Leave your legacy, not your debts
Get coverage for your loved ones that provides up to 5x your pay.
Basic and Supplemental Life Insurances Overview
We can help you plan for life’s uncertainties.
Leave your legacy – not your liabilities. Feel better knowing you and your family have a sound enough financial cushion if something unexpected happens to you, permanently cutting off your income.
Your Basic Life Insurance benefits equals 1 times your eligible pay including your base salary and bonus. Any basic life insurance policy in excess of $50,000 will be considered taxable to you, and you will see a deduction from your paycheck for this tax (or imputed income).
In addition, you are eligible for 1 times your base salary and bonus for Accidental Death & Dismemberment insurance and you can elect more through The Benefits Center website (medical evidence of insurability may be required):
- Supplemental life insurance options up to a maximum of 5 times your pay (a $3m maximum applies)
- Supplemental Accidental Death and Dismemberment (AD&D) coverage, which will pay the benefit amount you elect if you die as a result of a covered accident. You may receive the full amount or a percentage of that amount if you are seriously injured
- Dependent (spouse and child) life insurance where you are insuring your dependent in the instance something happened to them – you would receive a sum of money to help manage funeral expenses, outstanding medical bills etc.
You can review the value of your Basic Life Insurance policy and update your beneficiaries 24/7 on The Benefits Center website.
A summary of the benefits and limits can be found below:
Benefit | Coverage Level | Maximum Benefit |
Definition of Pay | Annual Base Salary + Bonus or Commissions | |
Basic Life | 1x Eligible Pay | $1.5M |
Basic Accidental Death & Dismemberment | 1x Eligible Pay | $1.5M |
Supplemental Life | 1x – 5x Eligible Pay | $3M when combined with Basic |
Supplemental Accidental Death & Dismemberment | 1x – 10x Eligible Pay | $1M |
Spousal Life | $10k increments up to max | $100k |
Child Life | $10,000 | $10,000 |