Adding a Life Insurance Plan
Article on what information and steps are required in adding a life insurance plan in iSolved
Updated at July 13th, 2022
When adding a life plan, there is some required information to set the plan up correctly and to generate accurate deductions. This article will walk you through the steps of providing the necessary information needed to add a life plan in iSolved.
1. Basic Plan Information
When adding a life plan, we need some basic information in order to start building the plan.
- Is the life benefit Pre-Tax or Post Tax?
- What is the plan name?
- What company is the provider?
- Is there a plan ID number (primarily used in the system for carrier feed integration)?
- Is this plan COBRA eligible?
- Is Proof of Insurability required?
2. Dates and Schedule
This next section covers the effective dates, deduction schedule, and any probation periods associated with the plan.
- When is the plan start date?
- Are deductions based on the Pay Date or the Pay Period End Date?
- Is there a new hire probationary period? ex. First Day of the Month Following 30 Days After the Hire Date
- Is there a Termination Rule? ex. Last Day of the Month Following 0 Days After Termination
3. Pay Items and Options
This section will determine how the deductions will appear in payroll records as well as which employees and dependents are eligible.
- Is there an employer contribution to the plan?
- Do these deductions or employer contributions need to be mapped to a specific GL account for reporting purposes?
- Should employees be automatically enrolled in this plan?
- Is a PCP required to enroll in the plan?
- Are beneficiaries required to enroll in this plan?
- Are updates to beneficiaries allowed for this plan?
- At what age does a dependent age out of the plan? ex. Age 26 - Age as First of the Month Following Birthday
- What are the Eligibility Rules associated with the plan? ex. All Full-Time Internal Employees
- Is this plan dependent upon the employee being enrolled or not enrolled in another benefit plan?
4. Rates
Lastly, we will need the rates in order for the system to accurately calculate deductions.