Life insurance offered under the Benefits plan is “term” life insurance and the rates increase based on your age. The life insurance plans available to you through The Standard are:
Basic Life Insurance, Group Policy #649404: employer-paid, provided for the employee, spouse, and children.
- Employee coverage is 1.5 X salary, up to a max of $200,000
- Spouse coverage is 50% of the Employee coverage, up to a max of $50,000
- Dependent coverage is $10,000 per child
- Group Basic Life Insurance – The Standard
- Group Life Insurance Certificate of Coverage
Supplemental Life Insurance, Group Policy #649404: buy-up options for employee or spouse.
- Limited to 5 X salary or $250,000, whichever is less
- Spouse amount is limited to Employee amount
- Rates are adjusted at Age 65 and again at Age 70, as described below
- Supplemental Life and AD&D Insurance – The Standard
- Supplemental Rates:
What if I want additional coverage?
If you elect supplemental coverage within 31 days of becoming eligible, you can elect coverage up to the Guaranteed Issue (GI) amount of $150,000 ($50,000 for spouse) without medical underwriting approval. After the initial eligibility period, all supplemental life amounts will be subject to medical underwriting.
GI is also referred to as Evidence of Insurability (EOI). You can complete EOI to increase your supplemental insurance at any time online at: www.standard.com/mhs. Enter 649404 for the policy number.
For more information on EOI, see The Standard’s FAQ.
Turning 65 or 70 soon? Here’s what happens to your life insurance:
The Basic and Supplemental Life Insurance coverage through The Standard for both the employee and the spouse is reduced by 35% when an employee turns Age 65 and by 50% at Age 70. This change occurs automatically and your premiums will be adjusted on the first of the month following your birthday to reflect the new coverage amount.
MEDEX Travel Assistance
Included with your Basic Life Insurance Benefit is a full range of 24-hour medical, legal, travel assistance, emergency transportation, and personal security services. This coverage is for personal travel when traveling more than 100 miles from home or internationally. For more information, see www.navbenefits.org/wp-content/uploads/2019/09/Travel-Assistance.pdf.