Income Protection Union
These benefits are designed to provide financial security and protect your loved ones. Aside from Basic Life and Accidental Death & Dismemberment (AD&D), the benefits described here are 100% employee-paid. They are available directly through a vendor. We do not contribute to or sponsor these benefits.
Basic Life and AD&D Insurance
- Available at no cost to eligible employees. See table below to determine your eligibility.
| Employment Status | Eligibility |
|---|---|
| Regular full-time or regular part-time (30–40 hours per week) with less than one year of service |
Eligible to receive $1,000 of basic life insurance |
| Regular full-time or regular part-time (30–40 hours per week) with one or more years of service |
Eligible to receive basic life insurance equal to one time your annual base salary rounded up to the next $1,000, to a maximum of $70,000 |
| Limited part-time (20–29 hours per week) with one or more years of service | Eligible to receive $4,000 of basic life insurance |
| Limited part-time with less than one year of service |
Not eligible for basic life insurance |
- Includes basic AD&D insurance equal to the amount of life insurance coverage to which you are entitled.
- AD&D insurance may pay benefits if you die or suffer certain serious injuries as a result of an accident.
- Coverage for new employees with a completed enrollment is effective on the first of the month following date of hire.
Supplemental Life and AD&D
- Choose from two options:
- Purchase an additional one times your annual base salary rounded up to the next $1,000, to a maximum of $450,000
- Purchase an additional two times your annual base salary, rounded up to the next $1,000, to a maximum of $450,000
Note: The amount of life insurance available may be reduced based on your age.
- If you are between the ages of 65 and 70, your amount of life insurance will be 65% of the amount of life insurance you had before age 65.
- If you are age 70 or older, your amount of life insurance will be 50% of the amount of life insurance you had before your first reduction.
Dependent Life Insurance
Purchase coverage
- $10,000 for your spouse
- $5,000 for each dependent child up to age 26
Accident Insurance
- Pays benefits based on the injury and treatment needed, including emergency room care and related surgery.
- The benefit can help offset the out-of-pocket expenses that medical insurance does not pay, including deductibles and copays.
- Family coverage is available.
- You must be legally authorized to work in the U.S. and actively working at a U.S. location.
- Spouses and dependents must live in the U.S. to receive coverage.
Complete details on coverage and availability: Visit Unum or call 800-635-5597.
Whole Life Insurance
- Pays a death benefit to your beneficiaries.
- Also builds cash value you can use while you are living.
- The policy accumulates cash value at a guaranteed rate of 4.5%.
- Once your cash value builds to a certain level, you can borrow from the cash value or use it to buy a smaller “paid-up” policy with no more premiums due.
Complete details on coverage and availability: Visit Unum or call 800-635-5597.
Long-term Care Insurance (LTC)
- Voluntary program that can help you preserve your independence, as well as help relieve your family’s stress if you need home care, nursing home care or assisted living care.
- Coverage is also available for your spouse and parents.
- Discounts are available for preferred health and spousal coverage.
For more information: Visit Unum or call 800-227-4165
IRS Regulations for Life Insurance
IRS regulations require employers to include, in your taxable income, the cost of employer-paid group life insurance in excess of $50,000. The value of this insurance is based on an IRS premium table, not on the actual cost. The value of any coverage in excess of $50,000 automatically will be reflected on your paycheck as taxable income.
Statement of Health
If electing supplemental life or dependent life benefits during your initial hire, you are not required to provide proof of good health. However, if you choose coverage any time after your first 30 days of employment, you must provide proof of good health. The insurance company must approve your coverage before the new benefit can become effective. Payroll deductions will not start until coverage is approved.