Protecting your family's future is important, and there are many ways to prepare for it, including life insurance. Riverside offers a variety of life and other income-protection insurance products to help meet your individual needs.
Lincoln Financial Basic and Optional Life Insurance
Eligible full time team members receive an employer-paid Basic Life Insurance benefit of 1.5 times salary to a maximum of $375,000, offered through Lincoln Financial. Eligibility varies by facility. Please contact your Human Resources Business Partner or Total Rewards/Benefits Services at (757) 534-5544 for specific eligibility information for life insurance benefits.
Full-time and part-time team members may purchase Optional Life Insurance coverage, also offered through Lincoln Financial, of up to 5 times salary to a maximum of $625,000.
The premiums that you pay for this coverage are determined by your age and your coverage amount. Please note your applicable premiums for Optional Life Insurance go up over time as your age increases.
Optional Dependent Life Insurance coverage is also available for your eligible dependents through Lincoln Financial. For one flat premium amount, $1.60 per pay period, you can purchase $10,000 in life insurance coverage for your legally married spouse and $5,000 for each of your eligible dependent children up to age 19 or up to age 26 if full-time student, and $1,000 for infants under 6 months in age.
The insurance products offered through Lincoln Financial – Basic Life, Optional Life, and Optional Dependent Life – all may be continued on an individual basis if you separate from service with Riverside, subject to premium increases due to your inactive status.
For this Open Enrollment, all team members have the ability to take advantage of guaranteed issue (no questions asked). However, if you apply for coverage outside the open enrollment period, you will need to provide Evidence of Insurability (EOI), in other words, proof of good health, acceptable to Lincoln Financial. Team members must be enrolled in either basic life or optional life in order to elect dependent optional life coverage.
Optional Employee Life Insurance and Optional Dependent Life Insurance – Frequently Asked Questions
Q: What is changing in 2014?
- Accelerated Death Benefit is enhanced from 75% to 100% benefit up to $500,000
- Waiver of Premium is available at day 1 of total disability
- Portability – policy must be ported prior to SSNRA and coverage can be continued for a maximum of 36 months
- Value adds – Travel Assist program, Will Prep, Identity Thief Resources, and beneficiary counseling resources are available
Q: How do I sign up for the Employee Optional Life and/or Dependent Life coverage offered through Lincoln Financial?
A: These coverage options will be offered to you as part of the online Benefit Open Enrollment process via Lawson Employee Self Service. They will display under the headings Employee Life/ Optional Life and Dependent Life. Please note that if you have been declined coverage for yourself or your spouse in the past and you elect coverage during this Open Enrollment period, you will be required to provide evidence of insurability and be approved for coverage by Lincoln Financial. (Note: Evidence of insurability is not required for eligible dependent children.)
Q: How do I change my beneficiary for Optional Life Insurance?
A: Please see the Total Rewards page on the Intranet and click on "Download and Print forms" in the FORMS box. Click on the "RHS Group Term Life/Disability Beneficiary Form" link in the box on the right. Print the form and complete with your beneficiary information. Return the completed form to Benefits Services through interoffice mail or by fax at (757) 534-5550.
Unum Universal Life Insurance
To enroll or learn more about this policy, please call Unum's enrollment line
at (888)209-2433. The line is staffed by salaried, no-pressure consultants who can help you make the choices that are best for you and your family. The line will be open Monday, Nov. 4 through Friday, Nov. 15 and is open from 8 a.m.–8 p.m., Monday through Friday.
Universal Life Insurance, which is offered through Unum, provides you with coverage options for yourself, your legally married spouse, your children, and even your grandchildren. Universal Life Insurance is different from Optional Life Insurance (above) in that your premiums never change; they always stay the same, even if your employment with Riverside ends and you choose to continue the policy on an individual basis.
Universal Life Insurance also has a savings component to it in that your policy accumulates a "cash value" over time. The premiums you pay – minus the cost of insurance – go into your cash value account. Your policy can build cash value based on the current interest rate and is guaranteed to earn the minimum 3%.
Employees hired on or after Oct. 1, 2012, may enroll in Universal Life Insurance during this Open Enrollment period with guaranteed issue. This means you can get coverage without answering health questions. Other employees may enroll or make changes to their coverage, but may be subject to medical underwriting. Enrollment in Unum insurance is through the telephone. (See above.)
Universal Life and Specified Critical Illness Insurance – Frequently Asked Questions
Q: I currently have the Universal Life and/or Specified Critical Illness Insurance coverage with Unum. Do I need to do anything if I wish to keep my coverage the same going forward?
A: There is nothing you need to do to keep your current coverage the same going forward. However, if you wish to make a change, you may contact Unum toll-free at (800) 635-5597. Please note that new coverage or increases may be subject to health questions and carrier approval.
Q: How do I know whether I am currently signed up for the Universal Life Insurance?
A: If you are currently covered, you will see after-tax deductions on your Riverside Pay Checks with the following deduction descriptions: PROVIDENT LIFE.
Q: How do I change my beneficiary on my Universal Life Insurance?
A: Please contact Unum at (800) 635-5597 to change your beneficiary designation.
Supplemental Long-Term Disability Buy-Up
Long Term Disability Insurance provides income protection if you are unable to perform your job due to an illness or injury that lasts more than 90 days.
An eligible team member experiencing an illness or injury that prevents the team member from working typically begins by using available paid time off or sick time. If these core benefits have been exhausted, the team member then may use available Short Term Disability. Eligibility for short term disability varies by facility. Please contact your Human Resources Business Partner or Total Rewards/Benefits Services at (757) 534-5544 for specific eligibility information for benefits that offer income protection in cases of illness or injury.
Following short-term disability, eligible team members who remain totally disabled may receive up to 60% of monthly pre-disability income to a maximum of $2,500 per month for full-time staff or up to $5,000 per month for full-time directors and above.
The Supplemental Long-Term Disability Buy-up plan allows you to purchase additional coverage, also at 60%, but up to a higher monthly maximum – $7,500 per month for eligible full-time staff and up to $10,000 per month for eligible full-time directors and above.
Lincoln Financial offers this coverage at a rate of 17 cents per $100 in coverage.
Eligible team members who apply for coverage during open enrollment period have guaranteed (no-questions-asked) coverage. However, if you apply for coverage outside of your open enrollment period, you will need to provide Evidence of Insurability (EOI) – in other words, proof of good health, acceptable to Lincoln Financial. If your coverage election is subject to EOI, you will be contacted after Open Enrollment closes on November 15, 2013, regarding your EOI submission.