If you are covered under the basic LIDI Plan, you may request additional life insurance coverage. This special opportunity enables you to replace basic Plan coverage that will decrease as you get older, or to increase your life insurance.
If you request additional coverage within 90 days of joining the Plan, you will not be subject to a review of health. If you do not request additional coverage within 90 days of joining the Plan, you must wait until the annual end-of-year open enrollment period to apply.
Benefit Coverage and CostThe minimum additional life insurance coverage you may request is $10,000. The maximum coverage is the lesser of three (3) times your annual salary basis, or $100,000, available in increments of $10,000. In determining the maximum, your basic life insurance coverage provided under this Plan is not counted. Click here for an application. Click here for plan information and premium rates.
If you are covered under the basic LIDI Plan, you may also request additional life insurance coverage for your spouse/partner and optional life insurance coverage for your dependent child(ren).
Eligibility
If you do not have a spouse/partner or dependent when you are first enrolled in the Plan, you must request life insurance coverage within 90 days of your marriage or within 90 days of the birth, adoption or legal placement of a child in your care. You may apply for coverage for your domestic partner without providing evidence of good health within 90 days of the six-month period following the commencement of your domestic partnership or civil union (whichever is the earliest).
Benefit Coverage and Cost
The spouse/domestic partner of an employee participating in the LIDI Plan is significantly to this coverage by purchasing either an additional $10,000 or $25,000 of coverage for your spouse/partner. Click here for an application. click here for premium rates.
An employee participating in the LIDI Plan may add dependent child(ren) coverage by purchasing $5,000 or $10,000 coverage for your dependent children. Click here for more information and premium rates. Click here for an application.
Discontinuation of Coverage After Employment Ends
Additional/optional life insurance coverage will end when you cease to be a member of the Plan, when premiums are no longer paid, or if the contract with MetLife is cancelled or this Plan is terminated. If your employment ends, you will no longer be eligible to continue this coverage through the Pension Boards. You, do however, have the option of converting it to an individual policy with MetLife.