Life and Accident Insurance
Overview
Life and accident insurance benefits offer an important source of financial assistance for you and your survivors.
Company-Paid Life Insurance – A base level of protection at no cost to you that provides financial assistance to your beneficiary(ies) in the event of your death. Your benefit amount is equal to your most recent base pay, rounded up to the next $1,000. Note: The amount ABC Company pays for coverage that is over $50,000 is reported as taxable income to you.
Employee-Paid Life Insurance – Added protection you can purchase to provide additional financial assistance to your beneficiary(ies) in the event of your death. You can choose coverage from one half up to eight times your base pay, with a maximum coverage level of $1.5 million.
Dependent Life Insurance – Coverage you can purchase for your spouse/domestic partner and/or child(ren). For your spouse/domestic partner, coverage is available from $10,000 to $250,000. For children, you can elect $2,000, $5,000, $10,000 or $20,000.
Voluntary Group Accident Insurance (VGA) – Offers financial assistance for you and your beneficiaries in the event of a covered accidental death, dismemberment, disability or other serious injury. You can elect $10,000 to $500,000 of employee coverage and $10,000 to $250,000 of spouse/domestic partner coverage. Coverage for your dependent child(ren) is equal to 10% of the amount elected for employee coverage (with a $10,000 maximum).
Business Travel Accident (BTA) and Occupational Accident Insurance (OAI) – Protection ABC Company provides at no cost to you.
Things to know.
What’s the cost for optional coverage? It varies based on the type of coverage (see the ABC Company Benefits enrollment website for specific costs). For employee and spouse/domestic partner life insurance, both age and tobacco use are factors, along with the amount of coverage you elect. For child life insurance, it is based on the amount of coverage you select (and there is no additional cost for insuring more than one eligible child). For the VGA options, your cost depends on the coverage amount you select. If you select VGA coverage for yourself, coverage for your dependent child(ren) is automatic at no additional cost to you.
Consider the age of your child(ren). They are eligible for life insurance coverage up to the end of the month in which they turn age 26 (regardless of student status).
Your life insurance comes with a few extra benefits. These include:
- Funeral planning and discounts (available through company-paid life insurance) — Access to counselors and discounts on funeral services through BBB Memorial. Visit the financial planning and discounts website or call 866-553-0953.
- Grief counseling (available through company and employee-paid optional life insurance) — receive help dealing with any type of loss (up to five counseling sessions per event at no cost to you). Call 888-909-1239 or visit the grief counseling website (username: needlifeassist | password: support).
- Will preparation and estate resolution services (available through employee-paid optional life insurance) — offers assistance preparing or updating a standard will for little or no cost through AAA Legal Plans. Call 800-094-6422 (group number 21700). Learn more about will preparation and estate resolution services.
Two things to keep in mind for spouse/domestic partner VGA coverage...
- You must enroll for Employee VGA coverage in order to enroll for spouse/domestic partner VGA coverage.
- If you both work for ABC Company, you must each enroll separately for Employee VGA coverage (you cannot cover each other).
Tools and resources.
Not sure how much insurance you need?
Use the Life Insurance Needs Analysis Tool available on the ABC Company Benefits enrollment website.
Want additional details?
Access the information available through the HR Knowledge Base on the internal ABC Company network.
Looking to connect with NeedLife?
Use the tools and resources available from NeedLife, including mobile apps.