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