Life and Accidental Death & Dismemberment (AD&D) Insurance
Life and Accidental Death & Dismemberment (AD&D) insurance pays a lump-sum benefit to your beneficiary(ies) to help meet expenses in the event of your death or in the case of a covered accidental injury. Basic Life is provided for you at no cost, and you have the option to purchase coverage for your dependents. To learn more, visit www.prudential.com/mybenefits.
Basic Life Insurance coverage is provided at no cost to you, and you are not required to enroll in any other health and protection program. Benefit is equal to two times your base annual earnings rounded to the next higher $1,000 (not to exceed $1,000,000).
This coverage is automatic; however, the beneficiary should be designated at the initial benefit enrollment period and reviewed at the Open Enrollment period. If you pass away while employed with Carlisle, the benefit is paid to your designated beneficiary.
Basic AD&D is provided as part of 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).
Voluntary Life and AD&D Rates
|
Monthly Employee Rate per $1,000 |
Spouse Monthly Rate per $1,000 |
||
|---|---|---|---|
| AGE | Non-tobacco | Tobacco | |
| <25 | 0.060 | 0.060 | 0.060 |
| 25–29 | 0.060 | 0.060 | 0.060 |
| 30–34 | 0.080 | 0.090 | 0.080 |
| 35–39 | 0.090 | 0.111 | 0.090 |
| 40–44 | 0.120 | 0.180 | 0.128 |
| 45–49 | 0.214 | 0.317 | 0.240 |
| 50–54 | 0.351 | 0.514 | 0.377 |
| 55–59 | 0.548 | 0.822 | 0.599 |
| 60–64 | 0.882 | 1.310 | 0.967 |
| 65–69 | 1.370 | 2.020 | 1.489 |
| 70–74 | 2.500 | 3.689 | 2.714 |
| 75–79 | 3.946 | 5.855 | 4.280 |
| Employee AD&D Rate/Family AD&D Rate | $0.033 per $1,000 / $0.035 per $1,000 | ||
| Child Life Rate / Child AD&D Rate | $0.08 per $1,000 | ||
Imputed Income
The IRS imposes a $50,000 limit on the amount of Group Term Life insurance that Carlisle can provide to you tax-free. If you have more than $50,000 in Basic Life insurance, the cost of the coverage (not the amount of coverage) that exceeds $50,000 is considered “imputed income.” Although this is a minimal amount each paycheck, it is reported as income on your IRS Form W-2.
Guaranteed Issue (GI)
When you are first eligible (at hire) for Voluntary Life and AD&D, you may purchase up to 8 times your base annual salary, up to $1,000,000 maximum. Any amounts over 5 times your annual salary or more than $750,000 are subject to EOI. If you elect coverage after your initial enrollment, you will need to provide EOI before any amount becomes effective. Enrolled employee and spouse can elect one increment each Open Enrollment period without EOI unless the amount exceeds 5 times your annual salary or more than $750,000.
If you don’t enroll your spouse when first eligible, and coverage is requested at a later date, your spouse will need to provide EOI to be eligible for any amount of coverage. There is no EOI requirement for children.
Evidence of Insurability (EOI)
When you are first eligible (at hire) for Voluntary Life and AD&D, you may purchase up to 8 times your base annual salary, up to $1,000,000 maximum. Any amounts over 5 times your annual salary or more than $750,000 are subject to EOI. If you elect coverage after your initial enrollment, you will need to provide EOI before any amount becomes effective. Enrolled employee and spouse can elect one increment each Open Enrollment period without EOI unless the amount exceeds 5 times your annual salary or more than $750,000. If you don’t enroll your spouse when first eligible, and coverage is requested at a later date, your spouse will need to provide EOI to be eligible for any amount of coverage. There is no EOI requirement for children.
Beneficiary
Your beneficiaries will receive your insurance benefit payments in the event of your death. You can name and manage your beneficiaries in myADP.com > Benefits > Manage Information