Life insurance is one way of providing protection for your family in the event of your death. You have the opportunity to purchase Hartford Life Insurance to cover yourself, your legal spouse, and your child up to the month the child turns 26 years old. You must elect coverage for yourself before you can elect coverage on a spouse or child.
During Open Enrollment, you may increase by $10,000 without Evidence of Insurability, not to exceed the guaranteed issue or plan maximum.
Employee Life Insurance
Guaranteed Issue: the lesser of 7 times your annual salary or $300,000.
Maximum: the lesser of 7 times your annual salary or $1,000,000.
Spouse Life Insurance
Guaranteed Issue: the lesser of 100% of the employee's election or $50,000
Maximum: the lesser of 100% of the employee's coverage election or $250,000
Child Life Insurance
Flat Coverage Amount - $10,000 (covers all children)
During open enrollment, children can be enrolled in the plan without Evidence of Insurability. Their coverage stops at the end of the month they turn 26 years old.
If both parents work in the district, only one parent can elect coverage on the same child.
Evidence of Insurability
An Evidence of Insurability (EOI) is an application process through which you provide information on the condition of your health or your dependent's health in order to be considered for insurance coverage over the guaranteed issue. If you elect a life insurance amount over the guaranteed issue amount, you will need to complete an EOI within 60 calendar days from the date The Hartford emails you with the EOI link.
Until your EOI has been approved, you will be enrolled and charged a premium for coverage up to the guaranteed issue amount. Your coverage and premium will increase to the amounts you elected during open enrollment on the first of the next month after EOI approval.
Your voluntary life insurance benefit is designed to protect your family from financial and emotional stress in the event of your unforeseen death. As you reach different age ranges, the total life insurance benefit you originally purchased is reduced by varying percentage amounts. The life insurance benefit will decrease on January 1 when an age reduction level has been reached.
- Age 65 — 65% payable
- Age 70 — 40% payable
- Age 75 — 25% payable
- Age 80 — Coverage terminates
For example, if you are 65 and elected $100,000 of coverage, your benefit payable would be $65,000 (calculated as $100,000 x 65% = $65,000).
KPERS Life Insurance
KPERS provides all current eligible employees a basic group life insurance policy valued at 150% of their current salary. Olathe Public Schools pays for your KPERS life insurance policy. You can change your beneficiaries at any time. The policy does end when you retire or separate from the district. You can port this policy if you desire to continue the coverage on your own.
For more information regarding this life insurance policy, contact KPERS at 1-888-275-5737 or go to www.KPERS.org.