Supplemental Term Life Insurance

Supplemental Term Life Insurance  

Overview

What would happen to your family if you were no longer there to provide for them? Do you have enough life insurance for them to keep their home, pay all the monthly bills, and afford college for your children and other future expenses?

With Supplemental Life Insurance you can replace the worrying about your family’s financial security. Supplemental Life Insurance allows you to create a "safety net" for your family and help provide the resources for them to carry on. Features of Supplemental Life Insurance include:

 

  • Easy enrollment. Apply within 30 days of your eligibility date.
  • Cost and convenience. Since you are applying for coverage through your employer’s benefit program, you have access to affordable group rates. The rates may be lower than what you could find for an individual policy. Along with affordable rates, you have the convenience of payroll deduction. Payments are automatically taken from your paycheck on a post-tax basis.
  • Guaranteed benefit opportunities available. You can enroll in coverage from 1 to 2 times your annual pay to a maximum of $500,000. If you participate in this program, you can enroll your spouse* in the amount of $10,000 and your children in the amount of $10,000 for each eligible child. You must meet eligibility requirements to qualify.
  • Generous coverage amounts available. You can enroll in coverage from 1 to 8 times your annual pay to a maximum of $2,500,000. If you elect coverage for yourself, you can enroll your spouse* in any amount between $10,000 and $100,000 (in $10,000 increments), and $10,000 for each eligible child. You will be required to submit Evidence of insurability.
Enroll Now

To get a quote or enroll in Supplemental Life Insurance, click on the button below.

Video

Click to learn more about the Supplemental Life Insurance Program

 

Contact Us

 Address
Mercer Voluntary Benefits
P.O. Box 9122
Des Moines, IA 50306-9122
 Phone
1-800-552-9670
 Hours
 M-F 9a-6p ET
 Email
employerbenefitsinquiries.service@mercer.com

FAQs

Answers about the plan, including eligibility, options, enrollment, customer service and more.
  • Who needs life insurance?

    Everyone needs life insurance.
    Contrary to popular belief, life insurance isn't just for parents. You need life insurance if anyone is financially dependent on you.

    You've recently graduated from college.
    You may have significant student loan obligations. If something were to happen to you, your loved ones would most likely be forced to shoulder that debt.

    You're the parent of small children.
    You want to make sure they'll be able to keep the same lifestyle and attend college—even if you're not there to see it happen.

    Your grown children are on their own.
    But your children may rely on you for support and help around the house. If you weren't there for them, your children would need extra money to pay someone to take care of things you've been managing for them.

    Your spouse may be depending on your income for retirement.
    But you're not sure your retirement savings is enough to keep up with a rising cost of living if your paycheck stopped. Life insurance can be a smart way to fill the gap.

    Like many families, you rely on two incomes to make ends meet.
    You'll need life insurance on both you and your spouse. Even if your spouse stays at home, you should consider life insurance on your spouse to cover the cost of hiring someone to take care of the things your spouse generally handles.

    You want to be sure your children can protect their futures, too.
    Most children's life insurance coverage contains an innovative feature that allows them to convert their term life protection to a permanent life insurance plan at a higher premium when they become adults. This ensures that your children can protect their own families—no matter what health problems they may develop.

  • Who is the provider?

    Lincoln Financial Group has been around since 1905, when a group of Fort Wayne business leaders came together to create a life insurance company based on dependability, honesty, and service. Named after our nation’s greatest leader, our company has excelled for over a century at turning challenges into new opportunities for growth and protection – for Americans and America.

  • Who is eligible?

    You can enroll if:

    • You are actively at work on the date your Enrollment Form is signed and coverage begins. You will be required to submit Evidence of Insurability if you elect greater than 1 to 2 times your annual pay or greater than $500,000; or if you enroll outside of the initial enrollment period or a qualified family status change event.
    • You are scheduled to work at least 20 hours per week.

    You can also enroll these family members:

    • Your legal spouse*
    • Your dependent children or those of your spouse/spousal equivalent

    Your spouse and children’s benefits can only be put in force if you are actively at work and each person to be covered is able to perform normal activities on the date the Enrollment Form is signed and coverage starts. You will be required to submit Evidence of Insurability if you elect greater than $10,000; or if you enroll outside of the initial enrollment period or a qualified family status change event. You must be insured for at least one times your annual pay in order for your spouse to be eligible.

  • When can I enroll?

    You can enroll anytime!

     

    At certain times you may be allowed to enroll in the Supplemental Life Insurance plan by not completing as many questions. These times include:

    1. Within 30 days of your initial eligibility date.
    2. During special enrollment periods as offered by your employer and the insurance provider.
    3. Within 31 days of marriage.
    4. Within 45 days of the birth or adoption of your first child. Coverage for a newborn will begin when the child is 14 days old, however the application for coverage could be received immediately following the birth.
  • Do I have to meet any medical requirements?

    If you are enrolling for up to 2 times your annual pay or $500,000 in total coverage (whichever is less) for yourself or up to $10,000 in total coverage for your spouse* or child, you are not required to meet any medical requirements. If you are enrolling for any coverage above those amounts, you will be required to complete Evidence of Insurability. If you enroll outside of the initial enrollment period or a qualified family status change you will be required to submit Evidence of Insurability.

  • How much will this coverage cost?

    Your cost is based on age and the amount of coverage you want. Click on the link below for rate information.

     

    Rates – Active
    Rates – Retiree
    Rates – Terminated

     

    If at point of claim, there are due premiums for active coverage, the balance will be deducted out of the beneficiary payment.

  • What if my employment status changes?

    When you leave or retire from your current employer, you can continue your coverage without interruption as long as the group policy is in effect, subject to applicable law and the policies' terms and conditions. Although payroll deduction will no longer be available if you retire or leave your company, you can opt for other payment methods such as direct checking or bank account deduction, credit card billing or home billing. You will be billed directly for your cost of coverage at portable rates. Portable rates may be higher.

  • Are there other benefits to this plan?

    In addition to the advantages of this plan over other life insurance options, this plan offers even more special benefits:

     

    Automatic Coverage Increase: Each year on January 1, your employee coverage may go up based on an increase in your annual pay as of the prior July 1. (Please note: Coverage increases automatically just once per program year. You must be actively at work on the effective date of your increase to qualify.) If you would like to opt out of this feature you must contact Mercer Voluntary Benefits.

     

    Accelerated Benefit Rider:

    • An advance payment of your life insurance benefits is available if you are diagnosed with a terminal illness with a life expectancy of 12 months or less (may vary by state).
    • You can request payment up to 80% of your coverage amount, up to a maximum of $500,000.
    • Advance payment permanently reduces the death benefit.
    • Premiums must continue to be paid on the remaining coverage amount after an advanced payment.
  • When would my coverage start?

    If evidence of good health is not required... If you apply on the 14th of the month or before, you are eligible on the first of the month following date of hire. If you apply on the 15th of the month or after, you are eligible on the first of the month following one month of continuous, active employment.

     

     

    If evidence of good health is required...Coverage is effective on the first of the month after coverage is approved by Lincoln.

     

*Spouse means legal spouse. You must be married in order to be eligible for spousal coverage. For Vermont and Washington state residents, spouse includes your registered Domestic Partner if you and your Domestic Partner are registered as domestic partners, civil union partners or reciprocal beneficiaries with a government agency or office where such registration is available.

 

The above information provides highlights of the insurance program. It does not and is not intended to cover the program in detail. Please refer to the policy for a complete description of the coverage, limitations, and exclusions.

 

Learn More

These form(s) are in Adobe Acrobat Reader (PDF) format and are available for downloading and printing.

 

Certificate
Beneficiary Designation Form
Enrollment Form
Privacy Notice
Evidence of Insurability form

 

 

Beneficiary Capability Options
  1. You are able to choose and/or update beneficiary information online for active Supplemental Term Life policies. Log in to My Account at the top of this page to access the online Beneficiary tool.
  2. Or, complete the Beneficiary Designation Form and return the form to Mercer for processing.


(It is not a requirement to utilize the new online functionality. Existing beneficiary selections are on file, historical information is not loaded into the system.)

Mercer's Role & Compensation

Details of Mercer disclosure of the compensation.