Cigna Voluntary Life Insurance

During the annual benefits Open Enrollment period, employees may purchase voluntary life insurance in increments of $10,000. The maximum coverage is lesser of five times the employee’s base salary or $500,000. Additional life insurance purchased during Open Enrollment is subject to evidence of insurability. A weblink to the medical questionnaire will be available in your WEX benefits open enrollment confirmation statement. The link to complete the medical questionnaire will only be active through Open Enrollment. Coverage may not added a later time unless you have a qualifying life event.

Employees pay the full cost for this plan; premiums will be deducted from your paycheck. Employees must be enrolled in coverage in order to enroll dependents.

Voluntary Life Insurance amounts will not be effective until New York Life approves your application.

All employees must review and confirm their beneficiaries in WEX Benefits Portal.

Voluntary Life

Employee
  • Increments of $10,000
  • Up to a max of 5X salary or $500,000, whichever is the lesser

Spouse
  • Increments $10,000 up to $50,000
  • Limited to 100% of Employee amount

Child
  • Increments of $2,000 to $10,000 Max
  • Dependent Under 6 Months: $500 Max

Age Reduction
  • 65% at Age 65
  • 45% at Age 70
  • 30% at Age 75
  • 20% at Age 80

Accelerated Benefits

  • Yes

Conversion Privilege

  • Yes

Waiver of Premium

  • Yes

 

Monthly Life Rates
Age Band

Employee per

$10,000 Benefit

Spouse Per

$10,000 Benefit

Children Per

$2,000 Benefit

Under 30

 $0.60 $0.60 $0.212

30-34

 $0.80 $0.80 ---

35-39

 $0.90 $0.90 ---

40-44

 $1.20 $1.20 ---

45-49

 $2.00 $2.00 ---

50-54

 $3.20 $3.20 ---

55-59

 $5.40 $5.40 ---

60-64

 $8.30 $8.30 ---

65-69

 $14.10 $14.10 ---

70-74

 $22.00 --- ---

75 & Over

 $33.30 --- ---