One of the most critical aspects of financial planning is ensuring that your risks are covered with adequate insurance. Without it, just one catastrophic event could significantly change the financial circumstances for you and your family.  

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Therefore, voluntary life and AD&D insurance is available to assist you and your family in the event of a loss. You have the opportunity to purchase life and AD&D coverage through Mutual of Omaha for yourself, your spouse, and dependent children.  

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Your cost for this coverage is based on the amount you elect and your age. You must purchase life and AD&D coverage for yourself in order to purchase spouse and/or dependent child(ren) coverage. The system will calculate your premium when you enroll. This will provide you the opportunity to decide to elect the coverage or not. 

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VOLUNTARY LIFE AND ACCIDENTAL DEATH AND DISMEMBERMENT (AD&D) INSURANCE 

You have the opportunity to elect voluntary life and AD&D benefits in increments of $10,000 up to $150,000 or 10× your annual earnings. The guarantee issue amount is $150,000. 

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SPOUSE VOLUNTARY LIFE AND AD&D INSURANCE 

If you elect coverage for yourself, you have the opportunity to elect voluntary life and AD&D benefits for your spouse in increments of $5,000 up to $50,000. The amount elected cannot exceed 50% of employee coverage. The guarantee issue amount is $50,000. 

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DEPENDENT VOLUNTARY LIFE AND AD&D INSURANCE 

You also have the opportunity to elect voluntary life and AD&D benefits for your dependent children. If your child is six months or younger, the benefit is a flat $500. If he or she is older, you may elect coverage at $10,000. Dependent children can be covered up to age 26.  

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If you are newly eligible and have not previously waived your opportunity to elect coverage, you can elect up to the guaranteed issue amounts without submitting evidence of insurability (EOI). 

If you are a late entrant and have previously waived the opportunity to purchase additional coverage, you may be required to submit EOI. However, if you currently have coverage, you may increase your coverage without submitting EOI. 

Your benefit will be reduced to 65% at age 70 and again to 45% at age 75.