![]() ![]() The definition of a spouse for supplemental life insurance usually includes anyone who is recognized by state law as your husband or wife. Some group plans allow you to buy life insurance for other adult dependents, but this is less common. For example, similar to health insurance, in many supplementary life insurance plans, children are only considered dependents until age 26. Most plans allow you to add dependent life insurance for your children and spouse, if they meet requirements. To be eligible for dependent coverage, the person must first qualify as a dependent, according to the definitions in your group life insurance plan. Who qualifies as a dependent for life insurance? However, this isn't common, so ask your employer whether your family would qualify. Some employers allow employees to continue a dependent life insurance policy past their date of retirement if they meet age or tenure requirements. For instance, the only option may be to convert to a permanent life insurance policy, such as whole or universal life insurance. Insurance company options and policy types will likely be limited. Your spouse would just convert the dependent policy to an individual life insurance policy. The option allows your spouse to keep life insurance coverage without proving insurability. You retire, quit or are terminated from your position Rates vary by the amount of coverage, as well as your spouse's age. ![]() Supplemental spouse life insurance tends to cost more, because adults are at higher risk of passing away. All children are usually covered for the same rate as it would cost to cover a single child: The dollar amount is determined only by the amount of coverage. But most plans don't allow you to specify coverage for a single child. You can buy dependent life insurance just for your spouse, just for your children or for all eligible dependents. That maximum coverage is often limited to between 50% and 100% of your own supplemental coverage. That means you can purchase either $2,000, $4,000, $6,000, $8,000 or $10,000 of coverage per child.Įvery plan specifies the maximum amount of coverage per eligible dependent.(The limits are usually higher for spouses than for children.) Your dependent coverage options may also be limited by the amount of group coverage you got for yourself. So, for instance, a plan might let you purchase up to $10,000 of dependent insurance per child, in increments of $2,000. ![]() Coverage options and cost of dependent life insuranceĭependent coverage is generally offered in increments of a dollar amount, such as $2,000 or $10,000. This usually just requires answering basic health and medical questions about your family on forms, so the company can evaluate their risk. 1.ĭepending on when you buy dependent coverage and the amount you want to purchase, you may have to provide evidence of insurability for your dependents. For instance, if you buy coverage for your spouse during open enrollment, the policy may not go into effect until Jan. Unlike an individual life insurance policy, dependent coverage may not begin immediately. Examples would include being hired or getting married. Similar to health insurance, group and dependent life insurance can only be purchased during open enrollment or after qualifying events.
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