Basic Life and AD&D

It’s never fun to discuss life insurance. But you probably know that life insurance is something that you need to protect your loved ones in the event of your death. Things like funeral expenses, debt, and the cost of living, can all add up. Fortunately, life insurance can help lessen the financial burden and provide coverage to help pay for these types of expenses.

This is a company-paid benefit – enrollment is not required.

Life insurance protects your family or other beneficiaries in the event of your death while you are still actively employed with the company. Accidental Death & Dismemberment (AD&D) protects you, your family or other beneficiaries in the event of accidental dismemberment or accidental death while you are still actively employed with the company. This coverage is provided by MetLife.

Full-time employees receive company-paid coverage of 2x salary ($400,000 max.) AD&D benefits are paid in addition to any Life Insurance.

To help employees avoid imputed income, which is the tax on the value of employer-provided life insurance over $50,000, we are offering a $50,000 Basic Life Insurance option. If you elect the $50,000 Basic Life option, you will get $50,000 of AD&D coverage as well. If no election is made, coverage will default to 2x salary up to $400,000.

Resources

Basic Life and AD&D Summary
Grief Counseling Member Slip Sheet
Estate Resolution
Will Preparation & Digital Estate Planning

MetLife

Contact HR Central to learn more.

Supplemental Life

In addition to the company-provided Basic Life benefits, you may elect to purchase additional supplemental life insurance at discounted group rates provided by MetLife. You pay for this coverage with after-tax dollars through convenient payroll deductions. You are not eligible to purchase supplemental life insurance with MetLife if you qualify for the GVUL benefit with MetLife.

This is a voluntary benefit – if elected, enrollment is required.

  • Employee: You may purchase coverage for yourself in increments of $10,000 up to a maximum benefit of the lesser of 5 times your annual salary or $500,000.
  • Spouse or Domestic Partner: If you buy coverage for yourself, you may also purchase coverage for your eligible spouse or domestic partner. Benefits for your spouse or domestic partner are available in increments of $5,000 up to a maximum benefit of $250,000, not to exceed 50% of your employee election.
  • Child(ren): If you buy coverage for yourself, you may also purchase coverage for your eligible dependent child(ren)as follow:
    • Birth to 6 months -$250
    • 6 months to age 1 -$5,000
    • Age 1 to age 26 – increments of $5,000 up to $10,000.

Guarantee issue is a pre-approved amount of coverage that does not require you to provide proof of good health, and is available to you during your initial eligibility period (upon hire). Guarantee issue is available in the following amounts:

  • Employee: $500,000
  • Spouse or Domestic Partner: $50,000
  • Child(ren): Entire benefit amount

If you are requesting amounts over the guarantee issue or if you are no longer in your initial eligibility period, you may enroll in Supplemental Life insurance at the next enrollment opportunity as long as you provide proof of good health. To provide proof of good health, you will be asked to complete a health questionnaire (Evidence of Insurability) and are subject to insurance carrier approval. MetLife may approve or decline coverage based on a review of your health history.

Resources

Supplemental Life Summary

MetLife

866-492-6983
MyBenefits.MetLife.com

Group Variable Universal Life (GVUL)

Parsons offers you the opportunity to purchase Group Variable Universal Life (GVUL) insurance at discounted group rates, provided by MetLife. This benefit is available in lieu of the MetLife Supplemental Life. Life insurance protects your family or other beneficiaries in the event of your death while you are still actively employed with the company.

Employee

  • You may purchase coverage for yourself in amounts from 1-6x your base salary up to a maximum benefit of
    $3,000,000.
  • Guarantee Issue: Coverage elections of up to 3x your base salary up to $600,000. If you apply for coverage of 4-6x your base salary up to $3,000,000, coverage is subject to medical evidence of insurability. If you do not enroll during the initial eligibility period, you will be required to submit medical evidence of insurability for all coverage amounts.

Spouse or Domestic Partner

  • If you buy coverage for yourself, you may also purchase coverage for your eligible spouse or domestic partner via a term rider attached to your policy of $5,000, $10,000, $25,000, $50,000, $100,000, $150,000, $200,000, or $250,000. Coverage amounts cannot exceed 100% of your coverage. Coverage for your spouse or domestic partner is available to age 70.
  • Guarantee Issue: $50,000. Any coverage above $50,000 requires evidence of insurability.

Child(ren)

  • If you buy coverage for yourself, you may also purchase coverage for your eligible dependent child(ren) via a term rider attached to your policy of $5,000 or $10,000. Coverage is available for children ages 15 days to 18 years (or age 21, if a full-time student in higher education beyond high school).

If you are diagnosed as terminally ill with 12 months (24 months in Massachusetts and Illinois) or less to live, you have the option to elect a reduced settlement amount prior to your death. Please review the contract for details.

Amounts above guarantee issue are available if you provide evidence of insurability. To provide evidence of insurability, you will be asked to complete a health questionnaire and are subject to insurance carrier approval. MetLife may approve or decline coverage based on a review of your health history.

For special events, such as having a baby, buying a home, or getting married, you can increase your coverage by one salary multiple, provided you notify MetLife within 31 days of the event. If you receive a raise, your coverage level will increase effective January 1 of the year following the salary increase. You can increase or decrease your coverage any time during the year. Changes in an age category due to an employee date of birth will become effective the first day of the month following the date of birth.

Resources

GVUL Program Summary

Learn More and Enroll

To enroll, call MetLife at 800-846-0124 or visit mybenefits.metlife.com.

To make changes to existing coverage, call MetLife at 800-756-0124 or visit mybenefits.metlife.com.

If you retire or leave the company, you can continue your full coverage amount by calling 800-846-0124.

MetLife

800-756-0124
MyBenefits.MetLife.com

Supplemental AD&D

Accident insurance can help you pay expenses if you or your spouse is seriously injured or killed in a covered accident. This insurance can help ensure that tragedy doesn’t take both an emotional and a financial toll on your family. By purchasing this insurance, you benefit from affordable group rates and convenient payroll deductions.

This is a voluntary benefit – if elected, enrollment is required.

Your cost will depend on the benefit amount and coverage option you select. The chart shows the most common benefit amounts. Other amounts are available, subject to the maximums indicated above.

See Benefit Reductions. Costs are subject to change. Benefit amounts over $300,000 cannot be greater than 10 times your annual earnings. Benefit amounts cannot exceed $375,000 for your spouse and $50,000 for each child.

When the covered person reaches age 70, his or her benefits will be reduced to 70% of the benefit amount selected; at age 75, 45%; at age 80, 30% and at age 85, 15%. Coverage for your spouse ends when he or she reaches age 70. These reductions also apply if you elect coverage after age 69.

Resources

Summary Plan Description
Voluntary AD&D Plan Summary

New York Life

Contact HR Central to learn more.

Claims Contact: 800-362-4462

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