Life and AD&D Insurance

Basic 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 and AD&D insures you for 2 times your basic annual earnings, up to a maximum of $500,000.

Imputed Income: Under current tax laws, imputed income is the value of your Basic Life and AD&D 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 lesser of 5 times covered annual earnings or $500,000. Guaranteed issue of $300,000.
• For your spouse: Increments of $5,000 up to $250,000, not to exceed 50% of the coverage amount you purchase for yourself. Guaranteed issue of $25,000.
• For your children: Increments of $2,000 up to $10,000. Guaranteed issue of $10,000.