You automatically receive Basic Life coverage. You do not have to enroll, and you do not pay for this coverage. You will need to designate a beneficiary to receive the Life Insurance benefits.
Basic Life Insurance
Basic Life Insurance is equal to two times your annual base salary (rounded up to the nearest $1,000), up to the maximum coverage of $1.5 million
WHAT IS ANNUAL BASE PAY?
The definition of annual base pay depends on whether you are salaried or hourly, and does not include bonus or overtime pay. If you are a salaried employee, annual base pay is your annual salary. If you are an hourly employee, annual base pay is your hourly rate times 2,080 (52 weeks x 40 hours/week).
WHAT IS EVIDENCE OF INSURABILITY?
Evidence of insurability (EOI), also known as proof of good health, is an insurance term that means you must confirm your or your dependent’s physical well-being in writing through a questionnaire or medical examination. Your insurance will not be effective until the insurance company approves your EOI.