26 If you need more than basic coverage, you may purchase supplemental life insurance coverage through Unum for yourself and for your eligible dependents. You pay the full cost of supplemental coverage through after-tax payroll deductions. For more information, go to www.ensignbenefits.com/financial-protection/life-and-add-insurance. Coverage options are shown below. If the amount of the supplemental life insurance you apply for exceeds the Guaranteed Issue amount or if you decline coverage during your initial eligibility period and want to elect coverage or increase coverage at a later date, you are required to complete the Evidence of Insurability process in Workday and must be approved by Unum prior to coverage taking effect. Supplemental Life Insurance Coverage For Coverage Amount Maximum Guaranteed Issue Employee $10,000 to $500,000 in $10,000 increments Lesser of $500,000 or 5X annual earnings $200,000 if enrolling when first eligible. If you purchase a minimum of $10,000 when first eligible, you can increase coverage in $10,000 increments up to $200,000 during a future Open Enrollment without Evidence of Insurability (EOI). Any elections greater than $200,000 are subject to EOI. Spouse $5,000 to $250,000 in $5,000 increments Lesser of $250,000 or 100% of your combined Basic and Supplemental coverage $25,000 if enrolling when first eligible. Any new elections or elections greater than $25,000 are subject to Evidence of Insurability (EOI). Child(ren) $2,000 to $10,000 in $2,000 increments $10,000 $10,000 The Right Amount of Life Insurance In deciding how much life insurance you need, consider your personal situation, age and whether or not you support a family. If you have limited financial obligations, you may need less life insurance compared to someone who has a mortgage to pay or children to put through college. Let Alex help you decide how much life insurance you need. Go to https://start.myalex.com/ensign.
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