Employee Term Life Annual Increase

Employee Voluntary Term Life Annual Increase Period: November 1 - November 15, 2022

The Roanoke College Employee Voluntary Term Life insurance policy through Mutual of Omaha offers an “Annual Increase Option”.   Under this option, employees with Employee Voluntary Term Life may elect to increase their term life insurance policy by $10,000 annually subject to certain limitations.

Information About the Annual Increase Process

  • Changes will become effective January 1st 
  • Employees may elect to increase their employee voluntary term life insurance volume by $10,000 each year
    • If an employee would like to increase their volume by more than $10,000, they must go through medical underwriting which includes completing an Evidence of Insurability Form
  • The new/updated employee term life volume requested may not exceed the maximum benefit amount of five times the employee’s annual salary up $300,000
  • If an employee would like to their voluntary term life insurance coverage to remain the same, NO ADDITIONAL ACTION IS REQUIRED

    The annual increase process does NOT include spouse or dependent life coverage

    Links and Resources for Employee Term Life Increase Process