Employee Basic Life
- Employer-sponsored basic life insurance
- Employer selects benefit level of either 1x annual salary or 2x annual salary
- Minimum benefit = $5,000
- Maximum benefit = $600,000
- Guarantee issue amount: $250,000
- This maximum guarantee issue amount is generally higher than most employers can obtain on a stand-alone plan
- Competitive premiums
- AD&D coverage included for active employees equal to basic life amount
- Two (2) levels available for retiree life insurance ($5,000 or $10,000)
Dependent Basic Life
- Employer-sponsored dependent life insurance
- Spouse benefit: $10,000
- Child(ren) benefit: $ 1,000 for each dependent child age 6 months ($250 benefit from 14 days to 6 months)
- To age 19, or to age 25 if a full-time student
In addition to the employer-sponsored basic life insurance, employees can be given the opportunity to purchase additional life insurance for themselves and/or eligible dependents.
Employee Supplemental Life Insurance
- Policy amounts available = 1x, 2x, or 3x base salary (rounded up to next highest $1,000)
- Employee maximum amount = $600,000
- Guarantee issue amounts available upon initial hire only = $250,000
- Employees can increase supplemental life amounts during Open Enrollment periods but may be subject to Evidence of Insurability
- Combined basic and supplemental life insurance amounts cannot exceed an overall maximum of $1,200,000
Dependent Supplemental Life Insurance
- Spouse policy amounts
- Policy amounts starting at $5,000, available in $5,000 increments
- 50% of employee supplemental life benefit, up to $300,000
- Guarantee issue amount available upon initial hire only = $30,000
- Benefits are available for all eligible children
- For ages 14 days to 6 months = $250
- Age 6 months to 19 years (25 if full time students) = $10,000
- Elected amount is effective for each individual child(ren)
