Always be there financially for your loved ones.
Your family depends on your income for a comfortable lifestyle and for the resources necessary to make their dreams – such as a college education – a reality. Like anyone, you don’t like to think of the scenario where you’re no longer there for your family. However, you do need to ensure their lives and dreams can continue if the worst does happen.
Ollie’s knows how difficult it can be to provide this peace of mind on your own, which is why we have made it a priority to give you the ability to assemble a complete life insurance portfolio.
Basic-Term Life and AD&D Insurance
Ollie’s provides eligible Associates with Basic-Term Life and AD&D coverage at no cost to you, and enrollment is automatic.
Supplemental Term Life Insurance
You may also choose to purchase Supplemental Life Insurance in addition to the company-paid benefit. It’s a great opportunity to purchase additional term life coverage at group rates, and you also have the option to purchase coverage for your spouse and dependents. You pay the total cost of this benefit through convenient payroll deductions.
The minimum amount of Supplemental Term Life Insurance available to purchase is $20,000. Additional amounts must be purchased in $10,000 increments. The maximum amount that can be purchased is the lesser of $300,000, or 5 times your annual salary. Insurance amounts greater than $200,000 or 5 times your annual salary (whichever is less) will require Evidence of Insurability (EOI).
Associate
- You can elect up to five times your annual salary, to a maximum of $300,000
- Minimum insurance policy must be $20,000, and additional amounts must be purchase in $10,000 increments
Spouse
- Associate must purchase coverage on self to purchase for spouse
- You can elect up to $50,000 or 50% of Associate coverage (whichever is less)
- Minimum insurance policy must be $10,000, and additional amounts must be purchased in $5,000 increments but cannot exceed 50% of the Associate amount
Dependent(s)
- Birth to age 14 days: No coverage
- Age 15 days to 6 months: $250
- Age 6 months to age 18: $5,000
- Age 19 to 25: $5,000
Cost varies based on age, coverage level and tobacco use. A Benefits Representative can assist you with options and costs.
