Life and AD&D Insurance

You receive Basic Life and AD&D 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 x times your basic annual earnings, up to a maximum of $x.

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

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. Employees also have the opportunity to purchase additional term Life insurance for their spouse/partner and children.

For you: Increments of $10,000 up to lesser of 5x covered annual earnings or $500,000. Guarantee Issue amount for newly eligible employees is $100,000.

For your spouse: Increments of $5,000 up to lesser of 100% of employee amount or $250,000. Guarantee issue amount for newly eligible dependents is $30,000.

For your children: Increments of $1,000 up to $10,000. Guarantee issue amount for newly eligible dependent children is $10,000.

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.