Spouse not automatically Designated/Covered under Interim Spouse Life Insurance Benefit
Summary: Spouse not automatically Designated/Covered under Interim Spouse Life Insurance Benefit
Content (required): Benefit Plan ‘Spouse Life Insurance’ has following Options: Waive/$5,000/$10,000/$25,000/$50,000/$100,000/$150,000/$200,000/$250,000. Spouse needs to be covered as Dependents in Non-Waive Options. If the Employee elect's coverage over the GI Amount/Option (i.e., above Option $50,000), Employee elected benefits will become Suspended Benefit and GI Amount/Option (i.e., Option $50,000) will be become Interim Benefit.
We have created below two Custom Fast Formula for Suspension and Interim Requirement:
1) Fast Formula Type is ‘Enrollment Certification Required’ and it will take care of Suspension Benefits Requirement. FF attached at Plan ‘Spouse Life Insurance’ Certification Train Stop at ‘General Configuration’ Level.