Life and AD&D Insurance
Protection for the ones you love in case the unexpected happens.What the Plans Cover
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Basic Life Insurance
All Full-Time Team Members, regardless of whether you enroll in a medical/dental plan, will receive Basic Life Insurance at no cost to you. Insurance coverage amounts for you and your spouse/domestic partner reduce by 50% at age 70.
| Coverage Tier | Benefit |
|---|---|
| You | $25,000 |
| Your Spouse/Domestic Partner | $2,000 |
| Your Child(ren) | $1,000 |
Optional Life Insurance
You may purchase additional life insurance for yourself, your spouse/domestic partner and children. Optional Life Insurance coverage amounts for you and your spouse/domestic partner reduce by 50% at age 70. If you are newly eligible to enroll, you can elect coverage up to the Guarantee Issue amount without answering health questions. Otherwise, you’ll be required to provide Evidence of Insurability (EOI) and be approved by Reliance Standard before coverage begins.
| Coverage Tier | Benefit |
|---|---|
| You | Up to $700,000 (in $10,000 increments); Guarantee Issue: $500,000 |
| Your Spouse/Domestic Partner | $5,000 to $100,000 (in $5,000 increments); Guarantee Issue: $30,000 |
| Your Child(ren) | Up to $10,000 (in $1,000 increments) |
Basic AD&D Insurance
All Full-Time Team Members, regardless of whether you enroll in a medical/dental plan, will receive Basic AD&D Insurance at no cost to you.
Optional AD&D Coverage
You can also purchase Optional AD&D Insurance. coverage amounts for you and your spouse/domestic partner reduce by 50% at age 70.
| Coverage Tier | Benefit |
|---|---|
| You | 1x–8x your annual base pay (up to $700,000) |
| Your Spouse/Domestic Partner | $5,000–$100,000 (in $5,000 increments) |
| Your Child(ren) | $1,000–$10,000 (in $1,000 increments) |
What the Plans Cost
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Your Optional Life Insurance Premium Cost (Biweekly)
per $10,000 of Coverage |
per $5,000 of Coverage |
|
|---|---|---|
Your Optional AD&D Insurance Premium Cost (Biweekly)
Designating a Beneficiary
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What is a Beneficiary?
A beneficiary is an individual or entity that will receive all or a portion of the insurance proceeds that may become payable if you die.
Whom Can I Name as a Beneficiary?
You may designate one or more individuals, including a trust or your estate, as a beneficiary. If you designate more than one beneficiary, the proceeds are divided equally unless you indicate otherwise on your beneficiary designation. You can divide the proceeds based upon a percentage or fraction, as long as the total equals 100%.
What Do I Need to Name My Beneficiary?
- Full first and last name
- Complete address and phone number
- Relationship to you
When Can I Change My Beneficiary?
Generally, you may change your beneficiary at any time. Life events like marriage, divorce or the birth of a child, are often good times to assess your beneficiaries. Log in to Workday to update your beneficiaries.
What If I don't Name a Beneficiary?
If there is not a named beneficiary, if all of the named beneficiaries die before you, or if the beneficiary records are lost or destroyed, insurance is generally paid in the following order:
- Surviving Spouse
- Surviving children in equal shares
- Surviving parents in equal shares
- Surviving siblings in equal shares
- The estate
How to File a Claim
Group Life Insurance Coordinated Claims Experience
Portability/Conversion
Contact Team Member Services at 855-432-MIKE(6453), Option 2, about Portability/Conversion information within 31 days of the date your coverage ends. The appropriate forms will be emailed to you.
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