Life and AD&D

Survivor Protection with Life & Accident Insurance Plans

Life insurance is an important part of the income protection package available through Smart Options. You may select the amount that’s right for you because the need for life insurance varies from one person to the next.

What to Know About Beneficiaries

Employee Life Insurance

Basic Life Insurance

  • Coverage: 2x annual base pay (up to $1.5 million maximum)
  • Cost: Company-paid at no cost to you
  • Tax Implications: Coverage over $50,000 subject to imputed income tax

Supplemental Life Insurance

  • Coverage: 1-4x annual base pay (combined with basic up to $1.5 million)
  • Cost: Employee-paid
  • Health Requirements: May need proof of good health depending on coverage amount

Proof of Good Health Requirements

You must provide proof of good health if:

  • Combined Basic and Supplemental Life Insurance exceeds $900,000
  • Increasing coverage by more than one level
  • Electing coverage for the first time

Spouse and Child Life Insurance

Spouse Life Insurance Options

  • $10,000
  • $25,000
  • $50,000 (requires proof of good health)
  • No coverage

Child Life Insurance Options

  • $5,000 per dependent child
  • No coverage

Accidental Death & Dismemberment (AD&D)

Basic AD&D

  • Coverage: 3x annual base pay (up to $1.5 million)
  • Cost: Company-paid
  • Benefit: Pays for accidental death or specific injuries

Personal Accident Insurance (PAI)

If you want extra financial protection in case of an accident, you may buy supplemental PAI for yourself and your family through Smart Options.

You must buy PAI for yourself in order to buy it for your spouse and/or child(ren). You may buy PAI in one of the following amounts, up to 10 times your annual base pay rounded to the closest lower bracket or $500,000, whichever is lower.

Accident Insurance for:

You

Benefit Amount:

$50,000, $100,000, $150,000, $200,000, $250,000, $300,000, $400,000, or $500,000

Accident Insurance for:

Your Spouse

Benefit Amount:

$50,000, $100,000, or $150,000

Accident Insurance for:

Each Child

Benefit Amount:

$5,000, $10,000, or $25,000

You may elect coverage for your unmarried dependent children as long as they are either:

  • Under age 25,
  • Up to age 26 if a full-time student at an accredited school and they depend on you for support and maintenance, or
  • Any eligible child who is incapable of self-sustaining employment by reason of mental or physical disability, and who is primarily dependent on you for support and maintenance, provided the child was disabled before age 25. They may continue to be eligible for coverage beyond the age limit for as long as the policy is in force, but only if they remain continuously covered under the policy. You may be required to provide proof of disability.

Refer to the Summary Plan Description (SPD), which can be found on the Givaudan Benefits Portal.