Basic Life Insurance / Accidental Death & Dismemberment (AD&D) Insurance
All active, full-time employees working at least 30 hours per week are eligible for Basic Life and Accidental Death & Dismemberment (AD&D) insurance. Life insurance coverage provides important financial protection for your beneficiaries in the event of your death. AD&D insurance provides additional financial protection by paying a benefit upon death or serious injury due to a covered accident. The basic life insurance benefit amount is $50,000. The AD&D insurance benefit amount is equivalent to your life benefit amount. Inserso covers the cost of this benefit.
Some Helpful Insurance Terms:
Imputed Income
Federal regulations require payment of income and Social Security taxes on the value of the life insurance premiums in excess of $50,000 when paid for by your employer. This value is known as imputed income. Contact your tax professional for information regarding these tax consequences if you have questions or concerns.
Age Reduction
The group term basic life and AD&D insurance coverage are subject to a reduction in benefit amount as you age.
Voluntary Life / AD&D
All active, full-time employees working at least 30 hours per week have the option to purchase additional life insurance and AD&D coverage as a bundle for themselves, their spouse/domestic partner and/or dependent child(ren). Employees are responsible for the cost of this benefit.
The Guaranteed Issue (GI) amount is the amount of coverage you may elect without showing proof of good health. For 2024/2025, Guardian is allowing all employees to enroll in coverage up to the guaranteed issue (GI) amount without completing Evidence of Insurability (EOI). For the 2024-2025 Open Enrollment, this is your one-time opportunity to enroll in the Voluntary Life/AD&D GI amount without having to complete EOI. If you wish to enroll later, or wish to increase your election at a later time, you will need to complete EOI.
Voluntary Life Rates
Your cost for Voluntary Life coverage is based on the amount of coverage you elect, as well as your age. Rates for both employee and spouse/domestic partner coverage are based on the employee’s age as of September 1 of each year. The cost of this coverage is deducted from your pay through post-tax payroll contributions (24 pay periods). Information regarding the cost calculation for your elected benefit is below.
Short / Long-Term Disability Plans
Inserso offers two company-paid disability plans by Transamerica to provide financial assistance in case you become disabled or unable to work.
Coordination of disability benefits
Your benefit may be reduced if you receive disability benefits from retirement, Social Security, workers’ compensation, state disability insurance, no-fault benefits and return-to-work earnings. Refer to your certificate of coverage for more details.