Life Insurance Certifications For Amounts Over $300,000 When Options Are Multiples Of Salary
(Doc ID 2452274.1)
Last updated on JANUARY 15, 2020
Applies to:Oracle Fusion Benefits Cloud Service - Version 11.13.18.02.0 and later
Information in this document applies to any platform.
Oracle Fusion Benefits Cloud Service
Life Insurance certifications for amounts over $300,000 when options are multiples of salary
Does functionality exist that will allow for an employee to be enrolled in supplemental life insurance at the guaranteed limit (of $300,000) and then suspend the request for coverage for the remaining balance over $300,000 until the EOI is satisfied?
For supplemental life insurance, client allows employee to purchase life insurance in the amount of one to five times annual base pay (does not include bonus, commission or overtime pay) up to $500,000.
- The guaranteed issue amount is $300,000 when first eligible (upon hire).
- Any amounts over $300,000 or elections after initial eligibility will need an evidence of insurability (EOI) form completed.
Client configured the supplemental life insurance options at 1x – 5x the employee’s salary and the set the max on the plan config on the certification train stop under benefit restrictions.
If the employee elects an amount over 300,000 the configuration suspends the coverage until the EOI is met, but the client wants the employee to be insured up to the $300,000 guaranteed issue while the EOI is in process.
For example, an employee’s annual salary is $110,000 and elects 3x base salary the coverage amount requested is $330,000. The client wants the employee to be insured for the $300,000 which meets the guaranteed issue amount and then have the employee complete the evidence of insurability for the remaining $30,000. Once approved the employee will be insured for the full amount of $330,000 or 3x annual salary.
Does functionality exist that will allow for the employee to be enrolled in supplemental life insurance at the guaranteed limit (of $300,000) and then suspend the request for coverage at the $330,000 amount until the EOI is satisfied?
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