Life and AD&D Insurance
Life and Accidental Death & Dismemberment (AD&D) insurance helps protect your loved ones financially if you pass away or experience a serious injury. These benefits can help cover final expenses, pay off debts like credit cards or mortgages, or provide additional financial stability during a difficult time. Even if you’re single, naming a beneficiary ensures someone you care about receives the support. Coverage includes Basic Life and AD&D at no cost to you, with the option to purchase additional Voluntary Life and AD&D insurance for yourself and your family at group rates.
Click here to learn more about UMass Global’s Life, AD&D, Disability and Supplemental Benefits:
Basic Life and AD&D
Basic Life insurance – You receive Basic Life insurance coverage at no cost to you, and you do not need to enroll in any other health and protection program. Basic Life insures you for 2 times your basic annual earnings, up to a maximum of $800,000.
Basic AD&D is included with your Basic Life coverage and provides you specified benefits for a covered accidental bodily injury that directly causes dismemberment (i.e., the loss of a hand, foot or eye). If death occurs from an accident, 100% of the AD&D benefit would be payable to your beneficiary(ies).
Imputed Income: Under current tax laws, imputed income is the value of your Basic Life insurance that exceeds $50,000 and is subject to federal income, Social Security and state income taxes, if applicable. This imputed income amount will be included in your paycheck and shown on your W-2 statement.
Note: Benefit amount is subject to age reduction at age 70 and again at age 75.
Voluntary Life and AD&D
Voluntary Life and AD&D: In addition to Basic Life and AD&D, eligible employees may purchase additional Voluntary Life and AD&D insurance at favorable group rates. Participants pay 100% of the premium.
Supplemental Life Coverage
- For you: Increments of $10,000 up to lesser of 7x covered annual earnings or $750,000. Guaranteed issue of $200,000,
- For your spouse: Increments of $5,000 up to lesser of 100% of employee amount or $200,000. Guaranteed issue of $50,000.
- For your children: Increments of $2,500 up to $10,000.
Supplemental AD&D Coverage:
- For you: Increments of $10,000 up to $750,000.
- For your spouse: Coverage is 60% of your coverage and 50% if both your spouse/RDP and eligible children are covered.
- For your children: Coverage is 15% of your coverage and 10% if your spouse/RDP is enrolled, up to a maximum of $75,000 per child.
Note: It is important to provide beneficiary information during the enrollment process and keep this information up to date. If you decline Voluntary Life insurance when first eligible or if you elect coverage and wish to increase your benefit amount at a later date, evidence of insurability may be required before coverage is approved.