Critical Illness Insurance
Critical Illness Insurance provides a tax-free cash lump sum in the event that you are diagnosed with a specified critical illness Employees can select Critical Illness Insurance for themselves and their spouse/partner via the MyLife [VMware network access required] benefits portal at open enrolment each year. For the list of critical illnesses covered please refer to the Guide to Critical Illness.
All regular full time and part time employees who are employed by VMware at the point of open enrolment. Employees experiencing a life event mid-year will be able to select this benefit outside of annual enrolment (1st April). Fixed Term Contractors and Interns are not eligible for this flexible benefit.
You will be able to select critical illness coverage in units of £25,000 up to a maximum of £500,000. The cost of the premium will vary dependent upon your age and that of your spouse/partner (if applicable) and will be deducted from your net monthly salary in equal monthly instalments. You will be able to see the premium cost in your MyLife [VMware network access required] benefits portal at open enrolment each year.
Dependent children are covered as standard under the policy (from birth up until the renewal following their 18th birthday, or 21st birthday if in full time education) for 25% of the cover amount selected, at no extra cost. The level of cover for your children will therefore depend upon the level you chose for yourself.
During subsequent annual Election Windows (subsequent scheme years), you may flex down by any number of units, but you will only be able to flex up again by one level each year.
The enrolment window for selecting Critical Illness Insurance is 1st April each year and the choice is locked down for 12 months. Your selection will automatically carry over into the next benefits enrolment window unless you either change the level of cover or de-select the benefit altogether. You will not be asked to actively re-select the benefit each year.
Cover will cease when the insured member or spouse/partner attains age 70 or on your last day of employment with VMware whichever is the sooner. Your monthly deductions will cease in the month you leave VMware.