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 |