Life and AD&D Insurance

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 $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).

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.

• Employee: Increments of $10,000, up to a maximum of $500,000, not to exceed 5 times your basic annual earnings. Guaranteed issue for new hires is $250,000.
• Spouse: Increments of $5,000, up to a maximum of $250,000, not to exceed 50% of employee election. Guaranteed issue for new hires is $30,000.
• Children: Flat $10,000 benefit for children 14 days old to 26 years old. Flat $500 benefit for children under 14 days old.