Life Insurance

Always be there financially for your loved ones.

Corewell Health Provides Life Insurance

Corewell Health provides you core Life insurance at no cost to you. 


Life insurance is important for your long-term financial protection. It can provide the necessary level of financial protection for your family if you or a family member dies. Corewell Health provides you with a core group life insurance benefit paid for by Corewell Health. In addition, you will have the option to purchase supplemental coverage for yourself, as well as coverage for your dependents.


Core life benefit - provided by Corewell Health  


  • Team members receive one times their annual salary* rounded to the next $1,000 to a maximum of $1,000,000.
  • Physicians, residents, fellows, executives, directors and/or principals receive 2 times their annual salary* rounded to the next $1,000 to a maximum of $1,000,000.
  • Your life insurance benefit reduces to 65% of the original coverage at age 70 and 50% of the original coverage at age 75. This reduction will apply to all life and AD&D policies that cover team members.*


*Annual salary for life insurance for physicians, residents, fellows and/or commission-based Priority Health team members is the greater of current base salary OR prior year W2 whichever is greater.


Full-time and part-time team members who are benefit eligible may elect the following life insurance amounts for themselves: 


1, 2, 3, 4, 5, 6, 7 or 8 times annual base salary* rounded to the next $1,000 to a maximum of $1,500,000.


Guarantee Issue and Evidence of Insurability (EOI) may apply. See section below for details.

 

Full-time and part-time team members who are benefit eligible may elect the following life insurance amounts for legally married spouse and/or eligible dependents:


Spouse life options:

$20,000, $40,000, $60,000, $80,000, $100,000, $120,000, $140,000, $160,000, $180,000 or $200,000.


Guarantee Issue and Evidence of Insurability (EOI) may apply. See section below for details.


Child life options:

$10,000, $15,000, $20,000 or $25,000


There is no EOI for child life.

Guarantee issue and evidence of insurability (EOI) 

Guarantee issue is the amount of life insurance a team member can obtain for themselves and/or their dependents (only when first eligible for coverage) without the proof of good health, otherwise known as evidence of insurability (EOI). If you decline coverage when first eligible, you will need to show EOI to obtain or increase coverage in the future.


Guarantee Issue:

  • Supplemental life has a guarantee issue amount of the lesser of 3 times annual salary or $750,000, any amount elected over the guarantee issue (when first eligible) will be subject to EOI.
  • Spouse life has a guarantee issue amount of $60,000, any amount elected over guarantee issue (when first eligible) will be subject to EOI.
  • Child life, there is no EOI for child life.

 

New team members, newly integrated team members and newly benefit eligible team members do not have to show EOI for amounts below guarantee issue for supplemental and dependent life insurance coverage you choose to elect. If you decline coverage when first eligible, you will need to show EOI to obtain coverage in the future.


During annual enrollment, if you previously waived coverage or elect to increase your supplemental life or spouse life coverage, EOI will be required. After the annual enrollment, Voya Financial will contact you via your Corewell Health email to complete the EOI process.


In the event of EOI:

  • No Action: if you never complete the EOI process, the prior coverage amount will continue.
  • Approved: if EOI is approved, the new amount will go into effect the date the EOI was approved. Your benefit deductions will automatically increase to account for the additional coverage.
  • Denied: if EOI is denied, the prior coverage amount will continue.


Naming a beneficiary:

It is important to name a beneficiary(ies) for your life insurance benefits. Benefits for loss of life will be paid to the person(s) you designate on the beneficiary section within Workday. You can update your beneficiary(ies) at any time by reporting your changes online using the online benefit enrollment system within Workday.


If you elect dependent life insurance, you are automatically named the beneficiary. 


Additional Benefits Through Voya:


Being in an unfamiliar place can be stressful at times, especially if something goes wrong. Get the peace of mind you need when you travel. Voya Travel Assistance offers you and your dependents four types of services when traveling more than 100 miles from home, including: pre-trip information, emergency personal services, medical assistance services and emergency transportation services.


For more information go to ServiceNow.

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Planning a funeral can be time-consuming and emotionally draining. Help ease the burden on you and your family. Funeral Planning and Will Prep connect team members with professionals who can help with funeral planning for themselves and eligible family members. Services also include Will Prep, an online tool designed to help users create customized legal documents such as a Will, Health Care Directive, Power of Attorney, etc. There are also bereavement support services.


For more information go to ServiceNow.

keyword: life insurance