Life and AD&D Benefits
This is a 100% employer-paid benefit.
Group Basic Life Insurance from Standard Insurance Company helps provide financial protection by promising to pay a benefit in the event of an eligible member’s covered death. Basic Accidental Death and Dismemberment (AD&D) insurance may provide an additional amount in the event of a covered death or dismemberment as a result of an accident.
Other Basic Life Features and Services:
• Accelerated Benefit
• Life Services Toolkit
• Portability of Insurance Provision
• Repatriation Benefit
• Right to Convert Provision
• Standard Secure Access account payment option
• Travel Assistance
• Waiver of Premium
Other Basic AD&D Features:
• Air Bag Benefit
• Family Benefits Package
• Seat Belt Benefit
Benefits |
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Eligibility |
This benefit is available to eligible employees. Contact your human resources representative or review your benefit certificate for specific eligibility requirements. |
Basic Life Coverage Amount |
1 times your annual earnings to a maximum of $100,000 |
Basic AD&D Coverage Amount |
For a covered accidental loss of life, your Basic AD&D coverage amount is equal to your Basic Life coverage amount of $100,000. |
Life Age Reductions |
Basic Life and AD&D insurance coverage amount reduces to 65% at age 65, to 50% at age 70, and to 35% at age 75. |
Beneficiary Designation |
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Your beneficiary designation is the person you name to receive your Life insurance benefits in the event of your death. This includes any Life insurance benefits payable under the Life insurance plan available through Veracity. Benefits payable for a dependent’s death under the Life insurance plan are payable to you if living; otherwise, benefits may, at the option of the insurance company, be payable to your surviving spouse or to the executors or administrators of your estate. It is important that your beneficiary designation be clear so that there will be no questions as to your meaning. It is also important that you name a primary and contingent beneficiary. |