If you’re considering providing insurance coverage for your employees, we’re here to help. We’ve shared answers to some of the most common questions small business owners have about coverage below.
Life insurance is a way to provide for loved ones in the event of death. It can be one of the wisest decisions a person can make to financially protect those who depend on them.
We provide both employer-paid and voluntary plans. Employees can also obtain coverage for their spouses and dependent children.
Major reasons given for owning life insurance include:
Most group life policies offer a certain amount of guaranteed coverage. Under certain circumstances employees and family members might have to go through the Evidence of Insurability (EOI) process to be considered for coverage. EOI may be required if:
EOI is an application process where employees provide information on the condition of their health or their dependent’s health to be considered for certain types of insurance coverage.
Online EOI submission eliminates or reduces the processing of paper applications for coverage requests, increases accuracy and confidentiality, and speeds up the overall application process.
Step-by-step instructions lead the employee through the application process, which usually takes about 15 to 30 minutes and can be submitted 24 hours a day, 7 days a week. Our system will provide confirmation to the employee that the application has been received. Once all the required information is received, a decision will be made, and a letter will be sent to you and the employee. Premium should not be deducted until you receive notification of our approval.
Most EOI applications are processed using only the information provided. However, in some cases, we may require medical records from the applicant’s physician or a physical examination which is at our expense.
For additional information please contact your Group Administrator or call 1-800-721-7987.
Yes. Basic Life: 2-9 lives: $50,000; 10-50 lives: $200,000. Supplemental Life: 2-5 lives: Fully underwritten; 6-9 lives: $30,000; 10-25 lives: $50,000; 26-50 lives: $100,000.
Yes, for Supplemental Life, employees may increase their coverage over time up to the plan maximum, however, increased amounts are subject to satisfying Evidence of Insurability (EOI) requirements.
No, life insurance is not required by state regulation.
For information, please contact your Group Administrator or call 800-721-7987.
You can enroll online, which eliminates or reduces the processing of paper applications for coverage requests, increases accuracy and confidentiality, and speeds up the overall application process. Step-by-step instructions lead the employee through the application process, which usually takes about 15 to 30 minutes and can be submitted 24 hours a day, 7 days a week. For paper enrollment forms please contact your Group Administrator or call 800-721-7987.
New employees should be added to the plan once their waiting period has been satisfied.
BCBSIL will provide the benefits directly to the beneficiary by check.
