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Optional Life Insurance and Dependent Life Insurance Enrollment Form - wvde state wv

Optional Life Insurance and Dependent Life Insurance Enrollment Form - wvde state wv 2025

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The document is an enrollment form for Optional Life Insurance and Dependent Life Insurance provided by the Public Employees Insurance Agency (PEIA) of West Virginia. It outlines the process for employees to enroll or increase their life insurance coverage, including details on coverage amounts based on age, beneficiary designation, and dependent life insurance options. The form requires personal information from the employee and must be submitted to a benefit coordinator at their workplace.

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What is optional dependent life insurance?

OPTIONAL DEPENDENT LIFE INSURANCE Provides coverage for: Your Spouse Child(ren) from 14 days of age up to 19 (to age 25 if wholly dependent upon you for maintenance and support and if enrolled as a full-time student in an accredited school or college).

Can you cash out optional life insurance?

You can cash out a life insurance policy. How much money you get for it will depend on the amount of cash value held in it. If you have, say $10,000 of accumulated cash value, you would be entitled to withdraw up to all of that amount (less any surrender fees). At that point, however, your policy would be terminated.

Is basic life insurance the same as optional life insurance?

Basic Term Life Insurance pays $2,500 to your beneficiary upon your death. Optional Term Life Insurance provides additional coverage up to two times your annual salary when you retired (Election 1 or 2). Maximum coverage is $400,000. The monthly premium is based on your coverage election, your salary and your age.

Is optional life insurance worth it?

Even if you dont have a family dependent on you, there are many reasons why you should consider taking out an optional life insurance policy. Several unexpected costs arise after death such as funeral expenses and burial costs, medical expenses, and other costs that normally rise into the tens of thousands of dollars.

What is the difference between basic life insurance and optional life insurance?

Basic life and basic ADD is employer paid. Optional Life and optional ADD is employee paid. In addition to purchasing optional life and ADD for themselves, employees may also choose to purchase optional life and ADD for their eligible dependents.

What is optional member life insurance?

Optional Life insurance can help protect your familys finances if something happens to you. This coverage can help provide financial support and stability to your family if you pass away. Optional Life insurance can help make things easier for the people you care about.

What does optional life insurance mean?

Optional Term Life Insurance provides additional coverage up to two times your annual salary when you retired (Election 1 or 2). Maximum coverage is $400,000. The monthly premium is based on your coverage election, your salary and your age. Coverage begins to decrease when you reach age 70.

Optional Life Insurance and Dependent Life Insurance Enrollment Form - wvde state wv 2025

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