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 any health questions. Otherwise, you will be required to provide Evidence of Insurability (EOI) and be approved by Prudential before coverage begins.

  • You
    Guarantee Issue: $500,000
  • 1x–5x your annual base pay up to $700,000 (in $10,000 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

Age
Team Member Rate
per $10,000 of Coverage
Spouse/Domestic Partner Rate
per $5,000 of Coverage
Less than 30
$.32
$.16
30-34
$.37
$.18
35-39
$.55
$.28
40-44
$.78
$.39
45-49
$1.29
$.65
50-54
$2.08
$1.04
55-59
$3.28
$1.64
60-64
$4.02
$2.01
65-69
$6.51
$3.25
70-74
$11.54
$5.77
75 and over
$19.94
$9.97

Your Optional AD&D Insurance Premium Cost

Coverage Tier Cost per $1,000 of coverage
You $.012
Your Spouse/Domestic Partner $.012
Your Child(ren) $.012

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 1 or hrteam@michaels.com about Portability/Conversion information within 31 days of the date your coverage ends. The appropriate forms will be emailed to you.

Portability/Conversion Information

Provider