Life Ins. through work?

[buzzlady]

I'm wondering if anyone knows - If you have an optional life ins. policy through work, do you have a policy "in hand"?

DH company gave them $X amount in life ins. They also gave him the option to take out additional life ins on himself and family. We opted for him to take out the optional policy as well as one for me. The cost is taken through payroll deductions weekly. We never got a policy or even proof that there is a policy. He works an odd shift so there is no one in personnel to talk to in person. He has called and was told that the form the filled out is all they have. He is not the only one that is looking for proof.

I've even called the ins. company myself to see if there is a policy. All they have is a policy that I've had for years.

So if you have optional life ins. through an employee, were you given a policy? I'm not sure what our next step is in this case.

 

[Pakey]

We offer life insurance to all of our employees (currently have close to 200 on the plan) and we have nothing in hand. In the years I've been here, we've switched insurance carriers 3 times and we've never had a policy in hand with any of them.

We've had 2 employees who have died and did not have any problems collecting on the policies as long as a death certificate is provided.

 

[golfgal]

Typically you do not get a policy. One thing to check into is if the optional policy on him and on you is actually a life insurance policy of an Accidental Death and Dismemberment policy (ADD). If it is an ADD policy it isn't really worth buying. It only covers you if you die in a tragic accident, not if you get sick and die or other causes of death.

 

[Bluestars]

There should be some type of summary plan description at least for the plan itself. We offer life insurance, AD&D, and optional life coverage to our employees. We can provide copies of the policy upon request.

There has to be some kind of policy that describes the coverage. Also, if your employer accesses the information through the insurance company's website, they should be able to at least give you a printout of the page which shows his coverage.

 

[figment52]

Our employees have a life insurance policy that the company pays for and they all get a booklet that explains the benefits. They do not receive a certficate though.