WireCo’s benefits package includes the financial protection and peace of mind for employees and their families in the event of an accident or death. Group Term Life and Accidental Death and Dismemberment (AD&D) coverage through Aetna is provided automatically to eligible employees upon employment at no cost.
In the event of your death, the Life insurance policy provides a benefit of 1.5x your annual salary to a maximum of $200,000 to the beneficiary you designate. If your death is the result of an accident or if an accident leaves you with a covered debilitating injury including loss of limb, eyesight, etc., you are covered under the AD&D insurance for the same amount.
Voluntary Supplemental Life Insurance
We recognize you and your family have specific needs, and our company-paid life insurance policy may not be enough to ensure your financial security if your income was suddenly lost. We offer a voluntary supplemental life insurance option through Aetna with competitive group rates so you can purchase and secure the financial protection you need.
You can purchase additional voluntary supplemental life insurance for:
Yourself: You may elect coverage in units of $10,000 to a maximum of $500,000 or 5x your annual salary, whichever is lesser. You are able to elect a maximum of $140,000 or 3x your annual salary, whichever is lesser, without providing evidence of good health. Amounts above this require submission of a health questionnaire, which associates can obtain from Human Resources, and approval from Aetna.
Your Spouse: You may elect coverage for your spouse in units of $10,000, to a maximum of $100,000. Spouses are eligible for a maximum of $20,000 without providing evidence of good health; amounts above this require submission of a health questionnaire, which associates can obtain from Human Resources, and approval from Aetna. Spouse life insurance amounts can’t exceed 50% of the employee amount.
Your child(ren): You may elect $10,000 of coverage for your child(ren) to age 18.
Reminder! Evidence of Insurability (EOI) is required if you elect voluntary coverage over the guarantee issue amounts. Once approved for coverage, payroll deductions will be made from your paycheck.
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To determine the monthly premium for your Voluntary Life Insurance, follow these simple steps:
- Determine the amount of insurance you want to purchase.
- Using the table, determine the rate based on your age.
- Use the following formula to calculate your monthly premium amount:
- Coverage Amount/1,000 x Rate = Monthly Premium
- Example: 45-year-old employee elects to purchase $100,000 of Voluntary Life Insurance. $100,000/1,000 X 0.356 = $35.60. The amount of premium equals $35.60 per month.
Associate and Spouse Rate per $1,000
Child(ren) Rate per $10,000