LIFE AND AD&D
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LIFE/ACCIDENTAL DEATH & DISMEMBERMENT INSURANCE
Your life and accident insurance benefits are some of the most valuable benefits available to you. They are often referred to as “survivor” benefits because they provide financial security to your loved ones if you die or are severely injured in an accident. Because this kind of protection is so important, we provide, at no cost to you, basic Life/Accidental Death and Dismemberment (AD&D) coverage equal to 2.5 times your annual earnings, up to a maximum of $260,000. Annual earnings include bonuses and commissions. You also have the opportunity to purchase additional Life and AD&D coverage for yourself and your eligible dependents through our Supplemental Life program.
HOW BENEFITS ARE PAID
You should ensure that you have beneficiary designations on file with People and Culture. In the event of the death of your covered spouse or child(ren), benefit payments are made to you. In the event of your death, unless you choose a different beneficiary, benefit payments are made in the order listed below:
- Your spouse
- Your children (including legally adopted children but excluding step-children)
- Your parents
- Your brothers and sisters
- Your estate
DESIGNATING YOUR BENEFICIARY
You may change your beneficiary at any time during the year. You may access your current beneficiary form or request a new beneficiary form in People and Culture.
AGE REDUCTIONS
If you become 70 or older, your Basic Life and AD&D insurance will reduce by:
YOU HAVE THE FOLLOWING CHOICES FOR SUPPLEMENTAL LIFE:
TEAM MEMBER COVERAGE
You can choose additional coverage in multiples of $10,000, from $10,000 to $500,000.
Guaranteed Issue
Can get up to $100,000 in coverage without providing Evidence of Insurability.
SPOUSE COVERAGE
You can choose spouse coverage in multiples of $5,000, from $5,000 to $250,000 (up to a maximum of 50% of your coverage amount).
Guaranteed Issue
Up to $25,000 in coverage without providing Evidence of Insurability.
CHILD(REN) COVERAGE
You can choose coverages for dependent child(ren) of $5,000 or $10,000 (up to a maximum of 50% of your coverage amount).
EVIDENCE OF INSURABILITY
You are guaranteed the ability to enroll for up to $100,000, of supplemental life coverage, regardless of your health, when you are first eligible to join the plan. If you apply for more than that amount or do not enroll when you are first eligible, you will be required to provide evidence of good health before the additional coverage becomes effective.
Your spouse will be required to provide evidence of good health if requesting more than $25,000 of coverage.
