Life Insurance
Life insurance provides your named beneficiary(ies) with a benefit in the event you should pass away.
Accidental death and dismemberment (AD&D) insurance provides specified benefits to you in the event of a covered accidental bodily injury that directly causes dismemberment (i.e., the loss of a hand, foot or eye).
In the event that your death occurs due to a covered accident, both the life and the AD&D benefit would be payable.
Basic Life and AD&D
You are automatically enrolled in the basic life and AD&D plan through Cigna. This coverage is provided at no cost to you. The benefit amount varies based on your employment position. See Human Resources for details.
Imputed Income: The Internal Revenue Service (IRS) requires that your employer report the value of any Company-paid life insurance coverage over $50,000 on your W-2. This value is called imputed income and is subject to federal, state and Social Security taxes.
Voluntary Life and AD&D
If you determine you need more than the basic life and AD&D coverage provided by the company, you may want to purchase additional coverage for yourself and your eligible family members. You may choose to elect life insurance only or life and AD&D. You pay 100% of the cost through payroll convenient deductions.
- Employee: $10,000 increments to $500,000 (Guaranteed Issue1 up to $100,000)
- Spouse/RDP: $5,000 increments to $150,000, not to exceed 50% of employee amount (Guaranteed Issue1 up to $30,000)
- Child(ren): $1,000 increments to $10,0002 (all coverage is Guaranteed Issue1)
1During your initial eligibility period only, you can receive coverage up to the Guaranteed Issue amounts without having to provide Evidence of Insurability (EOI, or information about your health). Coverage amounts that require EOI will not be effective unless approved by the insurance carrier.
2Coverage for children will be $500 from birth to 14 days of age and $1,000 from 15 days to six months of age.
This coverage is portable, allowing you to continue coverage should you ever leave the company.
| Voluntary Life Benefits | Cigna |
|---|---|
| Employee Life Amount | Increments of $10,000 |
| Employee AD&D Amount | Amount equal to voluntary life amount |
| Employee Guaranteed Issue Amount | $100,000 |
| Employee Maximum Amount | $500,000 |
| Age Reduction Schedule | None |
| Spouse Life Amount | 50% of employee amount to a maximum of $150,000 |
| Spouse Guaranteed Issue Amount | $30,000 |
| Spouse Maximum Amount | $150,000 |
| Child Life Amount | Birth to 14 days: $500 15 days to 6 months: $1,000 6 months to age 26: Units of $1,000 to a maximum of $10,000 |
| Child Guaranteed Issue Amount | $10,000 |
| Child Maximum Amount | $10,000 |
| Waiver of Premium | Included |
| Conversion | Included |
| Suicide Clause | 24 Months |
Company-Paid Long-Term Disability (LTD)
Life can present the unexpected. Through Cigna, the company provides you with disability benefits that replace part of your lost income in the event you become unable to work due to a covered injury or illness.
Employees who work 30 hours or more per week are eligible for and automatically enrolled in the long-term disability (LTD) plan. This coverage is provided at no cost to you. You must be disabled for 90 days before LTD benefits are payable. The LTD benefit equals 66.67% of your eligible monthly earnings. Monthly maximums and Guaranteed Issues vary based on employment position; see Human Resources for details. Benefits are paid until you are no longer disabled (as defined by the policy) or you reach age 65 or your Social Security retirement age.
Know Where to Start!
Even with a healthy lifestyle and preventive care, sometimes an illness or accident can still happen. If you become disabled, contact Human Resources so they can certify your claim and assist you with the disability claim process.