Basic & Voluntary Life Insurance
BASIC LIFE AND AD&D INSURANCE
Life insurance can help provide for your loved ones if something were to happen to you. CastleWorks provides all regular, full-time employees working a minimum of 30 hours with $50,000 in group life and accidental death and dismemberment (AD&D) insurance at no cost to you!
VOLUNTARY LIFE AND AD&D INSURANCE
While CastleWorks offers basic life insurance, some employees may want to purchase additional coverage. This is about your personal circumstances. Are you the sole provider for your household? What other expenses do you expect in the future (for example, college tuition for your child)? Depending on your needs, you may want to consider buying voluntary life insurance. With voluntary life insurance, you are responsible for paying the full cost of coverage through payroll deductions. You can purchase coverage for yourself or for your dependents.
Employee: Coverage is available in increments of $10,000 to $250,000. Rates are based on age and the amount of coverage elected.
Spouse: Coverage for your spouse is available if you elect coverage for yourself, provided the election amount does not exceed 50% your own. Coverage for your spouse is available in $5,000 increments up to the lesser of 50% of the employee coverage amount or $100,000.
Child(ren): Coverage for your child(ren) is available in $2,000 increments up to $10,000.
Please note, if you did not elect voluntary life insurance during your new hire enrollment period, you may elect up to $20,000 ($10,000 for spouses). Beyond that amount, you will be subject to completing Evidence of Insurability (EOI). New Hires can elect up to $150,000 ($30,000 for spouses) without having to complete an EOI form.
