Enrollment Considerations

Here are some things to keep in mind as you make your decisions about life and AD&D insurance:

  • You should consider other sources of income your beneficiary would have at your death. These may include other life insurance policies you have, benefits from the retirement plan and any other assets you have.
  • No evidence of good health is needed to choose one additional level of life insurance, up to $400,000 in combined basic and supplemental coverage, during open enrollment. If you increase coverage by more than one additional level or other than during open enrollment, evidence of your good health will be needed. Please contact the Human Resource for the necessary forms.
  • You may name one or more beneficiaries for your life insurance. If you do not name a beneficiary, benefits will be paid in the following order: spouse, children, parents, siblings and then estate. You should review your beneficiary designations from time to time to make sure they are current.
  • Please keep in mind that the cost of group term life insurance in excess of $50,000 is includable as income and also subject to Social Security and Medicare taxes. The IRS defines an age-related table to impute the value of this benefit. Contact the Payroll Services (x2898) for additional details or refer to IRS Pub.525, Taxable and Non-Taxable Income.