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How do I fill this out?

To complete this document, you'll need to gather your personal and employment information. Ensure you understand the available coverage options and their costs. Follow the step-by-step instructions provided below.

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How to fill out the Group Term Life Insurance Benefits & Costs?

  1. 1

    Review the basic coverage provided by your employer.

  2. 2

    Decide if you want to add supplemental coverage.

  3. 3

    Use the provided rates to calculate the cost of additional coverage.

  4. 4

    Complete the Evidence of Insurability form if required.

  5. 5

    Submit the completed form to your employer or insurance representative.

Who needs the Group Term Life Insurance Benefits & Costs?

  1. 1

    Employees of Marksman Security Corporation who want to protect their loved ones.

  2. 2

    Spouses of employees looking to add additional life insurance coverage.

  3. 3

    Parents wanting to secure insurance for their child(ren) up to age 26.

  4. 4

    Employees planning for future educational expenses for their beneficiaries.

  5. 5

    Employees with co-signed loan debt who need life insurance coverage.

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What are the instructions for submitting this form?

To submit this form, complete all required fields and provide any necessary supporting documents. Submit the form as directed in the document instructions, which may include emailing it to your employer's HR department, faxing it to the insurance company, or using an online submission portal. Ensure you retain a copy for your records and follow up if you do not receive confirmation of receipt within a reasonable timeframe.

What are the important dates for this form in 2024 and 2025?

Important dates for this form include the enrollment period typically at the start of the employer's benefit year and deadlines for Evidence of Insurability submission if applicable.

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What is the purpose of this form?

The purpose of this form is to provide detailed information about Group Term Life Insurance available to Marksman Security Corporation employees. It outlines the basic and supplemental coverage options, costs, and benefits, helping employees make informed decisions about their insurance needs. Group Term Life Insurance provides financial protection for employees' beneficiaries in the event of the employee's death. This benefit can be used for various expenses such as funeral costs, co-signed loan debt, future education and more. Understanding the scope of your coverage is crucial in planning for unexpected events. By completing this form, employees can secure the necessary life insurance coverage to ensure their loved ones are financially protected. From basic coverage provided by the employer to additional options that an employee can elect, this document guides the user through the process of selecting the right coverage based on their personal and financial situation.

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Tell me about this form and its components and fields line-by-line.

This form includes several components that capture important information about the employee and their coverage choices. Each field must be completed accurately to ensure proper processing.
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  • 1. Employee Information: Contains details about the employee, such as name, address, and employment information.
  • 2. Basic Coverage: Outlines the basic coverage amount provided by the employer at no cost to the employee.
  • 3. Supplemental Coverage Options: Allows the employee to select additional coverage amounts for themselves, their spouse, and child(ren).
  • 4. Rate Table: Shows the cost of supplemental coverage based on the employee's age and selected coverage amount.
  • 5. Evidence of Insurability: A form that must be completed if an employee seeks coverage beyond the guaranteed-issue limit.
  • 6. Beneficiary Information: Includes fields for designating beneficiaries who will receive the benefits in the event of the employee's death.

What happens if I fail to submit this form?

Failing to submit this form may result in a lack of coverage for the employee. It can also delay the processing of applications for additional coverage.

  • Loss of Coverage: Without submission, the employee may not have any life insurance coverage through their employer.
  • Delayed Processing: Incomplete forms can delay the approval of additional coverage, impacting the employee's ability to secure necessary protection.
  • Missed Benefits: Failing to complete the form accurately may result in missing out on important benefits and coverage options.

How do I know when to use this form?

Use this form when enrolling in or modifying Group Term Life Insurance coverage offered by your employer. It is essential for choosing appropriate coverage options and documenting beneficiary information.
fields
  • 1. Initial Enrollment: Complete this form during your initial enrollment period to secure basic and supplemental coverage.
  • 2. Coverage Modification: Use this form to make changes to your existing coverage amounts or add beneficiaries.
  • 3. Evidence of Insurability Submission: Submit this form to provide required health information for coverage beyond the guaranteed-issue limit.
  • 4. Annual Enrollment Period: Fill out the form during your employer's annual enrollment period to review and adjust your coverage options.
  • 5. Life Event Changes: Complete the form if you experience a qualifying life event such as marriage or the birth of a child, which may impact your coverage needs.

Frequently Asked Question

What is Group Term Life Insurance?

Group Term Life Insurance provides death benefit coverage to employees during their employment term.

Is medical evidence required for coverage?

No, medical questions or tests are required for basic coverage.

Can I keep my coverage if I leave my employer?

Yes, you can keep your coverage even if you leave your employer.

What happens if I pass away during the coverage term?

Your beneficiaries will receive a benefit payment if you pass away during the coverage term.

Can I add supplemental coverage?

Yes, you have the opportunity to elect additional coverage when you enroll.

What is the guaranteed-issue limit?

The guaranteed-issue limit is the amount available without providing evidence of insurability during the enrollment period.

Are there age reductions for coverage?

Yes, benefit amounts reduce based on age milestones as detailed in the document.

How do I calculate the cost of supplemental coverage?

Use the provided rate table to calculate payroll deduction amounts based on coverage selection.

Can my spouse and child(ren) get coverage?

Yes, supplemental coverage options are available for your spouse and child(ren) up to age 26.

Where can I find the Evidence of Insurability form?

The form is included in the document and must be completed for coverage beyond the guaranteed-issue limit.

Group Term Life Insurance Benefits & Costs

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