Life and AD&D Insurance
Protection for Loved Ones in the Event of the UnexpectedLife Insurance
Basic Life
All full-time Team Members, regardless of whether you enroll in a medical or dental plan, will receive Basic Life Insurance at no cost to you. Coverage amounts are outlined below.
Basic Life 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
You may purchase Optional Life Insurance for yourself, your spouse/domestic partner, and your 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.
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Optional Life Coverage
| 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) |
Biweekly Premium Cost
per $10,000 of Coverage |
per $5,000 of Coverage |
|
|---|---|---|
AD&D Insurance
Basic AD&D
Optional AD&D
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Optional AD&D Coverage
| 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) |
Biweekly Premium Cost
How to File Claims
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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 information do I need to name my beneficiary?
You will need the beneficiary’s full first and last name, complete address and phone number, and 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 happens if I don't name a beneficiary?
In the event that 1) there is not a named beneficiary, 2) all of the named beneficiaries die before you, or 3) 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
Portability/Conversions
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. For more information, follow this link: Conversion & Portability Provisions.
Get Support
For assistance, contact Team Member Services at 855-432-MIKE (6453) and select option 2, available Monday through Friday from 8 a.m. to 5 p.m. CT.
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