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Life Insurance

In the event of your death, life insurance provides financial assistance to your beneficiaries. You can elect life insurance coverage for yourself, your spouse/domestic partner and your children.

Basic Life Insurance

If you’re a full-time employee, you receive 1.5 times your annual base pay in coverage. Any amount above $50,000 will have “imputed income” applied and it will appear on your W-2 (the IRS requires that it be treated as taxable income). If you are a part-time employee, you receive $20,000 in coverage.

Don’t forget to designate a beneficiary for your life insurance. Learn how.

ELIGIBILITY

All Regular, U.S. NesCARE benefits-eligible employees (Hourly regularly scheduled to work 30+ hours or Salaried working 20+ hours, as defined in the NesCARE SPD).

Supplemental Life Insurance
Employee

If you’re a full-time employee, you can elect coverage of an additional 7.5 times annual base pay, for a total basic and optional coverage amount of nine (9) times annual base pay to a maximum coverage of $2,000,000. If you’re an eligible part-time employee, you can elect coverage up to $100,000.

Supplemental Life Insurance
Dependent

For your spouse/domestic partner, you can elect $10,000, $25,000, $50,000, $100,000, $250,000 or $500,000 of coverage. They will be guaranteed coverage of up to $25,000 before having to provide EOI. For your children, you can elect $5,000, $10,000 or $25,000 for coverage.

An employee’s first newborn child is automatically covered for $5,000 child life for 31 days from the child’s live birth. To continue coverage on the first child, the employee must elect child coverage within those 31 days; otherwise the coverage shall terminate at the end of the 31-day period.

If you are enrolled in child life, remember to add your new child for coverage within 31 days.

If you are not enrolled in child life, consider this important coverage and enroll within in 30 days.

Evidence of Insurability (EOI) for Life Insurance

EOI is proof of good health and is required by the benefit administrators before your elections will take effect. You’ll need to provide EOI in the following cases:

When newly eligible and electing supplemental life insurance amount greater than 4x your salary or $500K (lesser of).
To increase or elect spouse supplemental life insurance when newly eligible for amounts greater than $25,000.
To increase or elect supplemental life insurance after declining it when you’re first eligible.

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More Income Protection Information

For more details on your Income Protection benefits, refer to the Summary Plan Description (SPD) located on My Benefits.