Insurance Coverage
What you need to know
Life and accidental death and dismemberment (AD&D) insurance provides financial security for your family in case something happens to you. You can also purchase additional coverages for more financial protection.
Group Term Life and AD&D Insurance
- Group term life: Partners are required to maintain a $1,000,000 group term life Insurance policy through Unum. This policy is guaranteed issue and partners are automatically enrolled. Partners age 65 and older may be able to waive life insurance coverage.
- Group accidental death and dismemberment (AD&D) insurance: Partners may purchase coverage for $500,000 ($14 per month) or $1,000,000 ($28 per month) through Hartford Financial Services Group, Inc. You may elect Group AD&D coverage through Workday during Open Enrollment.
Voluntary Term Life Insurance
You may purchase voluntary term life coverage for yourself, your spouse or domestic partner and your child(ren). To cover your family members, you must purchase voluntary term life coverage for yourself.
Evidence of insurability (EOI) is required to purchase coverage for yourself and your spouse or domestic partner, but not for your children. The partner benefits team will follow up with you if EOI is required.
Rates for partner and spouse or domestic partner coverage are based on your age at the time your coverage goes into effect and increase as you get older. Premiums for coverage are withheld from your monthly draw.
Partner Voluntary Term Life Insurance
You may purchase additional term life insurance coverage for yourself in the amount of $250,000 or $500,000, subject to EOI, or medical underwriting. Rates are based on your age at the time your coverage goes into effect.
Spouse or Domestic Partner Voluntary Term Life Insurance
You may purchase term life insurance coverage for your spouse or domestic partner in $5,000 increments up to $250,000, subject to EOI.
Child Voluntary Term Life Insurance
You may purchase $10,000 of term life insurance coverage for your child(ren) up to age 26 (the benefit is $1,000 if your child is less than 6 months old). Children are not subject to EOI. The premium rate for child term life coverage is $2 per month, regardless of the number of children covered.
Plans Available to You
Voluntary Accident Insurance
If you experience a covered accident, this insurance pays benefits for specific injuries and events, such as surgery, hospital admission and confinement, and medical equipment. The benefit depends on the type of injury and treatment received. For more information on voluntary accident insurance and the cost of coverage, please refer to the Summary of Benefits.
Voluntary Critical Illness Insurance
This coverage pays a lump-sum benefit if you are diagnosed with a covered illness or condition. For more information on critical illness insurance and the cost of coverage, please refer to the Summary of Benefits.
Voluntary Hospital Indemnity Insurance
This plan pays a daily benefit if you have a covered stay in the hospital, critical care unit, or rehabilitation facility. For more information on hospital indemnity insurance and the cost of coverage, please refer to the Summary of Benefits.