If I try to increase my spouse or my life insurance, what does the evidence of insurability look for? I am concerned that if one of us fails this, we will lose our life insurance altogether. We currently have yes health issues, do not regularly take any medication but we have gained weight as we have gotten older. In addition, my spouse now smokes. Should we not try to increase our insurance? Has anyone else failed the eligibility of insurance review?
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I believe the motivation behind these offered benefits is to collect a 10% sales commission on extra insurance premiums. I worked for a contract house that pushed all kinds of superfluous insurance. Pet insurance etc. Just another money grab.
Thanks. I changed mine and it worked fine.
I received a mailer from Honeywell several days ago saying there is currently a special enrollment period opportunity for the Group Universal Life Insurance from June 12 to July 14.
It states that you may increase you life insurance coverage WITHOUT providing evidence of insurability. Current participating employees may elect an additional 1X annual base earnings, to a maximum of 8x annual base earnings, or $1,250,000.
The change in election will be effective Aug 1, 2017. It says: To Enroll visit the Benefits Resource via HR Direct and select the Group Universal Life (GUL) tile.
Fat smokers get dropped.
Correction to original post, we currently have No health issues