Term life insurance coverage is available to eligible employees. MetLife underwrites the life insurance coverage.
Basic Life insurance
Employees are automatically enrolled in Basic Life insurance at no cost if they have health insurance coverage. This policy provides $3,000 in coverage and includes a matching amount of Accidental Death and Dismemberment insurance.
Optional Life insurance
Additional coverage is available for active employees. Upon initial eligibility, you are guaranteed coverage in $10,000 increments up to three times your salary or $500,000, whichever is less. You can also apply for more coverage, up to $500,000, with medical evidence. The policy includes a matching amount of Accidental Death and Dismemberment insurance. Premiums are determined by your age as of the previous December 31 and your coverage amount. Employees can pay premiums for coverage up to $50,000 before taxes with MoneyPlus. Your coverage will reduce to 65 percent at age 70, 42 percent at age 75 and 31.7 percent at age 80.
Dependent Life insurance
You can elect coverage in $10,000 increments up to a maximum of $100,000 or 50 percent of your Optional Life amount, whichever is less. Upon initial eligibility, $20,000 of coverage is guaranteed. If you are not enrolled in Optional Life coverage, you can still choose $10,000 or $20,000 of Dependent Life-Spouse coverage. Medical evidence is required for all amounts of more than $20,000 and for coverage not elected when the dependent first becomes eligible under the Plan or due to a special eligibility situation. The policy includes a matching amount of Accidental Death and Dismemberment insurance. Your coverage will reduce to 65 percent at age 70, 42 percent at age 75 and 31.7 percent at age 80.
You can cover children from live birth to ages 19 or 25 if a child is a full-time student. The benefit is $15,000 and coverage is guaranteed. You will pay the same monthly premium regardless of the number of children covered. A child can be covered by only one parent under this Plan.
You can enroll in Optional Life insurance and Dependent Life-Spouse insurance coverage during:
Your initial enrollment;
Open enrollment in October; or
A special eligibility situation.
You can enroll in Dependent Life-Child insurance coverage during:
Your initial enrollment; or
Anytime throughout the year.
Options at retirement
When you retire, you can continue or convert your Optional Life coverage. You have the option to continue your term life insurance, and your retiree coverage will end on January 1 following your 75th birthday. You can also covert your coverage to a whole life policy, which is a permanent form of life insurance. Learn more about your options when you retire in the Retiree group insurance chapter of the Insurance Benefits Guide.