Evidence of Insurability Processing

How to better understand the Namely EOI processing of your employees, including the steps you should take.

OVERVIEW

Many Voluntary Life plans require an Evidence of Insurability (EOI) document to be processed for an employee to receive a level of coverage above Guaranteed Issue (GI).

If an employee elects a volume above Guaranteed Issue, their confirmation report will reflect the election and note that the EOI needs to be completed. The employee's plan benefit and deduction will reflect the Guaranteed Issue cost and level of coverage until the EOI document is processed in Namely Payroll.

Refer to this video: https://vimeo.com/367317848/86983639d9

TIP:

You can review a report of employees with pending EOIs by running the Pended Voluntary AD&D Insurance Plans reportand Pended Voluntary Life Insurance Plans report in Namely Payroll > Reports > Date Range.

EOI PROCESSING

Follow these steps to approve (or deny) coverage levels beyond Guaranteed Issue when an EOI is completed by an employee:

1. Go to Employees and the profile of the employee with a pending volume.

2. Click Plan Benefits.

3. Scroll to Pending Plans.

4. Click Process, select either Approved or Denied, and click Submit 

   The employee's plan benefits and deductions will update to reflect the volume elected above the Guaranteed Issue, or if denied, will remain at Guaranteed Issue.