Life and AD&D Insurance
Life and Accidental Death & Dismemberment (AD&D) insurance helps protect your loved ones financially if you pass away or experience a serious injury. These benefits can help cover final expenses, pay off debts like credit cards or mortgages, or provide additional financial stability during a difficult time. Even if you’re single, naming a beneficiary ensures someone you care about receives the support. Coverage includes Basic Life and AD&D at no cost to you. You have the option to purchase additional Voluntary Life and AD&D and Voluntary Life with Long Term Care insurance for yourself and your family.
Basic Life and AD&D
Basic Life insurance – You receive Basic Life insurance coverage at no cost to you, and you do not need to enroll in any other health and protection program. Basic Life insures you for 3 times your basic annual earnings, up to a maximum of $600,000.
Basic AD&D is included with your Basic Life coverage and provides you specified benefits for a covered accidental bodily injury that directly causes dismemberment (i.e., the loss of a hand, foot or eye). If death occurs from an accident, 100% of the AD&D benefit would be payable to your beneficiary(ies).
Imputed Income: Under current tax laws, imputed income is the value of your Basic Life insurance that exceeds $50,000 and is subject to federal income, Social Security and state income taxes, if applicable. This imputed income amount will be included in your paycheck and shown on your W-2 statement.
Voluntary Life and AD&D
Voluntary Life and AD&D: In addition to Basic Life and AD&D, eligible employees may purchase additional Voluntary Life and AD&D insurance at favorable group rates. Participants pay 100% of the premium. Note: It is important to provide beneficiary information during the enrollment process and keep this information up to date. If you decline Voluntary Life insurance when first eligible or if you elect coverage and wish to increase your benefit amount at a later date, evidence of insurability may be required before coverage is approved.
- For you: Increments of $10,000 up to lesser of 5 times covered annual earnings or $500,000. Guaranteed issue of $100,000 (if newly eligible).
- For your spouse: Increments of $5,000 up to lesser of 100% of employee amount or $500,000. Guaranteed issue of $20,000.
- For your children: $2,000 increments up to $10,000. Note: Maximum coverage amount from birth to 6 months is $500.
Voluntary Life with Long-Term Care
Long Term Care benefits can help cover costs, allowing people to receive the care they need without depleting their life savings or burdening family. Participant pays 100% of the premium and will be direct billed.
Chubb’s Life with Long Term Care product is term insurance designed to last a lifetime. It includes premiums that are guaranteed to never increase and a death benefit that is 100% guaranteed to age 70. After that, the death benefit is guaranteed to be at least 50% of the original death benefit. The Long-Term Care rider is designed to accelerate the death benefit at 4% per month for up to 25 months to pay for long-term care in an assisted living or long-term care facility, or home healthcare and/or adult day care.