Basic Life and AD&D
Life and AD&D coverage helps protect your loved ones in the event of your death or serious injury. Even if you’re single, your beneficiary can use your Life insurance benefits to pay off your debts, such as credit cards, mortgages, and other final expenses.
Basic Life insurance – You receive Basic Life insurance coverage at no cost to you, and you do not need to enroll in any other health and protection program. Basic Life insures you for 2 times your basic annual earnings, up to a maximum of $800,000.
Imputed Income: Under current tax laws, imputed income is the value of your Basic Life insurance that exceeds $50,000 and is subject to federal income, Social Security and state income taxes, if applicable. This imputed income amount will be included in your paycheck and shown on your W-2 statement.
Note: Benefit amount is subject to age reduction at age 70 and again at age 75.
Basic AD&D is included with your Basic Life coverage and provides you specified benefits for a covered accidental bodily injury that directly causes dismemberment (i.e., the loss of a hand, foot or eye). If death occurs from an accident, 100% of the AD&D benefit would be payable to your beneficiary(ies).
Voluntary Life and AD&D
In addition to Basic Life and AD&D, eligible employees may purchase additional Voluntary Life and AD&D insurance at favorable group rates. Participants pay 100% of the premium.
Supplemental Life Coverage
- For you: Increments of $10,000 up to lesser of 7x covered annual earnings or $750,000. Guaranteed issue of $200,000,
- For your spouse: Increments of $5,000 up to lesser of 100% of employee amount or $200,000. Guaranteed issue of $50,000.
- For your children: Increments of $2,500 up to $10,000.
Supplemental AD&D Coverage:
- For you: Increments of $10,000 up to $750,000.
- For your spouse: Coverage is 60% of your coverage and 50% if both your spouse/RDP and eligible children are covered.
- For your children: Coverage is 15% of your coverage and 10% if your spouse/RDP is enrolled, up to a maximum of $75,000 per child.
Note: It is important to provide beneficiary information during the enrollment process and keep this information up to date. If you decline Voluntary Life insurance when first eligible or if you elect coverage and wish to increase your benefit amount at a later date, evidence of insurability may be required before coverage is approved.
