Basic Life, AD&D, and Voluntary Life Insurance
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 choose to enroll in voluntary insurance, which offers another layer of financial protection if you are involved in a serious accident or diagnosed with a life-changing illness.
Basic Life and Accidental Death and Dismemberment (AD&D)
Goodwin offers Basic Term Life and AD&D insurance coverage at no cost to you. Coverage is through Unum.
- Group basic term life insurance: Coverage is equal to 2 times annual base salary, up to a maximum of $600,000.
- Group accidental death and dismemberment (AD&D) insurance: Coverage is equal to 2 times annual base salary, up to a maximum of $600,000.
Voluntary Life Insurance
Goodwin offers voluntary term life insurance through Unum that lets you supplement the basic life insurance coverage you automatically receive from Goodwin. You must enroll in voluntary term life insurance coverage for yourself in order to purchase coverage for your spouse or domestic partner and children.
Employee Voluntary Term Life Insurance
You may purchase additional term life insurance coverage for yourself of up to 5 times your annual base salary, not to exceed $500,000, subject to evidence of insurability (EOI). 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 of up to $250,000, subject to EOI. Please note that rates for a spouse or domestic partner coverage are based on your age at the time the coverage goes into effect.
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.