You pay the full cost if you elect Supplemental Life Insurance. You can purchase Supplemental Life Insurance for yourself, as well as your eligible dependents.
- Employee Optional Life Insurance — you may select life insurance coverage in units of $10,000. The guaranteed issue coverage amount for you is 3x your annual salary up to $500,000. The maximum for any employee is the lesser of 6 times your annual salary or $2,500,000, rounded to the next higher $10,000.
- Spouse Optional Life Insurance — you may select life insurance coverage for your spouse in units of $5,000. The guaranteed issue coverage amount for your spouse is $25,000. The maximum for your spouse is $500,000, not to exceed 100% of your coverage amount. The cost of coverage will be based on your spouse’s age.
Note: An employee who is the spouse of another employee may not be insured for supplemental life insurance as both an employee and as a spouse at the same time.
- Child Optional Life Insurance — you may select coverage for your unmarried children in units of $2,000 to a maximum of $10,000. The maximum benefit for children under six months is $1,000. The guaranteed issue coverage amount for your child(ren) is $10,000.
Note: Dependents cannot be enrolled in supplemental life if employees are not currently enrolled.
The life insurance provided through Cigna is group term life insurance that will end if your employment with loanDepot terminates, unless you elect to convert it to an individual policy.
For more information about your Supplemental Life and AD&D insurance, you can read the Cigna plan information.
Evidence of Insurability
If you wish to purchase Supplemental Life Insurance for yourself or your dependents over the guaranteed issue amount during new hire enrollment, you will be required to complete Evidence of Insurability (EOI).
You will also be required to complete EOI to purchase any Supplemental Life Insurance if you enroll during Annual Enrollment or a qualified life event instead of during new hire enrollment.
EOI is also called “proof of good health” and certifies to Cigna that you’re generally healthy at the time of purchasing coverage. If EOI is required, you will need to complete an Evidence of Insurability (EOI) questionnaire via the benefits portal.