Provided through Unum
If you have a spouse/domestic partner and/or children, they may rely on you to help keep the household running. Life insurance provides financial security and peace of mind for loved ones who rely on your income. It ensures that they are protected from the burden of financial obligations such as mortgage payments, education expenses, and daily living costs.
Alera Group provides Basic Life Insurance to all benefit-eligible colleagues at no cost to you. If you want additional coverage, you can choose to purchase Voluntary Life Insurance
Basic Life Insurance
The basic coverage provides a benefit equal to one times your annual earnings, with a minimum benefit of $50,000 and a maximum benefit of $200,000.
You are automatically enrolled in this coverage, but you must designate your beneficiary through the Alera Group Benefits Center.
Under IRS requirements, employer-paid life insurance amounts over $50,000 are taxable to you (referred to as imputed income). Alera Group calculates the taxable premium and includes it on your year-end W-2 statement.
Voluntary Life Insurance
You can purchase Voluntary Life Insurance for you, your spouse/domestic partner and your dependent children as a new hire and during Open Enrollment. You pay for this coverage through after-tax payroll deductions. You can find your costs when you enroll through the Alera Group Benefits Center.
| Coverage Amount Options | Guaranteed Issue Amount* | |
|---|---|---|
| For colleagues | $10,000 increments up to $1,000,000 | Up to $350,000 |
| For spouses/domestic partners | $10,000 increments up to $500,000 (cannot exceed 50% of the colleagues coverage amount) | Up to $50,000 |
| For children | 6 months to age 26: $10,000 or $20,000 14 days to 6 months $1,000 | Not applicable/no EOI required |
*If you or your spouse/domestic partner choose a coverage amount that exceeds the “guaranteed issue” amount, or you decline coverage as a new hire or when you or your dependent first becomes eligible, you must provide Evidence of Insurability (EOI) to prove that you are in good health. Your coverage will not be effective until Unum approves your EOI (and coverage can be denied).
Additional Details
- When you reach age 70, the basic and voluntary benefit amounts reduce by 50%.
- When you leave Alera Group, you’ll receive information from Unum about continuing your coverage through portability options.
- You also have the option to purchase the LifeTime Term Benefit through Chubb, a separate benefit which combines life insurance and long-term care insurance into one policy.
