Require Evidence of Insurability (EOI) for higher levels of employee life insurance coverage? You may be at risk.
A noninvasive Group Life Audit eliminates the risk employers assume when their employees are paying for life insurance policies out of sync with the life insurance carrier.
Over 80 Million Americans receive guaranteed life insurance through an employer, and most employees get the opportunity to increase coverage for themselves or dependents through an increased payroll deduction. Yet over 55% of supplemental life elections never complete their EOI.
There are over 900 life insurance carriers and 290 million active life insurance policies in America, yet there is no uniform policy for EOI reporting. For many carriers, EOI reporting to employers is lacking or even nonexistent.
Employers often fail to inform employees clearly that if they choose higher coverage levels they will be required to complete an Evidence of Insurability, and that it may include a doctor’s visit or paperwork.
Paycheck benefit deductions begin without regard to completion of an EOI. This oversight results in employees paying premiums out of their paycheck for increased levels of life insurance coverage.
Upon receipt of notification of missing EOI, employers rarely update the payroll premium to the new, lower level of coverage.
Failure to update the payroll system to the new lower life insurance premium due to a missing EOI creates a de facto contract between employer and employee for a level of coverage that is significantly higher than what the life insurance carrier is obligated to pay.
A Group Life Insurance Audit from DSI mitigates millions of dollars of risk quickly, quietly and professionally.
With our proven approach, your audit gets the results you need without adding noise for HR or frustrating your employees.
We communicate with employees in proven ways that get results
Tailor all communication elements to meet your company’s unique needs
Start your next verification project with confident, defined timelines
DSI has a dedicated team focused on meeting all your verification needs
DSI leads the way in personal, not computerized, accurate verification
Sympathetic, sensitive and respectful support ready to help your team