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What is Evidence of Insurability (EOI)?

Evidence of Insurability (EOI) is a process where your insurance carrier determines whether you (or your dependents) are eligible for certain benefits. The EOI form is a comprehensive medical questionnaire that gives your carrier the information they need to make their decision. 

This article will help you understand:


When you need to submit an EOI form 

There are two main scenarios when you or your dependent might need to provide an EOI form:

  • Scenario one: You select coverage above the Guaranteed Issue (GI) amount

  • Scenario two: You apply for some Voluntary Life and Disability benefits

Okay great, but what do all these scenarios and confusing terms mean? Let us explain.

Scenarios

Scenario one: You select coverage above the Guaranteed Issue (GI) amount 
Most types of Voluntary Life and Disability insurance will have a GI amount. A GI amount is the highest amount of coverage in a benefit you can enroll in without submitting an EOI form. 

If you choose coverage above the GI amount, that's when you need to submit an EOI form. Your carrier uses the information on your form to decide if you're eligible for the additional coverage. You'll receive coverage up to the GI amount as soon as the policy period starts, but won't receive coverage above the GI amount until your carrier approves your EOI submission. 
 

For example, imagine your benefits plan offers Voluntary Life insurance. You can enroll in up to a maximum of $500,000 in coverage, but the GI amount is $100,000. 

You decide to enroll in $200,000 of coverage. You receive coverage up to the $100,000 GI amount when your policy period starts. You then submit an EOI form to your carrier for the extra $100,000 in coverage. If your carrier approves your EOI submission, you’ll have coverage for the full $200,000.

 

Scenario two: You apply for some Voluntary Life and Disability benefits
This scenario is a bit more straightforward. Voluntary benefits give you extra coverage beyond what your basic benefits provide. For example, your employer might provide Basic Life insurance up to a certain amount (for example, $50,000), but then also give you the choice of Voluntary Life insurance that provides beyond what the Basic Life insurance provides (for example, extra coverage in $10,000 increments, up to a maximum of $450,000).

Voluntary benefits can have a low GI amount, which means you have to submit an EOI form more frequently when enrolling in Voluntary benefits. You’ll still receive any extra coverage up to the GI amount when your policy period starts, but won’t receive any coverage beyond the GI amount until your carrier approves your EOI submission. 
 

Note: If you already have Voluntary coverage above the GI amount on your current group plan, you don't need to submit another EOI form unless you're increasing the coverage amount.

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