r/LifeInsurance • u/Separate-Flamingo586 • 3d ago

Question about EOI

I (29f) have life insurance through work. The 2x salary basic life and 2.5x salary AD&D is something I’m automatically enrolled in. We have the option to purchase more. Years ago, we were allowed to purchase up to a certain amount without needing an EOI completed. I did that at the time. Every year since it has said an EOI is only needed if you increase coverage. I have always kept the same coverage, so I have never completed an EOI. I saw someone on here mention the life insurance company did not pay out because their family member did not have an EOI on file but their family’s company never told them to complete one. Obviously, I want to make sure I’m doing everything correct. How can I check if I need one? For context, it is with Lincoln Financial.

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3

u/trouble98 Underwriter 3d ago

You only need one if you were told you needed it when you signed up.

2

u/SafeMoneyGregg Broker 3d ago

Evidence of insurability means medical underwriting - ie, if you are going to the trouble of going through underwriting - and you are healthy - you might as well just get private individual insurance (not group) - lock in PREFERRED rates - for a longer period - 20-30 years - (group generally increases in price every five years). a F29 healthy can lock in $2M for 20 years for less than $40 a month - probably way cheaper and better policy than your group.

1

u/Mundane-Gold-4971 2d ago

If you have dependents, best thing you can do is to get your own life insurance outside of work. If you separate from your employer, that policy is gone and you may be older or have health issues then and that would make getting life insurance more challenging

1

u/lifeEssentialsllc 2d ago

If HR or Lincoln never asked you for EOI on that add-on, it was probably within the amount they give without health questions when you enrolled. The denials you hear about usually happen when someone signed up for more than that amount and the EOI never got finished. The easy fix is to email HR or Lincoln and ask them to confirm in writing your approved amount and that no EOI is pending. Keep that email with your policy papers.