Basic Life and AD&D
For employees working 36 or more hours each week, DSB Technologies provides company paid basic life and accidental death and dismemberment (AD&D) insurance through The Hartford to assist yourself and your family in the event of a loss. Your coverage amount will be paid to the beneficiary or beneficiaries of your choice in the event of your death while you are still actively employed at DSB Technologies.
If your death is due to accidental causes (as defined by the plan document) your beneficiary will receive an additional amount through the accidental death and dismemberment (AD&D) coverage. The AD&D coverage is equal to your life insurance coverage amount. AD&D coverage also provides a portion of the benefit in the event of certain accidental injuries not resulting in death.
Benefit Amount
The company-provided basic term life/ AD&D coverage will pay 1 × your annual salary, up to a maximum of $150,000.
Basic Life/AD&D and supplemental life benefits with The Hartford are reduced by 35% upon reaching age 65, 60% at age 70 and then 75% at age 75.
Reminder: be sure to assign a beneficiary or living trust to ensure your assets are distributed according to your wishes.
Supplemental Life and AD&D Insurance Coverage
You may purchase additional life insurance for you and your eligible dependents through The Standard in the amounts shown below. Your cost for supplemental life insurance is based on your age and the amount of coverage requested. Payroll deductions for supplemental coverages are deducted on an after-tax basis to generate a tax-free benefit at time of claim.
| Type | Coverage Amounts |
|---|---|
| Employee | Increments of $10,000 Maximum of 5 × basic annual earnings, not to exceed $500,000 Guarantee issue $150,000 |
| Spouse | Increments of $5,000 Maximum 50% of employee face amount to $250,000 Guarantee issue $50,000 |
| Child(ren) | Flat $500: Age 15 days but under 6 months Flat $10,000: Age 6 months but under age 19 |
| Important note: You must purchase coverage for yourself to purchase for your dependents. | |
| Monthly Cost for Each $1,000 of Employee & Spouse Life Insurance Coverage (Spouse Rate is based on Employee Age) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Age | <25 | 25-29 | 30-34 | 35-39 | 40-44 | 45-49 | 50-54 | 55-59 | 60-64 | 65-69 | 70-74 | 75+ |
| Life | $0.072 | $0.072 | $0.090 | $0.108 | $0.171 | $0.279 | $0.540 | $0.873 | $1.071 | $1.845 | $3.50 | $4.50 |
| AD&D | $0.03 | |||||||||||
| Child(ren) Life | $1.02 per child unit | |||||||||||
| Child(ren) AD&D | $0.56 | |||||||||||
Evidence of Insurability
If you elect coverage in excess of the Guarantee Issue, you will be required to complete an Evidence of Insurability application with The Hartford.
Additionally, if you previously chose not to elect supplemental coverage for yourself or your spouse during your initial enrollment period (at time of hire) and now wish to elect coverage (including coverage up to the Guarantee Issue amount) you will be required to complete the evidence of insurability application as well.