Basic Life/AD&D
Term life insurance coverage is currently insured through the Hartford Insurance Company. Eligible employees who elect to participate in this employer-sponsored benefit will receive a maximum of three times their annualized salary, rounded up to the next thousand dollars if not already an even thousand dollars. The only other coverage option is to elect a flat $50,000 life coverage in lieu of the 3x salary option. An employee can add family coverage to either option, which provides $7,500 term life insurance coverage for each eligible dependent. Dependent children are covered from birth through age 24 years or 26 years if a full-time student.
Accidental Death & Dismemberment
In addition to term life insurance, the employee is applying for AD&D coverage limited to the employee only. If you die in an accident, your beneficiary may receive a benefit equal to the amount of your group term life insurance coverage. Coverage is provided in decreasing amounts under AD&D for the loss of a limb or eye.
Supplemental Life
The employee cost for the flat $50,000 coverage option will be $8.75 per month. Note: This is an alternative coverage amount and cannot be combined with the basic life insurance benefit that is equal to three times the employee’s base salary.