Life & AD&D Insurance
As much as we might hate to think about it, it’s always best to plan for the unexpected. Life and Accidental Death & Dismemberment (AD&D) Insurance offers you and your family financial protection if the unthinkable happens, and you or a covered family member is injured or dies. Coverage is calculated based on your benefits base pay (also called your benefit pay), which is your annual base pay plus prior 12 months’ commission, if any (or for new hires, it is your annual base pay plus your target commission, if any).
These benefits are administered by Sun Life Financial.
Additional Services Come with Your Coverage
You have access to online will preparation and claimant support services.
Refer to the Brochure and ID Card for details.
Take Time to Make Your Beneficiary Designations
Make sure your beneficiary designations are up to date, so that, if the worst happens, your life insurance is distributed according to your wishes. To review your beneficiary designations, log on to Benefits4MeEnroll.com
According to IRS guidelines, the value of any insurance amounts over $50,000 is taxable to you as imputed income. The amount of taxes you’ll pay as imputed income will depend on your age and the value of your basic life insurance coverage (reduced by $50,000). To avoid taxes, you also have the option of electing a reduced amount of Basic Life and AD&D coverage in the amount of $50,000 and you may no longer purchase supplemental life insurance. The amount of taxes you’ll pay as imputed income will depend on your age and the value of your basic life insurance coverage (reduced by $50,000).
For additional protection, you may choose to purchase Employee Supplemental Life Insurance.
Evidence of Insurability (EOI)
New hires may select Supplemental Life Insurance coverage of up to 3x benefits base pay with a combined maximum of $2,000,000 without providing proof of good health. Any increase in coverage after your initial new hire enrollment window will require EOI.
If you make an election in which EOI or proof of good health is required, you will need to submit forms to Sun Life Financial for approval before supplemental coverage takes effect.
Note:
Rates
You can see your personalized rates by visiting Benefits4MeEnroll.com.
Special Opportunity for Newly Eligible Employees
If you’ve just been hired, transferred to the U.S., or your job status changed and you’re newly eligible for benefits, you can buy life insurance up to 3x your benefits base pay with a combined maximum of $2,000,000 without having to provide EOI.
If you would like to enroll in coverage for more than 3x your benefits base pay, the insurance company will review information about your health and then will approve or decline your request for coverage. (Annual limits may apply.)
Any future increases require EOI.
You may purchase life insurance for your spouse or domestic partner, as well as for your child(ren), in the amounts shown below.
The amount of your spouse life insurance cannot exceed the amount of your employee life insurance (basic plus supplemental).
Note: For each eligible dependent, you must provide proof of dependency.
|
Available Coverage Amounts |
|
|---|---|
|
Spouse |
$10,000 |
|
Child |
$5,000 |
Evidence of Insurability (EOI)
For your spouse/domestic partner, you will need to provide proof of good health for all increases in coverage, by completing the EOI process. As a new hire, or when your spouse/domestic partner is newly eligible within 31 days of marriage, you may select spouse/domestic partner life insurance coverage up to $50,000 without providing EOI. EOI is not required for your children.
Rates
You can see your personalized rates by visiting Benefits4MeEnroll.com.
Supplemental AD&D coverage is also available for you and your family.
Rates
You can see your personalized rates by visiting Benefits4MeEnroll.com.