Supplemental Life Insurance

Supplemental Life Insurance

You may purchase supplemental coverage for yourself in $10,000 increments up to a maximum of $1,500,000; however, Evidence of Insurability may be required. You pay the full cost of this coverage based on your age and the amount of optional coverage you elect.

Please note that the premium is subject to change when you reach the next age range listed on the Supplemental Life Insurance rate table. Premium changes will take effect the month following your birth date.

The Supplemental Life Insurance carrier requires certain participants to submit an Evidence of Insurability (EOI) form. Evidence of Insurability is the documentation required by the carrier that determines if the participant’s health condition meets the carrier’s criteria for enrollment. It is a record of your historical health events and proof of good health. Approval is determined by the carrier and is not guaranteed.

New hires and newly eligible team members who are electing coverage over $300,000 will be required to submit an EOI form. Team members who were previously eligible and are now applying for initial or additional coverage will be required to provide proof of good health for any amounts of coverage. Team members who request coverage in excess of the Supplemental Life Insurance guarantee issue amount of $300,000 or with existing coverage who exceed an increase in insurance over $50,000 are subject to the EOI requirements.

If you are required to submit an EOI form and fail to do so, then the requested coverage amount will not be provided. You will remain at your previous coverage level, or at the guaranteed issue amount, until the EOI is submitted and approved.

The payable supplemental life benefit will be reduced upon attaining the following ages:

• age 70, 35% of the original coverage amount

• age 75, 55% of the original coverage amount

• age 80, 70% of the original coverage amount

Life Insurance Beneficiaries

You can designate beneficiaries for the Basic Life AD&D, Supplemental Life, and Voluntary AD&D insurance plans online via the MyONB Portal at any time.

Tax Note: If your Basic and/or Supplemental Life Insurance coverage(s) equal more than $50,000, you will be taxed on the value of your group life insurance coverage in excess of $50,000.

See Your Current Coverage Online!

If you are enrolled in this benefit, you may view your current coverage by accessing the MyONB portal. The portal may be accessed from the home page of the intranet or at myADP.com. Once you log onto the portal, select Benefits from along the top of the screen, then Health & Welfare. Select View Benefits on the Current Benefits card to to access your Benefits Summary.