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The original item was published from 8/7/2018 2:18:00 PM to 8/7/2018 3:26:15 PM.

News Flash


Posted on: August 7, 2018

[ARCHIVED] New whole life insurance option available to employees

Under the Boston Mutual Whole Life Insurance benefit, full-time employees have the option to purchase the Employee Life Option Plus (ELOP) whole life insurance up to $150,000, based on age. Employees may also insure his or her legal spouse for up to $25,000, based on age. The legal spouse is not eligible for this option if the employee does not also elect coverage.

Employee Life Option Plus (ELOP) Whole Life Insurance offers:

  • Guaranteed Issue (GI) for employees and legal spouse, and with no health or medical questions to enroll
  • Guaranteed premiums, coverage and values
  • Guaranteed Portability – coverage continues with retirement or separation of employment, with no increase in cost or reduction in coverage
  • Cash accumulation at current interest rates
  • Flexible protection – employees choose the amount of coverage and premium they need

Additional Rider Options:

  • Payor Waiver of Premium
  • Pays premiums in event the payor becomes totally disabled prior to age 60
  • Accidental Death Benefit (ADB)

During reenrollment periods, employees that enrolled for less than the Guaranteed Issue amount will be allowed to purchase an additional amount up to the Guaranteed Issue limit. (Evidence of Insurability (EOI) may be required). Please contact the Department of Human Resources Benefits Division should you need additional information.

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