Life and AD&D Insurance
Life and Accidental Death & Dismemberment (AD&D) insurance helps protect your loved ones financially if you pass away or experience a serious injury. These benefits can help cover final expenses, pay off debts like credit cards or mortgages, or provide additional financial stability during a difficult time. Even if you’re single, naming a beneficiary ensures someone you care about receives the support. Coverage includes Basic Life and AD&D at no cost to you, with the option to purchase additional Voluntary Life and AD&D insurance for yourself and your family at group rates.
Basic Life and AD&D
- Basic Life insures you for a flat $50,000 or 2x salary up to a maximum of $1,000,000.
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).
- Basic AD&D insures you for a flat $50,000 or 2x salary up to a maximum of $1,000,000.
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.
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. 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.
For you: Increments of $10,000 up to the lesser of 5x salary or $1,000,000.
For your spouse: $10,000, $25,000, $50,000, $75,000, $100,000, $150,000, $200,000, $250,000 or $500,000
For your children: Under 6 months: $2,500. 6 months to age 26: $5,000, $12,500 or $25,000