Sun Life Voluntary Life and Accidental Death & Dismemberment
Peace of mind for you and for those who depend on you.
Pacific recognizes the importance of life insurance for employees at all ages and stages in life. Pacific provides Basic Life and Accidental Death & Dismemberment (AD&D) coverage for all benefit eligible employees. They also provide an opportunity for you to purchase additional Voluntary Term Life and AD&D insurance for you and your family.
Employee Basic Life and AD&D Coverage
This coverage is equal to 1 times annual base salary up to $1,000,000 in group term life and AD&D for all benefit eligible full-time and part-time employees which is paid for by Pacific.
Choose the Right Level of Protection
Because your lifestyle is unique, your life insurance needs are as well. Pacific provides an opportunity to purchase additional life insurance for you and your family. The amount of coverage you need is a personal decision. It depends on many factors such as your age, whether or not you have dependents, your other financial resources, and your debts.
Employee Voluntary Term Life and AD&D
This coverage is available for up to 5 times base salary not to exceed the maximum coverage amount of$1,000,000 (basic and voluntary life combined.) Any voluntary coverage you elect is paid by you with after tax contributions. You may also elect Spouse/Domestic Partner or Child(ren) Voluntary Term Life and AD&D Insurance for your dependents, which pays benefits to you in case of their death or accidental injury. You pay the full cost of coverage with after-tax contributions.
- Spouse/Domestic Partner Voluntary Term Life and AD&D
This coverage is available in increments of $10,000, up to a maximum coverage amount of $50,000.* - Child(ren) Voluntary Term Life and AD&D
This coverage is available for $5,000,$10,000 or $20,000 per child.* The premium is the same regardless of the number of eligible children covered.
*The Spouse and/or Child coverage may not be more than 50% of the employee's combined Basic and Voluntary Term Life benefit.
Other Things to Know:
- To choose or update a beneficiary for your Basic or Voluntary Term Life coverage, use the Universal Beneficiary Form. Note: You will automatically be the beneficiary for your dependents Voluntary Term Life insurance.
- Employee and Spouse Employed by Pacific: If you and your spouse are both employed by Pacific, you may cover yourself under Employee Voluntary Life and AD&D or your spouse may cover you under Spouse Life and AD&D, however employees may not be covered as both an employee and a spouse.
- Evidence of insurability is required before Voluntary Life and AD&D coverage is approved if:
- You are newly eligible, enrolling for the first time, and selecting an amount greater than the guarantee** issue; or
- You are currently enrolled and elect to increase your coverage as a result of a Qualifying Life Event.
- **Guarantee Issue: Employee - 1 times base salary, Spouse - $20,000 and Child(ren) - $20,000.
- To complete your Evidence of Insurability (EOI) please go to www.mysunlifebenefits.com and click on Apply for Evidence of Insurability online under My Life Insurance benefits. You will need to enter the Group Policy Number (215064) and your social security number and check the appropriate boxes for those you will be completing an EOI for(spouse/domestic partner). Enter all of the required information and submit for review to Sun Life.
- Qualifying Life Event: You can only increase or decrease your current level of Voluntary Life and AD&D coverage's as a result of a
Qualifying Life Event. However, you can cancel your Voluntary Life and AD&D midyear. (Note: Increase sin coverage will require approval of proof of good health).
To make changes to your benefits coverage, download the benefits enrollment and change form.
Voluntary Term Life and AD&D Rates
COST PER PAY PERIOD FOR $1,000 OF VOLUNTARY TERM LIFE AND AD&D INSURANCE
| AGE | Employee & Spouse | AGE | Employee & Spouse | |
| Under age 30 | $ .035 | 55-59 | $ .225 | |
| 30-34 | $ .038 | 60-64 | $ .285 | |
| 35-39 | $ .048 | 65-69 | $ .510 | |
| 40-44 | $ .060 | 70-74 | $ .885 | |
| 45-49 | $ .085 | 75-79 | $ 1.040 | |
| 50-54 | $ .125 |
Example:
If a 33-year employee selected Voluntary Life & AD&D coverage of 1 times annual salary which equaled $50,000, his/her cost per pay period would be $1.90.
.038 (the cost per pay period for one unit of $1,000 coverage) x 50 = $1.90
If the 33-year old employee selected Voluntary Life & AD&D coverage for a 33-year old spouse in the amount of $20,000, his/her cost per pay period would be $0.76.
.038 (the cost per pay period for two units of $1,000 coverage) x 20 = $0.76
Voluntary Term Life and AD&D Insurance for Dependent Children
| Average Amount | $5,000 | $10,000 | $20,000 |
| Cost per Pay Period | $ 0.22 | $ 0.44 | $ 0.88 |
Reduction in Basic and Voluntary Term Life and AD&D Volumes
Upon an enrolled individual's attainment in age as listed below, their current coverage will be reduced as follows:
Ages 70-74: 35%
Ages 75 and older: 50%
Conversion and Portability
All Basic and Voluntary Life coverages, for yourself and your dependents, may be available to be continued under the portability provision of our Plan or may be converted to a private individual policy under certain circumstances. Refer to the Certificate of Coverage.
Imputed Income
The IRS allows employees to receive employer-paid life insurance up to $50,000 tax-free. If your Basic Life Insurance amount is greater than $50,000, IRS regulations require a tax on "imputed income" for the premium cost of the coverage amount above $50,000. You are only taxed on the cost of the portion of insurance coverage over $50,000. Imputed income is usually a relatively small amount.