If your municipality is already in VLCT's life insurance program — offered in partnership with Hickock & Boardman HR Intelligence, National Insurance Services, and Madison National Life Insurance Company, Inc. — the one-time open enrollment period for employees to buy Supplemental Life Insurance will close on Friday, June 10. This benefit will not be offered throughout the year.
Supplemental life insurance allows employees to obtain additional life insurance coverage at affordable group rates and pay their premiums through payroll deductions. Employees can choose to increase their own coverage beyond what you provide or to add coverage for their dependent(s). If something unexpected happens, this plan can help cover funeral or end of life expenses, which are the last thing a person wants to worry about during a difficult time.
- Open enrollment is May 5 to June 10 for an effective date of July 1, 2022.
- Up to $100,000 of coverage is available for the employee on a guaranteed-issue (GI) basis – no health questionnaire is required.
- $30,000 of GI coverage will be available for spouses under the age of 60.
- $10,000 of GI coverage per child (six months to age 19, or age 25 if a full-time student).
- Minimum purchase amount is $10,000 for employee or $5,000 for spouse.
- This is a one-time offering effective July 1, 2022. You will not be eligible to enroll at a later date.