Providing economic security for your family if you pass away, become disabled, or experience an injury or illness is a major consideration in personal financial planning. As an employee, you automatically receive Basic Life and AD&D coverage in the amount of two times your base salary up to a maximum of $850,000. This coverage is provided at no cost to you, although this is a taxable benefit for which imputed income will be included on each paycheck.
You may choose anyone to be the beneficiary of your Life and AD&D policy in the event of your death or serious injury. Review your beneficiary designation periodically to ensure it reflects your current wishes. You may change your beneficiary at any time throughout the year.
Benefits reduce to 65% at age 65 and to 50% at age 70.
Voluntary Life and AD&D offer additional coverage at discounted rates. The chart describes the amounts of coverage you can buy for yourself, your spouse, and your child(ren).
| Benefit Features | Voluntary Life and AD&D Options* | ||
|---|---|---|---|
| Employee | Spouse/Domestic Partner | Dependent Child(ren) | |
| Coverage Options | $10,000 increments | $5,000 increments | $1,000 (birth to 6 months) $2,000 (6 months to age 26) |
| Maximum | $500,000 | $250,000 (cannot exceed employee coverage) | $1,000 (birth to 6 months) $10,000 (6 months to age 26) |
| Guaranteed Issue Amount | $250,000 | $50,000 | $10,000 |
| Guaranteed Issue Period | Within 30 days of benefits eligibility or a qualifying life event | ||
*Evidence of Insurability (EOI) may be required if you elect Voluntary Life insurance in excess of the Guaranteed Issue Amount. If you do not choose Voluntary Life during your initial eligibility period, you may request to add Voluntary Life during Open Enrollment, but the amount will be subject to EOI.
| Voluntary Life Insurance | |
|---|---|
| Monthly Rate per $1,000 of Coverage | |
| Age | Employee & Spouse |
| Below Age 30 | $0.070 |
| Age 30-34 | $0.080 |
| Age 35-39 | $0.090 |
| Age 40-44 | $0.130 |
| Age 45-49 | $0.210 |
| Age 50-54 | $0.330 |
| Age 55-59 | $0.510 |
| Age 60-64 | $0.780 |
| Age 65-69 | $1.380 |
| Age 70-74 | $2.450 |
| Age 75-79 | $4.030 |
| Age 80+ | $8.140 |
Monthly Rate per $1,000 of Coverage
Employee, Spouse, & Child(ren) $0.020
To calculate your per paycheck AD&D cost, follow the same steps as the table above.
Coverage Rate Amount: $0.15 per $1,000 of coverage
Premium includes all eligible children. Eligible children include dependent children under age 26 as long as you apply for and are approved for coverage for yourself.
Disability insurance, through Reliance Matrix, provides financial security to you and your family if you become unable to work.
STD coverage provides income replacement if you are sick or injured and need time off work to recover. The STD plan provides 60% of your weekly salary, to a maximum of $2,309 per week for up to 25 weeks of a disability. You are automatically covered under the STD plan at no cost to you.
| STD | |
|---|---|
| Percentage of Earnings | 60% |
| Weekly Maximum | $2,309 |
| Elimination Period* | 7 days |
| Maximum Duration | 25 weeks |
*The elimination period is the length of time you must be ill or injured before this benefit begins to pay.
LTD coverage is important because anyone at any age may become injured or ill for an extended period of time. LTD protects you from loss of income in the event you are unable to work due to an illness, injury, or accident that exceeds the short-term disability benefit. You are automatically covered under the LTD plan at no cost to you.
LTD benefits are offset by other sources of income, such as Social Security and workers’ compensation.
| LTD | |
|---|---|
| Percentage of Earnings | 60% |
| Monthly Maximum | $12,500 |
| Elimination Period* | 180 days |
| Maximum Duration | Up to Social Security Normal Retirement Age |
*The elimination period is the length of time you must be ill or injured before this benefit begins to pay.