Basic Life and AD&D Insurance
Frontier Dental Labs of America, Inc. provides full-time employees with both life and accidental death and dismemberment (AD&D) insurance in the amount of $25,000 through Lincoln Financial Group. Please be sure to update your beneficiary information on Paylocity.
Voluntary Life and AD&D Insurance
To supplement your basic term life insurance benefits, you may purchase additional term life insurance coverage for yourself as well as your eligible dependents. You pay the premiums for Voluntary life insurance with after-tax dollars. The rates are age-banded and the cost of coverage is automatically calculated for you in Paylocity.
Reductions Due to Age
Basic and Voluntary Life elections will reduce for employees and spouses to 65% at age 65, and 40% at age 70. The reduced benefit amount takes effect on the day you become insured if you are that age at the time of the election, or on the date you attain age 65 or 70.
For your coverage to become effective, you must be actively at work during the enrollment period and on the effective date of the plan. If you apply for an amount that requires satisfactory evidence of insurability, you must be actively at work on the date of approval. Refer to the plan booklet for details
Why Do I Need Life Insurance?
Ask yourself this: In the event of my death, how would my family …
- Pay final expenses?
- Pay off debt?
- Pay for daily living expenses (housing, food, bills, etc.)?
- Replace Your Income?
- Maintain financial stability?
Voluntary Life and AD&D
Basic Life and AD&D Insurance
TravelConnect
Lincoln EOI Instructions Employee Flyer
Video: Life and AD&D Insurance
Common Life Insurance Terms:
Accidental Death Insurance (AD&D): Generally an add-on to a regular life insurance policy, it is only paid if the death of the insured occurs as the result of an accident.
Age Reductions: Most insurance policies reduce your life insurance benefit as you age.
Beneficiary: The person or party named by the owner of a life insurance policy to receive the policy benefit.
Contingent beneficiary: The party designated to receive proceeds of a life insurance policy following the insured’s death if the primary beneficiary predeceased the insured.
Conversion: If you ever leave employment, you may be able to convert the group policy into an individually owned life insurance policy.
Coverage Amount: Value of life insurance.
Portable: If you ever leave employment, you may be able to port the life insurance coverage to a new plan.
Premiums: Amount paid to the insurance company to buy a policy and keep it in force.