Voluntary Life Insurance
Centurion automatically provides basic life and AD&D insurance through Cigna to all benefits-eligible employees at no cost. If you die as a result of an accident, your beneficiary would receive both the life benefit and the AD&D benefit. Additionally, Centurion automatically provides basic life insurance for your dependent spouse at no cost.
Employee life and AD&D benefits: 1x annual salary up to a maximum of $150,000. Spouse life benefit: $10,000.
VOLUNTARY LIFE INSURANCE
Centurion provides you the option to purchase voluntary life insurance for yourself, your spouse, and your dependent children through Cigna. You must purchase voluntary coverage for yourself to purchase coverage for your spouse and/ or dependents. Voluntary life rates are age banded. Benefits will reduce to 65% at age 65, 45% at age 70, 30% at age 75, and 20% at age 80. Coverage for your spouse ends when he/she reaches age 70. Coverage for a child ends when he/she reaches age 26.
If you elect coverage when first eligible, you may purchase up to the guarantee issue amounts without completing medical evidence of insurability (EOI). If your election requires EOI, the benefits enrollment system will show a link to the EOI form that you must complete and submit for the coverage amount greater than the guaranteed issue.
If you do not enroll when first eligible, and choose to enroll during a later annual open enrollment period, you will be required to complete EOI for any amount of coverage. Coverage will not take effect until approved by Cigna.
Employee: Coverage is available in $10,000 increments up to $1,250,000 or 4x annual salary, whichever is less. Guaranteed issue is lesser of 4x salary or $200,000.
Spouse: $5,000 increments up to 50% of the employee’s election or $100,000, whichever is less. Dependent children: $10,000. Guaranteed issue is $20,000.
Voluntary Life Insurance Costs
Listed below are the biweekly rates per $1,000 of coverage (26 pay periods per year) for voluntary life insurance. The amount you pay for coverage is deducted on a post-tax basis. Employee life rates are based on your age as of January 1, 2020. Spouse life rates are based on your spouse’s age as of the January 1, 2021.
How to Calculate Your Per-Pay-Period Life Premium
The following steps will help you calculate your per-pay-period life insurance premium cost:
- Divide your coverage amount by $1,000.
- Multiply that figure by the rate that corresponds with your age (see table).
- This is your per-pay-period cost.
VOLUNTARY LONG-TERM DISABILITY INSURANCE
Centurion provides you the option to purchase voluntary long-term disability (LTD) insurance through Cigna. LTD insurance is designed to help you meet your financial needs if your disability extends beyond the STD period. For newly hired employees, this coverage, if elected, will begin on the first day of the month following or coinciding with six months of continuous employment:
- Benefit: 60% of base monthly pay up to $6,000 per month
- Elimination period: 90 days
- Benefit duration: 2 years own occupation then any occupation to age 65
Voluntary LTD Insurance Costs
Listed below are the bi-weekly rates per $100 of monthly salary (26 pay periods per year) for voluntary LTD insurance based on your age as of January 1, 2021. The amount you pay for coverage is deducted on a post-tax basis.
How to Calculate Your Monthly LTD Premium
The following steps will help you calculate your monthly LTD insurance premium cost:
- Divide your annual earnings by 12 to get to your monthly earnings. If your monthly earnings are greater than $10,000, use $10,000 as your monthly earnings.
- Divide that figure, your monthly earnings, by 100.
- Multiply the rate that corresponds with your age (see table) by 26 and divide by 12, to get a monthly rate.
- Multiply your monthly earnings from step 2 with your monthly rate from step 3.
- This figure represents your monthly premium cost.
Voluntary Critical illness
Centurion provides you the option to purchase voluntary critical illness coverage through The Hartford. The critical illness plan helps protect you and your family in the event of a critical illness. The plan pays a cash benefit if you are diagnosed with a covered illness while insured under the policy. Critical illness insurance covers a range of illnesses, including cancer, heart attack, and more.
You may use the payment in any way you choose, including paying for deductibles and coinsurance, everyday living expenses, recovery and rehabilitation, child care or caregiver expenses, and travel expenses to and from treatment center(s).
As part of the plan, members receive a benefit of $100 for completing an annual health screening, including a COVID diagnosis test. The health screening benefit provides a flat reimbursement for each covered member after a 90-day waiting period from the effective date of the policy. View the summary plan description for specific rates. You will not be required to submit evidence of insurability for coverage. The amount you pay for coverage is deducted on a post-tax basis.
You can choose the amount of coverage available at the time of enrollment. Coverage options for yourself are: $5,000, $10,000, $20,000, or $30,000. You must purchase coverage for yourself if you wish to purchase coverage for your spouse or dependents.
Spouse: 50% of the employee’s amount
Child(ren): $5,000
Voluntary Accident Insurance
Centurion provides you the option to purchase accident insurance for yourself, your spouse, and your dependent child(ren) through The Hartford.
Accident insurance can help relieve the financial impact of a covered accident by providing cash benefits for covered injuries and related services and treatments. You may use the direct payments in any way you choose, including paying for deductibles and coinsurance, and everyday living expenses.
Listed below are the biweekly rates (26 pay periods per year) for the accident plan. The amount you pay for coverage is deducted on an after-tax basis.
Voluntary Pet Insurance
Centurion provides you the option to purchase voluntary pet insurance through Nationwide. You have two plan options to choose from: My Pet Protection and My Pet Protection with Wellness. My Pet Protection includes accidents, illnesses, and surgeries, while My Pet Protection with Wellness includes wellness exams, vaccinations, dental cleanings, and more. You can purchase a plan that best suits your budget. For pricing and additional information, contact Nationwide at 888-899-4874 or www.petinsurance.com/centurion.
You will see Pet Insurance as an available option in the benefits enrollment system (www.YourCenturion.com). To elect coverage, you need to contact Nationwide to request and insurance quote and enroll. Nationwide will provide your enrollment data to Centurion, and your payroll deductions will generally begin on the next paycheck.