LIFE INSURANCE
Versiti purchases and pays the premiums of Basic Life and Accidental Death & Dismemberment (AD&D) insurance to help protect your family in the event of your death.
Full time employees are automatically enrolled for coverage equal to two times (2x) your annual base salary. Benefit amounts are rounded to the next higher $1,000 if not already a multiple thereof.
Part time employees are automatically enrolled for coverage equal to two times (2x) your annual base salary to a maximum of $50,000. Benefits are rounded to the next higher $1,000 if not already a multiple thereof.
Reduction in Coverage Due to Age
Employees age 65 and above will see a reduced insurance coverage following the table below:
| Your Age | You and Your Spouse’s % Reduction |
| 65 | 35% |
| 70 | 50% |
| 75 | 65% |
The reduced amount of coverage will be rounded to the next higher multiple of $1,000, if not already a multiple of $1,000.
IMPUTED INCOME
The IRS requires employers to calculate as earnings or taxable income, the cost of life insurance premiums in excess of $50,000. This taxable income is disclosed in your payroll payments as “ Imputed Income”. The Imputed Income amount is calculated according to the federal tax guidelines and is automatically reflected in each paycheck and used to calculate Social Security and Medicare payments.
Veristi, Inc. Life & AD&D BHS (Part-Time Employees)
Versiti, Inc. Life & AD&D BHS (Full-Time Employees)
All full and part time employees may purchase additional life insurance for yourself, your spouse and/or your child(ren).
| Benefit Amount | Benefit Maximum | Guaranteed Issue | |
|---|---|---|---|
|
Employee |
$10,000 to $500,000 (in increments of $10,000) |
$500,000 (not to exceed 5x salary) |
$250,000 (not to exceed 3x salary) |
|
Spouse* |
$5,000 to $250,000 (in increments of $5,000) |
$250,000 (not to exceed 50% of employee amount) |
$50,000 |
|
Child* - birth to 6 months |
$1,000 |
$1,000 |
$1,000 |
|
Child* - 6 months to 26 years |
$10,000 |
$10,000 |
$10,000 |
|
*Note - Only available if you are enrolled in Employee Supplemental Life coverage* |
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New hires are eligible to elect coverage up to the Guaranteed Issue amount without “Evidence of Insurability” if elected during initial enrollment (within 31 days of becoming eligible).
Evidence of insurability is required in the following cases:
- If you are a new hire electing coverage greater than the Guaranteed Issue Amount
- If you are increasing Supplemental Life coverage
- If you’ve previously waived or been denied coverage and are now requesting any amount of coverage
Life Claims: 888-563-1124
