Full-time city employees have the option of enrolling in Whole Life Insurance, with Optional Riders, regardless of their retirement plan.
Under the Boston Mutual Whole Life Insurance benefit, full-time employees have the option to purchase the Employee Life Option Plus (ELOP) whole life insurance up to $150,000, based on age. Employees may also insure his or her legal spouse for up to$25,000, based on age. The legal spouse is not eligible for this option if the employee does not also elect coverage.
Employee Life Option Plus (ELOP) Whole Life Insurance offers:
· Guaranteed Issue (GI) for employees and legal spouse, and with no health or medical questions to enroll
· Guaranteed premiums, coverage and values
· Guaranteed Portability – coverage continues with retirement or separation of employment, with no increase in cost or reduction in coverage
· Cash accumulation at current interest rates
· Flexible protection – employees choose the amount of coverage and premium they need
Additional Rider Options
Payor Waiver of Premium-Pays premiums in event the payor becomes totally disabled prior to age 60·
Accidental Death Benefit (ADB)
Currently, employees may only enroll in voluntary whole life insurance during New Employee Orientation. When identified, voluntary whole life insurance may also be offered during the City’s annual benefits open enrollment period. During these re-enrollment periods, employees that initially enrolled for less than the Guaranteed Issue amount will be allowed to purchase an additional amount up to the Guaranteed Issue limit. (Evidence of Insurability (EOI) may be required).