Once you have enrolled in life and/or AD&D insurance, you can view your existing coverage and add or remove beneficiaries through Zenefits by clicking on the Life Insurance card.
This will bring you to an Overview page where you can view your insurance information and beneficiaries.
You can click on Edit Beneficiaries to manage your beneficiaries.
If you wish to cancel your voluntary life, short-term disability, or long-term disability insurance outside of Open Enrollment, you can do so by contacting your insurance broker.
You are only able to increase the amount of your Life Insurance during your plan's Open Enrollment period. If you would like to do this outside of Open Enrollment, please contact your company's insurance broker.
In Zenefits, bundled Life and AD&D plans will have the same volume, and their combined rates will be used to calculate employee premiums. As a result, employees will pay a single premium that will be slightly higher than the premium for the Life coverage alone.
Your beneficiary is the person (or entity) who will receive the distributions from your life insurance policy. It is important to keep this information up to date.
Depending on the plan, you may be able to designate more than one beneficiary. The Zenefits system does not currently support tracking of contingent beneficiaries. In the event an employee wants to add contingent beneficiaries to their policy, they should reach out to their life insurance carrier directly.
Beneficiaries must be designated in Zenefits during Initial or Open Enrollment, but can be changed during the year.
Life insurance is intended to provide your dependents financial assistance in the event of your death. The amount of the policy you purchase is intended to reflect the needs of your family. This includes paying off bills and debts, like medical bills and funeral expenses. It can also be intended to provide funds to pay off a mortgage, estate taxes, or cover a child's education.
Short term disability (STD) insurance is an insurance policy that can replace a portion of your income during the initial weeks of a disabling illness or accident. Policies can cover from the first 6 months up to a year of disability, providing coverage during the waiting period of most long term disability insurance plans.
Long term disability (LTD) insurance pays you a portion of your income after you run out of both sick leave and short term disability. Depending on your plan details, LTD may pay you for a specific number of years, or until you turn a specific age.
If your employer does not offer basic life or disability insurance or their basic package does not meet your needs, you may wish to purchase a voluntary policy.