Life Insurance

Printer-friendly version

OneBeacon provides basic life insurance and you may purchase optional life insurance for yourself and your dependents.  Life insurance coverage is provided by ING.

The Basic Life Insurance benefit of one times your salary (to a maximum of $500,000) is provided to you by OneBeacon.

Optional Life Insurance can be purchased in multiples of your salary, from 1X to 6X your salary.  Optional life insurance rates are determined by your age and tobacco use status.  When you log in to your ADP account you can review the costs for each available level of coverage and may also estimate your cost with these rate tables,

Life insurance benefits are provided based on your base pay as of October 1st.  If your pay increases during the year, your life insurance coverage is not adjusted until the following year.

OneBeacon uses smoker and non-smoker rates for life insurance.  By indicating that you are a non-smoker during enrollment you certify that you have not used a tobacco product (cigarettes, cigars, pipes, and chewing tobacco) in the last 12 months.

Dependent Life Insurance is also available through ING.  You may purchase $25,000, $50,000 or $100,000 of coverage for your spouse or same sex domestic partner, and $5,000, $10,000 or $15,000 for child(ren) up to age 26.

New hires may elect life insurance within 30 days of hire.

Depending on the amount of optional life insurance coverage you choose, you may need to provide satisfactory Evidence of Insurability. 

Important Note: Employees earning more than $50,000 have imputed income on the value of the employer-provided life insurance. That means that in each biweekly pay, an amount equal to the value of the benefit in excess of $50K will be added.  This will appear on your biweekly paycheck as Group Term Life.  You will then be taxed on this amount.