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.
Sun Life Basic and Optional Life Insurance
Eligible full time team members receive an employer-paid Basic Life Insurance benefit of 1.5 times salary offered through Sun Life Assurance Company of Canada (Sun Life). 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 Sun Life, 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 Sun Life. For one flat premium amount, currently $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.
The insurance products offered through Sun Life - 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.
Newly eligible team members who apply for coverage within 30 days of their eligibility date have guaranteed coverage. However, if you apply for coverage outside of your guaranteed issue period, you will need to provide Evidence of Insurability (EOI), in other words, proof of good health, acceptable to Sun Life Assurance Company of Canada.
Optional Employee Life Insurance and Optional Dependent Life Insurance – Frequently Asked Questions
Q: What is changing in 2013?
A: There are no plan changes for 2013
Q: How do I sign up for the Employee Optional Life and/or Dependent Life coverage offered through Sun Life Insurance Company?
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 declined these life options 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 Sun Life. (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.
Sun Life Assurance Company
Unum Universal Life Insurance
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%.
During this 2013 Open Enrollment period, Unum is offering a special guaranteed issue (no health questions asked) enrollment period for all eligible full time and part time team members.
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.