Basic Life and AD&D Insurance
Associates are provided a company-paid group life and accidental death and dismemberment (AD&D) insurance . The benefit coverage is equal to $100,000. Additionally, life insurance is paid and provided for spouses at $10,000 and child(ren) at $5,000 each. Children must be 6 months old to receive the full benefit.
Voluntary Life and AD&D Insurance
Associates who want to supplement their group life insurance benefits may purchase additional coverage for themselves, a spouse and covered dependents. All enrollments by current associates who do not elect during their initial New Hire enrollment would be required to complete an Evidence Of Insurability (EOI) . Likewise, any amount elected over the Guarantee Issue amount is subject to the EOI. The EOI can be accessed electronically here. Please note, our Employer Group number is 00041684.
Who is Eligible and When
Active associates working a minimum of 30 hours per week are eligible for both Basic and Voluntary Life coverage. Voluntary Life coverage can also be elected for spouse and dependent children. The coverage is effective the first of the month following date of hire. Benefit coverage amounts reduce at the beginning of the policy year following age attainment. Associate coverage reduces to 65% at age 70, 55% at age 75 and 30% at age 80. Associate coverage terminates at retirement. Spouse coverage terminates when the Associate turns age 70.
Maximum Benefit | Increments | Guaranteed Issue Amount | |
---|---|---|---|
Associate | 5x salary up to a maximum of $500,000 | $10,000 | $200,000 |
Spouse | Up to 100% of associate coverage amount not to exceed $500,000 | $5,000 | $50,000 |
Dependent Children up to age 26 | Up to 100% of associate coverage amount not to exceed $10,000 per child | $2,000 | N/A |
Complete information on life and AD&D benefits can be found in the Mariner Wealth Advisors, LLC Health Care Plan Summary Plan Description and SPD Supplement on the Annual Notices Page.
Frequently Asked Questions
I am getting married, can I add Life coverage for my new spouse?
Getting married is considered a Qualifying Life Event (QLE). You have up to 30 days after the Qualifying Life Event to make changes to your benefit elections, including canceling your coverage, or adding Life Insurance coverage for your new spouse. If you want to make any additional changes, you can do so directly through Oracle. Coverage for your spouse will begin on the first of the month coinciding with or following your marriage effective date. Coverage is only available for your spouse if coverage is approved for you. In order to activate the work event in Oracle, we require a signed marriage license. More information can be found in the following Training Material: Job Aid: Triggering a Life Event
Do I need to designate a beneficiary?
A beneficiary should be designated from the enrollment screen in Oracle. A beneficiary can be an individual or an organization (such as a Trust). More information can be found in the following Training Material: Job Aid: Enter or Modify a Contact & Beneficiary
Is my Domestic Partner Eligible for Life Insurance Coverage?
Our Life Insurance plan does not allow enrollment for girlfriends, boyfriends, siblings, domestic partners or grandchildren (unless adopted by you).
I am leaving the plan, when does my coverage end?
Coverage will end the last day you are an active participant on our plan.
When is my child no longer eligible for Life coverage with Mariner?
Dependents are eligible to maintain coverage on our life plan until the end of the month in which they turn 26. This includes children who are married or have employment elsewhere. Continuation of coverage under the Mariner plan can be ported to a direct bill or converted to a whole life plan.