We know how important it is to have financial protection for the ones you love in case something happens to you. That’s why we provide Basic Life and Accidental Death & Dismemberment (AD&D) coverage at no cost to you. Our life insurance plan is administered by Lincoln Financial Group and provides the following coverage and options:
Basic Life/AD&D Insurance
Our basic life insurance plan is a core benefit provided by the company at no cost to you. Basic life insurance equals two times your annual salary up to a maximum of $1,500,000.
Supplemental Life Insurance
You have the opportunity to purchase up to five times your annual salary, in increments of $10,000, to a maximum of $1,000,000. You pay the full cost of supplemental life insurance on an after-tax basis. Note, you may be required to provide evidence of insurability. You will be notified at the time of your enrollment.
Supplemental AD&D Insurance
You also have the opportunity to purchase up to five times your annual salary, in increments of $10,000, to a maximum of $1,000,000. You pay the full cost of supplemental AD&D insurance on an after-tax basis. You can also elect to cover your spouse and/or your children. Coverage for your spouse will be 50% of your coverage. Coverage for your children will be $10,000.
Spouse/Domestic Partner Life Insurance
Our spouse/domestic partner life insurance plan allows you to purchase life insurance for your spouse/domestic partner in increments of $10,000 up to your supplemental life election or $500,000, whichever is less. You must elect supplemental life insurance to elect spouse life insurance. You pay the full cost of spouse life insurance on an after-tax basis.
Dependent Life Insurance
Dependent Life Insurance allows you to purchase life insurance for your child(ren) for $10,000. You must elect employee supplemental life insurance to elect child life insurance.