Your Company-paid Basic Life Insurance coverage is equal to two times your covered compensation, rounded to the nearest $1,000 (maximum $3,000,000). This coverage is automatic — you don’t have to enroll, but you do need to designate a beneficiary to receive the benefit in the event of your death.
The plan also allows you to purchase additional coverage of one to six times your covered compensation, rounded to the nearest $1,000 (maximum $2,000,000). Coverage in excess of $750,000 requires a statement of health. You can increase coverage each year during the Annual Enrollment period, up to the plan limit, however increases greater than one times will require a statement of health.
Note: A separate Level Premium Life Insurance Plan has been closed to new participants since June 1994. If you are enrolled in this plan, you cannot participate in Employee Life Insurance coverage described above.
Dependent Life Insurance
You may also purchase life insurance for your spouse/DP and/or eligible children. You are the designated beneficiary of all dependent life Insurance benefits.
- Optional Spouse Life: You can elect spouse coverage in $10,000 increments, up to a maximum of $100,000. Coverage in excess of $50,000 requires a statement of health. Additional coverage can be elected during Annual Enrollment, in $10,000 increments, up to $100,000, however all increases greater than $10,000 and/or all coverage over $50,000 will require a statement of health.
- Optional Child Life: You can elect coverage of $10,000, $20,000 or $30,000. Premiums are a fixed amount regardless of the number of children covered.