Voluntary Benefits
Principia provides you the option to purchase various voluntary benefits through SunLife. The amount you pay for coverage is deducted from your paycheck on an after-tax basis, and then the benefit is not taxed when received.
Life Insurance Benefits – Voluntary
You can also elect and pay for additional life insurance coverage through SunLife for yourself, your spouse and your children. Guaranteed Issue (no medical questions asked) is offered upon initial enrollment in your benefits, and each year during Annual Enrollment, per the table below.
| Coverage | Guaranteed Issue | |||
|---|---|---|---|---|
| New Hires (New Hires and Open Enrollment for 2024) |
Open Enrollment (Open Enrollment for 2025 and onward) | |||
| Employee | $10,000 Increments, up to a max benefit of 5x salary or $500,000 (whichever is less) |
$200,000 | Increase of $10,000 | |
| Spouse | $5,000 Increments, up to half of employee’s coverage |
$40,000 | Increase of $5,000 | |
| Child(ren) up to age 26 | $5,000 | $5,000 | $5,000 | |
Requests for coverage beyond Guaranteed Issue will be subject to evidence of insurability (EOI). In future Open Enrollments, SunLife allows employees to increase their voluntary and spouse life amount one increment ($10,000 for employee and $5,000 for spouse) not to exceed the maximum Guaranteed Issue Amount without providing EOI. Child life never requires EOI.
Voluntary Life Insurance Cost of Coverage
| Monthly Premium* per $1,000 of coverage, based on age | Employee & Spouse | |
|---|---|---|
| Monthly Premium* per $1,000 of coverage, based on age |
Employee & Spouse | |
| <25 | $0.070 | |
| 25-29 | $0.070 | |
| 30-34 | $0.090 | |
| 35-39 | $0.130 | |
| 40-44 | $0.170 | |
| 45-49 | $0.250 | |
| 50-54 | $0.410 | |
| 55-59 | $0.70 | |
| 60-64 | $1.040 | |
| 65-69 | $1.680 | |
| 70-99 | $5.360 | |
| Child | ||
|
Child Life for $5,000 benefit (regardless of # of children) |
$0.40 | |
*Your employee and spouse premiums are based on your age. Your coverage is reduced to 65% of your voluntary life benefits on January 1 of the year following your 70th birthday.
Why Do I Need Life Insurance?
Ask yourself this: In the event of my death, how would my family …
- Pay final expenses?
- Pay off debt?
- Pay for daily living expenses (housing, food, bills, etc.)?
- Replace Your Income?
- Maintain financial stability?
SunLife-EOI Online Instructions
Voluntary Life Insurance Benefits Summary
Video: Term Life Insurance
Video: Term Life vs.
Permanent Life Insurance
Voluntary Accident Insurance
Accident insurance helps protect against the financial burden that accident-related costs can create. This means that you will have added financial resources to help with expenses incurred due to an injury, to help with ongoing living expenses, or to help with any purpose you choose. Claims payments are made in flat amounts based on severity of accident and services incurred.
Voluntary Accident Insurance Cost of Coverage
| Monthly Premiums | |
|---|---|
| Monthly Premiums | |
| Employee only | $9.52 |
| Employee + Child(ren) | $18.10 |
| Employee + Spouse | $15.44 |
| Family | $24.02 |
Voluntary Accident Benefits Summary
Video: Accident Insurance
Voluntary Critical Illness Insurance
Critical illness insurance provides a financial, lump-sum benefit upon diagnosis of a covered illness. These covered illnesses are typically very severe and likely to render the affected person incapable of working. Because of the financial strain these illnesses can place on individuals and families, critical illness insurance is designed to help you pay your mortgage, seek experimental treatment, or handle unexpected medical expenses.
► Employee: $10,000 or $20,000 or $30,000
► Spouse or domestic partner: $5,000, $10,000 or $15,000 – up to 50% of employee election
► Dependent children (up to age 26): $5,000, $10,000 or $15,000 – up to 50% of employee election
► Health screening benefit: $50
Voluntary Critical Illness Insurance Cost of Coverage
| Monthly Premium* per $1,000 of coverage, based on employee’s age | Non-Tobacco User | Tobacco User | ||
|---|---|---|---|---|
| Monthly Premium* per $1,000 of coverage, based on employee’s age | Non-Tobacco User | Tobacco User | ||
| <25 | $.44 | $.46 | ||
| 25-29 | $.48 | $.50 | ||
| 30-34 | $.56 | $.62 | ||
| 35-39 | $.74 | $.90 | ||
| 40-44 | $1.00 | $1.32 | ||
| 45-49 | $1.34 | $1.98 | ||
| 50-54 | $1.90 | $3.06 | ||
| 55-59 | $2.44 | $4.20 | ||
| 60-64 | $2.86 | $5.20 | ||
| 65-69 | $3.68 | $7.12 | ||
| 70-74 | $4.92 | $9.36 | ||
| 75+ | $6.94 | $11.78 | ||
| Child | ||||
|
Child Benefit per $1,000 (regardless of # of children) |
$.10 | |||
Critical Illness Benefits Summary
Video: Critical Illness Insurance
Voluntary Hospital Indemnity Insurance
A hospital stay can be costly. Hospital indemnity insurance can help you and your loved ones
have additional financial protection by paying benefits for hospitalizations resulting from a
covered condition, including maternity. Coverage continues after the first hospitalization, to
help you have protection for future hospital stays.
► Hospital admission: $1,000
► Daily hospital confinement: $150 per day, up to a maximum of 90 days per calendar year
► Hospital Intensive Care Unit confinement: $300 per day, up to a maximum of 30 days per calendar year
Voluntary Hospital Indemnity Insurance Cost of Coverage
| Monthly Premiums | |
|---|---|
| Monthly Premiums | |
| Employee only | $20.42 |
| Employee + Child(ren) | $35.08 |
| Employee + Spouse | $43.12 |
| Family | $57.78 |
Hospital Indemnity Benefits Summary
