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Protecting our loved ones if something happens to us is one of the most important things we can do. Life insurance provides a financial cushion to help your family manage expenses during a difficult time.
Alera Group automatically provides Basic Life Insurance at no cost. You can purchase additional Voluntary Life Insurance for yourself, your spouse/domestic partner, and your children as a new hire, during Open Enrollment, and within 30 days after a qualified life event.
Basic Life Insurance covers one times your annual earnings. For Voluntary Life Insurance, the amount you, your spouse/domestic partner, and children can elect varies. See below for details.
Benefits are paid to your beneficiary. You must choose a beneficiary through the Alera Group Benefits Center.
Your benefit is equal to one times your annual earnings, with a $50,000 minimum and $200,000 maximum benefit. This benefit is taxable per IRS requirements. See the Basic Life Insurance Summary for details.
You can purchase up to $1,000,000 of Voluntary Life Insurance for yourself. If you elect more than $350,000, or if you enroll after your initial eligibility, you’ll need to provide Evidence of Insurability (EOI).
You can purchase up to $500,000 for your spouse/domestic partner, but the amount you purchase can’t exceed 50% of your coverage amount. Amounts over $50,000, or enrolling after their initial eligibility, will require EOI.
You can purchase coverage in the following amounts:
You can take your life insurance with you if you retire or leave Alera Group by completing the conversion election form or portability election form. See the Voluntary Life Insurance Summary for more details.
Premiums for coverage depend on the benefit amount you select and are deducted from your paycheck after taxes. You will see the amounts when you enroll through the Alera Group Benefits Center.
If you prefer, Alera Group offers a LifeTime Term Benefit, which combines life insurance and long-term care insurance in one policy.
