Basic Life and AD&D
Life and AD&D coverage helps protect your loved ones in the event of your death or serious injury. Even if you’re single, your beneficiary can use your Life insurance benefits to pay off your debts, such as credit cards, mortgages, and other final expenses.
Basic Life insurance pays your beneficiary a lump sum if you die. AD&D (Accidental Death & Dismemberment) provides another layer of benefits to either you or your beneficiary if you suffer from loss of a limb, speech, sight, or hearing, or if you have a fatal accident. The cost of coverage is paid in full by the company. Coverage is provided by The Hartford.
Basic Life: 2x annual salary (rounded to the next higher $1,000) up to a maximum of $1,000,000
Basic AD&D: 2x annual salary (rounded up to the next higher $1,000) up to a maximum of $1,000,000
A note about taxes: A Life insurance benefit over $50,000 is considered a taxable benefit. You will see the value of the benefit over $50,000 included in your taxable income on your paycheck and W-2.
Make sure that you have named a beneficiary for your Life insurance benefit and update it if your family or marital status changes.
Imputed Income: Under current tax laws, imputed income is the value of your Basic Life insurance that exceeds $50,000 and is subject to federal income, Social Security and state income taxes, if applicable. This imputed income amount will be included in your paycheck and shown on your W-2 statement.
For more information, contact The Hartford at (888) 563-1124 or visit the website at thehartford.com.
Voluntary Life and AD&D
Voluntary Life and AD&D insurance allows you to purchase additional life insurance to protect your family’s financial security and additional accidental death and dismemberment insurance to protect in case you suffer from loss of a limb, speech, sight or hearing or if you have a fatal accident. Coverage is provided by The Hartford.
Guaranteed Issue and Evidence of Insurability: Employees and spouses who elect Voluntary Life and AD&D coverage when they are first eligible can elect up to the Guaranteed Issue (GI) amount without Evidence of Insurability (EOI). If the amount requested is more than GI, you will need to provide EOI before the amount over GI becomes effective.
For you: Increments of $10,000 up to lesser of five times covered annual earnings or $500,000.
Guaranteed issue is $100,000 for New Hires. Any amount for those enrolling after the New Hire window will pend for review.
For your spouse: Increments of $5,000 up to Lesser of 100% of the employee elected amount or $100,000.
Guaranteed issue is $25,000 for New Hires. Any amount for those enrolling after the New Hire window will pend for review.
For your children: $10,000.
For more information, contact The Hartford at (888) 563-1124 or visit the website at thehartford.com.