Group Life/AD&D
Basic Term Life Insurance:
Basic Term Life Insurance, which is paid for by Cobb EMC, provides you with a certain level of coverage for your loved ones in the event of your death. Your designated Beneficiary would receive this benefit which could be used for funeral and other expenses they may face.
Cobb EMC is pleased to provide Basic Life & AD&D Insurance to all full-time employees in the amount of 3 times your annual salary (not to exceed $500,000) at no cost to you.
Voluntary Life/AD&D
It’s not easy to think about how our loved ones will survive financially should we no longer be with them. Although Basic Life Insurance does provide them with some benefit in the event of our death, will that be enough? Unfortunately, when a primary wage earner passes away, 34% of households would have immediate trouble paying everyday living expenses; 29% could cover everyday living expenses for only several months; and only 36% could cover everyday living expenses well into the future. While there are many different ways to estimate how much money your dependents may need, we suggest a combined amount of term life insurance that is five to eight times your annual income as a good starting place. Again, this is an estimated amount of life insurance coverage you and your family could consider. A complete financial plan for your family should take into account your specific circumstances including your debt, other obligations, available resources and many other factors.
Employees may choose additional term life insurance in increments of $25,000 up to a total coverage amount of 5 x your annual salary (not to exceed $500,000). For increases and initial enrollments, above the Guarantee Issue amount, an Evidence of Insurability (EOI) form must be completed. The Guaranteed Issue Amount for initial enrollment is the lesser of 5 x your annual salary or $250,000.
Cobb EMC also provides coverage for your covered dependents in the amount of $2,500 for your spouse and $1,000 for each covered child. Employees may choose to buy-up and purchase additional term life insurance on their dependents by purchasing one of the following options:
Option 2: $5,000 spouse / $2,000 child
Option 3: $10,000 spouse / $5,000 child
It is very important that you select and update your beneficiary through the benefits portal at www.cobbemc.bswift.com.
Benefits Provided by Cigna:
- Basic Life Certificate Booklet – Class 2
- Basic Life Certificate Booklet – Class 3
- Basic Life Certificate Booklet – Class 4
- Basic Life Certificate Booklet – Class 5
- Basic Life Certificate Booklet – Class 6
- Basic Life Certificate Booklet – Class 7
- Voluntary Life Certificate Booklet
- Basic Accidental Death and Dismemberment Certificate Booklet
- Will Preparation and Estate Planning Services
- Identity Theft Protection Services
- Secure Travel Services
- Health Advocacy Services
- Evidence of Insurability Form
- Voluntary Life/AD&D Portability and Conversion Information