee, Spouse, and Children. This is the maximum amount electable per the policy.
- Determine employee salary limitations (2 times salary should be entered as 200%).
- Determine spouse and child limitations based on employee election.
- Enter Purchase Minimums. This is the minimum amount electable per the policy.
- Enter Guaranteed Issue Amounts and Settings. Guaranteed Issue amount is the allowed benefit level before the employee/spouse will need to complete an EOI per the policy.
- Amount – enter specific Guaranteed Issue amount.
- Allow Additional Coverage after Year 1 without EOI – determines if employee/spouse should be able to increase their coverage at their second enrollment period with/without EOI.
- If yes is selected, select the determination for purchasing additional coverage (specific additional amount or up to original Guaranteed Issue amount)
- Don’t forget to add the plan’s EOI document.
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