Understanding Your Life Insurance Needs at Life Bunker Hill
Life Bunker Hill offers several life insurance options designed to fit the diverse needs of its workforce. Whether you are a new hire or a seasoned employee, knowing the available plans helps you choose coverage that protects your family's future.
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Types of Plans Offered
Life Bunker Hill partners with a leading insurance carrier to provide both term and whole‑life policies.
- Term Life Insurance – Fixed coverage for a set period (10, 20, or 30 years). Ideal for those seeking affordable protection during high‑income or debt‑heavy periods.
- Whole Life Insurance – Permanent coverage with a cash‑value component that grows tax‑advantaged over time.
Eligibility and Enrollment
All full‑time employees automatically receive a standard term plan covering 100% of base salary. Part‑time staff may opt into a reduced‑coverage plan. Enrollment occurs during the annual benefits open‑enrollment window or after a qualifying life event such as marriage or birth.
Coverage Limits and Cost Structure
Coverage is calculated as a multiple of annual salary:
| Coverage Multiple | Typical Cost (per $1,000) |
|---|---|
| 1× Salary | $0.30 |
| 2× Salary | $0.45 |
| 3× Salary | $0.60 |
Premiums are deducted from each paycheck, with a maximum annual contribution capped at 2% of salary.
Claims Process and Beneficiary Designation
Designate beneficiaries online through the HR portal. In the event of a claim, the insurer requires a death certificate and a completed claim form. Payouts are typically processed within 30–45 days.
Additional Benefits and Riders
Employees may add optional riders for critical illness, disability, or accidental death. Each rider adds a modest premium but can significantly broaden protection.
How to Get Started
1. Log into the employee benefits portal. 2. Review the default term plan. 3. Adjust coverage level if desired. 4. Add or change beneficiaries. 5. Confirm enrollment. 6. Receive confirmation via email.