Life insurance providers may require employees to provide Evidence of Insurability (EOI) information when they elect coverage. Generally, insurers allow a certain amount of coverage with no additional paperwork required. That amount is referred to as the Guaranteed Issue (GI), since employees are guaranteed to be issued at least that much life insurance coverage. When employees want more coverage than the Guaranteed Issue, insurers require them to submit additional personal and health information that is used to determine if they qualify for the higher coverage.
When employees use online benefit enrollment in the Adaptive Employee Experience (AEE) or ESS Classic View to enroll in voluntary or supplemental life insurance, they can request more than the GI. When they do, they will be initially enrolled up the GI limit. They will need to complete EOI forms and submit them for approval. Links to complete the EOI information online can be included on the life insurance enrollment page to make it easy for employees to submit the required health details directly to the carrier. Once carriers have reviewed the employee’s submitted EOI, they will notify the employer of the total amount of coverage the employee is allowed to have.
This Quick Help video walks Benefit Administrators through how to enter the information they received from the carrier into isolved People Cloud to record the approved coverage amounts. Once those EOI approvals are entered, Employee Benefit records will display the corresponding coverage changes, which may change their premium cost and payroll deductions.
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