Life and Accidental Death & Dismemberment Insurance-AE
Our Life, Accidental Death & Dismemberment and Long-term Disability Insurance carrier continues with Prudential. All current coverage and beneficiary designations remain the same.
Employer paid life insurance in excess of $50,000 is subject to tax under IRS guidelines. See the Imputed Income Explanation for details. Any additional taxable income will be calculated automatically beginning in January. Note, if your Basic Life Insurance is less than $50,000 there is not taxable income.
There have been no changes in rates for the Employee Voluntary Life Age Brackets, Spouse/Partner and dependent child life rates and AD&D rates. If you or a covered spouse/partner changed age brackets you will see an increase in coverage. The age brackets and rates are listed below:
Age Monthly Rate per $10,000
Under 25 $0.80 $0.60
25 – 29 $0.60 $0.60
30 – 34 $0.70 $0.80
35 – 39 $0.90 $0.90
40 – 44 $1.50 $1.22
45 – 49 $2.40 $1.94
50 – 54 $4.30 $3.25
55 – 59 $6.90 $5.40
60 – 64 $8.10 $6.60
65 – 69 $13.80 $12.70
70+ $37.40 $30.29>
To make any changes to your Life or AD&D coverage for your self or your dependents for January 1, 2016, please contact Human Resources during the Annual Enrollment Period – November 9th through November 24th.
Life Insurance: You can reduce coverage at any time, however, if you do so and later wish to increase coverage again you will need to complete a Personal Health Statement.
If your Basic life insurance is increasing due to your salary increasing you do not need to submit a personal health statement. However, if the combination of your Basic Life and Supplemental Life exceeds $500,000 you will need to submit a personal Health Statement to receive any life insurance in excess of $500,000. There is a total maximum cap of $850,000 between your basic life and supplemental life insurance.
If you would like to increase coverage, you will need to complete a Personal Health Statement and submit to Prudential Insurance for review. You may be asked by Prudential to submit additional information or even take an up-to-date physical.
Accidental Death & Dismemberment (AD&D): You can increase or decrease your AD&D coverage at Annual Enrollment without having to submit any health information. This differs from Life Insurance because the state of your health does not affect your likelihood of having an accident. There is a total maximum cap of $850,000 between your basic AD&D and supplemental AD&D insurance.
Spouse/Partner Life and AD&D Insurance: Your spouse/partner Life Insurance Coverage cannot exceed 100% of your own coverage. If you are applying for your spouse/partner life insurance for the first time or are increasing coverage you must submit a Personal Health Statement.
Your Spouse/partner AD&D coverage cannot exceed 100% of what you have on your self. Similar to your own coverage you can increase or decrease your Spouse/Partner AD&D Coverage without submitting any health information.
Child(ren) Life and AD&D Coverage: You can increase your Child(ren) life coverage to $20,000 during annual enrollment without submitting a Personal Health Statement. You must have some Life Insurance Coverage on yourself to cover your child(ren).
You can increase or decrease your Child(ren) AD&D Insurance at any time without submitting any health information. You must have some AD&D coverage on yourself to elect coverage for your child(ren).
If you already have Child(ren) Life or AD&D Coverage any children under age 26 will automatically be covered. If you do not see a child listed on your Online Benefit Statement please notify Human Resources.