Basic Life Insurance and AD&D
Life and AD&D Insurance helps protect your loved ones in the event of your death or serious injury. Your designated beneficiary can use your life insurance benefits to settle debts like credit cards, mortgages, and other final expenses.
Basic Life insurance – Golden Touch provides $15,000 of life insurance coverage at no cost to you.
Basic AD&D is included with your Basic Life coverage and offers benefits for accidental injuries causing dismemberment (e.g., loss of a hand, foot, or eye). If an accident results in death, your beneficiary receives the full AD&D benefit.
Voluntary Life Insurance and AD&D
Eligible employees have the option to buy additional Voluntary Life and AD&D insurance at group rates, paying the full premium. If you decline enrollment and later enroll or increase coverage, evidence of insurability (proof of health) will be required by the insurer.
Coverage
- Employee: You can enroll in increments of $10,000 up to 5x your base salary to maximum benefit of $300,000. Guaranteed issue of $150,000 for New Hires.
- Spouse/Domestic Partner: You can enroll in increments of $5,000 up to $150,000. Coverage cannot exceed 50% of the employee’s coverage.
- Child(ren): Offered to a maximum benefit per child. Evidence of Insurability not required.
Beneficiaries
It is important to designate a beneficiary(ies) for all life insurance and AD&D coverage upon enrollment and keep it up to date. If no beneficiary is designated it can delay payment of benefits.