Basic Life and AD&D Insurance
Liberty Health provides full-time employees a FREE term life insurance and accidental death & dismemberment policy through Lincoln Financial, formerly Liberty Mutual. The amount of coverage is 1 times your annual salary to a maximum of $50,000. If death is the result of an accident, your beneficiary will receive an additional amount equal to your basic life insurance coverage. If you are dismembered (such as loss of sight in an eye, loss of hand, foot, limb, hearing, speech, etc.), benefits will be paid to you as a percentage of the basic life amount.
Supplemental 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.
Upon leaving Liberty Health, you have the option to either convert or port your basic life and/or optional life insurance to an individual policy. Contact HR 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?
Basic Life and ADD Benefit Summary
Optional Life Benefit Summary
Video: Life and AD&D Insurance
Video: Term Life 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.