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Life Insurance

Voya

2022 Summary Plan Description – VOYA Life Insurance


Member Life Insurance

Member Basic Life and AD&D: The member life insurance plan is a group term insurance plan. Regular full-time and part-time members are eligible for company-paid life insurance coverage of 1x your annual base compensation up to $450,000. There is an Accidental Death & Dismemberment (AD&D) benefit associated with your life insurance, which provides additional protection for you and your family in the case of your accidental death or a specific accidental injury. The benefit is equal to your Foth paid member life insurance coverage (1x your annual base compensation).

Member Supplemental Life Insurance: Prices for optional member supplemental life insurance are available when enrolling in your benefits online. You may purchase additional life insurance in increments of $10,000, up to $500,000. Member supplemental life insurance levels over $350,000 requires an Evidence of Insurability form to be completed. If already enrolled in Member Supplemental Life Insurance, you may increase your coverage up to $50,000 each annual enrollment, or in association with a qualifying event (EOI Required for higher amounts).  If you previously opted out of Member Supplemental Life Insurance, an EOI is required to purchase coverage at future enrollment periods.

Beneficiaries: To update beneficiaries, visit the One Foth homepage > Dayforce > Forms > Current Beneficiary Information.   If your beneficiary is not listed in the top section, you will need to first add a new beneficiary. Then, designate the beneficiary at the bottom of the form (and choose primary or contingent). All primary beneficiaries are first in line to receive the assets, while contingent beneficiaries are next in line if no remaining primary beneficiaries are living.  Click “Submit” at the bottom of the form when complete. You’ll only see the option to edit beneficiaries for the Basic Life and AD&D benefit.  Beneficiaries are the same for Member Supplemental Life if elected (not maintained separately).


Spouse Life Insurance

Company Paid Spouse Life Insurance: A company paid benefit is available for your spouse and is paid by Foth at 100%. The total company benefit is $1,000.

Spouse Supplemental Life Insurance: You have the option to purchase Spouse Supplemental Life Insurance in increments of $10,000, up to $50,000. Prices are available during enrollment. An EOI is required if you previously opted out of Spouse Supplemental Life Insurance and are electing coverage at a future enrollment. The member is the beneficiary for any dependent life insurance selected.


Child Dependent Life Insurance

Company Paid Child Life Insurance: A company paid benefit is available for your eligible children and is paid by Foth at 100%. The total company benefit is $1,000.

Child Supplemental Life Insurance: You have the option to purchase child Supplemental Life Insurance in increments of $5,000, up to $25,000. Dependent children are covered from birth to 26 years of age. The cost for dependent life insurance is the same if you have one or more children. Prices are available during enrollment. An EOI is required if you previously opted out of Child Supplemental Life Insurance and are electing coverage at a future enrollment. The member is the beneficiary for any dependent life insurance selected. The member is the beneficiary for any dependent life insurance selected.


Evidence of Insurability (EOI) Form

Life Insurance EOI Electronic Form


Portability

Upon termination, you can apply to continue your life insurance coverage if certain conditions are met.  Benefits will provide the application at the time you become ineligible.  At that time, you also have the option to apply to convert your life insurance to a whole life policy. (Life Insurance Conversion Request Form)


Funeral Planning/Will Prep Services

Our life insurance provider partners with Everest, to offer Foth full- and part-time members funeral  planning and will prep services at no cost.  With Everest, you are removed from a sales-focused environment, allowing you and your  family to make well-informed and confident decisions during a stressful time. Funeral Planning/Will Prep Information


Life Insurance Premium Waiver

Life Insurance Waiver of Premium Disability Claim & Attending Physicians Statement of Disability


Questions?

VOYA
General Information – www.voya.com

Benefits/Human Resources
For questions about enrollment, plan changes or general benefits inquiries, email Benefits@foth.com