2013 Special Life Insurance Open Enrollment
Lower Rates, One Insurance Carrier!
Effective January 1, 2013, the County of Riverside consolidated basic life insurance and supplemental life insurance for all employees with The Standard Insurance Company (“Standard”) and negotiated reduced rates.
With this change, the County is offering a special enrollment opportunity for supplemental life insurance from March 11 through March 28, 2013.
What’s Changing?
• Lincoln Financial Group will no longer provide life insurance coverage for any County employees.
• By consolidating all of our coverage under one insurer, employees and the County will save an average of 30% on premiums.
• If you, or your eligible dependent(s) had life insurance with Lincoln Financial Group, the current coverage was transferred to Standard effective January 1, 2013.
• If you or your eligible dependent(s) currently has life insurance with Standard, there is no change to the coverage.
• The maximum supplemental life insurance coverage level for employees will increase to $600,000.
• If you or your eligible dependent were enrolled in supplemental life insurance with both Standard and Lincoln Financial Group, your combined coverage amount was consolidated with Standard and you can keep that coverage level, even if it exceeds the new maximum coverage levels.
What Do I Need to Do?
• If you’re satisfied with your current coverage, you are not required to do anything. However, we suggest you review your records to ensure they reflect your current beneficiary designations and that you are not covering ineligible dependents. This is also a perfect time to review your current coverage to make sure you have the right amount for your personal situation.
When Will My Coverage Become Effective?
• Coverage you elect during this Special Enrollment period, which does not require Evidence of Insurability (EOI) will become effective on June 1, 2013. Coverage that requires Evidence of Insurability will become effective the first of the month following approval by Standard.
What are my Election Options?
Below are your life insurance choices during the Special Enrollment from March 11 through March 28, 2013.
How Much Can I Elect Without Evidence of Insurability (EOI)?
During this Special Enrollment, you may elect certain amounts of coverage without providing evidence of good health (Evidence of Insurability or EOI).
