Managing enrollment with evidence of insurability (EOI)
When employees and their dependents apply for life insurance coverage, the process may include providing evidence of insurability (EOI).
EOI is a record of a person’s past and current health events that may be required when evaluating an applicant for coverage. EOI is typically required when an application is submitted late, beyond the 31-day eligibility period, or when an applicant is electing an amount greater than the guaranteed issue amount.
Guaranteed issue is the amount of life insurance an employee can receive without requiring EOI. Please refer to your company’s plan summary for your plan specific guaranteed issue amount.
When an enrollment application is received that requires EOI, Guardian will reach out to the employee for the required information either via email (preferred and fastest method), or a letter with instructions on how to complete EOI online.
Guardian provides an EOI status report, that can be accessed in the Guardian Anytime service portal, that provides a quick view into the EOI requirements for your employees. The EOI status report may also be utilized to ensure the appropriate adjustments are made to payroll deductions.
Important note on payroll deductions and premium submissions:
It is important that payroll deductions for any amount of coverage requiring EOI is not deducted until the EOI has been approved in writing.
It is important that premium is not submitted for coverage requiring EOI until Guardian approves that coverage in writing.
Planholders who submit premiums before the coverage is approved may be liable to employees, participants, or their beneficiaries.
Resource for you
Direct-to-employee EOI process
Learn how this online process helps reduce administrative burden and provides faster processing.
Helpful resources to share with employees
1, 2 1) All whole life insurance policy guarantees are subject to the timely payment of all required premiums and the claims paying ability of the issuing insurance company. Policy loans and withdrawals affect the guarantees by reducing the policy’s death benefit and cash values. 2) Some whole life polices do not have cash values in the first two years of the policy and don’t pay a dividend until the policy’s third year. Talk to your financial representative and refer to your individual whole life policy illustration for more information.
This information is being provided based on Guardian’s standard guidelines, and other restrictions or guidelines may apply to your specific plan.
Guardian, its subsidiaries, agents and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. The information provided is based on our general understanding of the subject matter discussed and is for informational purposes only.
Guardian Group Life Insurance is underwritten and issued by The Guardian Life Insurance Company of America, New York, NY.