Life and Accidental Death and Dismemberment (AD&D) insurance through [Life Carrier], provides financial security to you and your family if you pass away or become seriously injured.
Basic Life and AD&D:
Company-Paid Life and AD&D To support your financial security, [Company Name] sponsors 100% of the premium for your Basic Life and AD&D insurance. This benefit provides [x] times your annual salary (up to $[x]) to your designated beneficiaries.
Important Tax Information: Coverage amounts over $50,000 are subject to IRS "imputed income" rules. This means the premium cost for any coverage above that limit is treated as taxable income and will be reflected on your pay stub.
Voluntary Life (/AD&D):
"To further protect your family’s future, you may supplement your basic coverage by enrolling in Voluntary Life [and AD&D] insurance. This program offers the advantage of group-access rates that are generally unavailable to the public. Please refer to the chart below for coverage options for yourself and your dependents."
Guaranteed Issue Period: Within 30 days of benefits eligibility or a qualifying life event
*Evidence of Insurability (EOI) may be required.
How much voluntary Life [and AD&D] insurance should I buy?
When deciding how much voluntary Life [and AD&D] coverage to buy, consider the following three factors:
- How much will your dependents need to pay debts, such as a mortgage, car loan, or credit card balances?
- How much do your dependents need to maintain their current standard of living?
- What kind of future would you like to provide for your dependents or others who depend on you for financial support?
Who should be my beneficiary?
You may choose anyone to be the beneficiary of your Life [and AD&D] policy in the event of your death or serious injury. Once you select your beneficiary, your designation will remain unchanged until you submit a new beneficiary designation form. We encourage you to periodically review your beneficiary designations to ensure they are up to date and accurate. You may change your beneficiary as often as you wish [at [Life Website]] [by contacting Human Resources].
Cost of Coverage
Voluntary Life Premiums - Employee and Spouse
Voluntary Life Premiums - Children
Voluntary AD&D Premiums
Evidence of Insurability (EOI)
Evidence of Insurability (EOI) means you need to give health information to get some types of insurance. If you choose extra Life [and AD&D] insurance above a certain amount or at a different time, you have to fill out a health form (sometimes, you might need a physical exam too). The insurance company will look at your form and tell you their decision.
Learn more
- Benefit summary
- Benefit summary
Disability
Short-Term Disability (STD)
You are automatically enrolled in Short-Term Disability (STD) insurance through [STD Carrier], with premiums fully covered by the company. This plan provides an income safety net should you become unable to work due to a non-occupational injury or illness.
The plan replaces [x]% of your weekly earnings (up to $[x]) after a [x]-day waiting period, for a duration of [x] days. Please note that benefits are subject to offsets if you receive payments from state-mandated disability programs in CA, NJ, NY, RI, or Puerto Rico.
Long-Term Disability (LTD)
To protect your long-term financial stability, [Company Name] provides automatic LTD coverage through [LTD Carrier]. This company-paid benefit offers income replacement if a disabling condition prevents you from working for an extended period.
Following a [x]-day elimination period, the plan pays [x]% of your monthly base salary (up to $[x]). These benefits continue as long as you remain disabled under the plan's terms or until you reach your Social Security Normal Retirement Age. Your total benefit amount may be reduced by other disability income sources, including Social Security and Workers’ Compensation.
Contact
- [Carrier Name] [Phone Number] [Website]