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Effective January 1, 2012, the Basic Group Term Life coverage previously included with the cost of the WELS VEBA Group Health Care Plan will be discontinued and replaced with enhanced Voluntary Life insurance benefits.
During the November, 2011 election period, WELS VEBA will hold a one-time open enrollment for all eligible workers to elect Voluntary Life insurance without providing evidence of insurability. Coverage elected will be effective January 1, 2012.
The guaranteed issue amounts available during this open enrollment are as follows:
- $100,000 per worker
- $25,000 per spouse (under age 60) / $10,000 per spouse (ages 60-69)
- $5,000 per dependent child
Coverage amounts elected in excess of the above amounts will require evidence of insurability and approval by Sun Life underwriting before becoming effective.
2012 premium rates for Voluntary Life insurance have decreased from previous years. Click this link to find 2012 premium rates for each age range and available coverage amount.
Note: The maximum coverage amount has been increased to $250,000 per worker and $125,000 per spouse. Coverage amounts available in 2012 are listed below.
Employee Coverage
Eligible workers may request coverage in any of the following amounts:
- $10,000
- $25,000
- $50,000
- $75,000
- $100,000
- $150,000
- $200,000
- $250,000
Note that coverage amounts are reduced upon the worker's attainment of age 70.
Spouse Coverage
The spouse of an eligible worker may request a coverage amount that is up to one-half of the amount of the worker's coverage. The available options are:
- $5,000
- $12,500
- $25,000
- $37,500
- $50,000
- $75,000
- $100,000
- $125,000
Note that coverage amounts are reduced upon the spouse's attainment of age 70.
Dependent Coverage
The applicant may request dependent coverage for all children that meet the dependent eligibility rules listed on the Eligibility/Enrollment Page. The coverage amount for each eligible dependent equals $5,000.
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