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, with the option to purchase additional Voluntary Life and AD&D insurance for yourself and your family at group rates.
If the worst happens, your beneficiary – the person (or people) on record with the life insurance carrier – receives the benefit. Make sure that you name at least one beneficiary as needed if your situation changes.
As a new hire, you will automatically be approved for up to $200,000 of supplemental term life coverage without providing evidence of insurability. If you are married, your spouse can obtain up to $10,000 in supplemental term life coverage without providing evidence of insurability. For children aged 14 days to six months, coverage is up to $10,000.
Basic Life and AD&D (Full-Time Executives, Department Managers, and Pharmacists)
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 1 times your basic annual earnings, rounded to the next higher $1,000, from a minimum of $10,000 up to a maximum of $500,000.
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.
Associates are able to see current coverage amounts through workday.
Voluntary Life and AD&D (Full-Time Executives, Department Managers, and Pharmacists)
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 7 times covered annual earnings or $500,000.
- For your spouse: Increments of $5,000 up to lesser of 50% of employee amount or $250,000.
- For your children: Lesser of 10% of employee amount or $10,000. Note: Maximum coverage amount from 14 days to 6 months is $10,000.
Please note that you must purchase coverage for yourself in order to elect coverage for your spouse and/or children. Rates are set in five-year age bands, and if you move into a new age band during the year, your rate will adjust after your birthday. After the initial eligibility period, any coverage increases will require completion of a Life and Disability Statement of Health form.
Associate/Spouse Cost per $1,000 of Coverage
Basic Life and AD&D (Full-Time Managers and Hourly Associates)
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 $10,000.
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.
Associates are able to see current coverage amounts through workday.
Voluntary Life and AD&D (Full-Time Managers and Hourly Associates)
Voluntary Life and AD&D – In addition to Basic Life and AD&D, eligible associates 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 7 times covered annual earnings or $500,000.
- For your spouse: Increments of $5,000 up to lesser of 50% of employee amount or $250,000.
- For your children: Lesser of 10% of employee amount or $10,000. Maximum coverage amount from 14 days to 6 months is $10,000.
Please note that you must purchase coverage for yourself in order to elect coverage for your spouse and/or children. Rates are set in five-year age bands, and if you move into a new age band during the year, your rate will adjust after your birthday. After the initial eligibility period, any coverage increases will require completion of a Life and Disability Statement of Health form.
Associate/Spouse Cost per $1,000 of Coverage
Group Whole Life
Group whole life insurance with long-term care (LTC) rider from The Standard (formerly Allstate Benefits) covers you in three ways:
- Life Insurance: Includes traditional whole life insurance to protect your family
- Long-term care feature: Lets you draw on your life insurance benefit to help pay for qualified long-term care
- Cash value: Provides a fund you can use for emergencies
The Standard – one product that combines whole life insurance, long term care, and a fund for emergencies.
Note: Associates are not guaranteed coverage when electing Whole Life or Term Life Insurance. Coverage will begin only after insurance companies reviews and approved the application