Separate Requested and Approved Coverage Amounts for Voluntary Life

We have introduced a new update to managing voluntary life insurance plans in BambooHR, providing admins with greater flexibility.

When reviewing benefit elections, admins can edit coverage amounts for voluntary life insurance plans on the admin approval page to override coverage rules set up in benefit plan settings. This is especially useful in the following cases:

• When an employee reaches a certain age, such as 65 or 70
• When an employee needs to provide evidence of insurability (EOI) for higher coverage amounts
• When an employee submits a requested coverage amount that is higher than the guaranteed issue

The voluntary life plan card now has two new fields, Requested and Approved For. The Requested field will auto-populate with what the employee has elected for each applicable coverage level: Employee (self), Spouse or Domestic Partner, and/or Child.

Admins can verify or adjust requested amounts in the Approved For field. This feature allows for better tracking of what employees request versus what is approved.

This update is also a step toward EOI management and automated guaranteed issue calculation to optimize the efficiency of managing voluntary life insurance plans in BambooHR.

As always, we love your feedback! To provide product feedback on this feature and more, head over to our product feedback page and let us know how we’re doing.