Basic Life and AD&D Insurance
Full time employees are provided with Employee Life and AD&D insurance at no additional cost to you.
Leaf Home provides eligible employees with $25,000 in group Life and Accidental Death and Dismemberment (AD&D), and pays the full cost of this benefit. Beneficiaries can be elected and/or updated within UKG Benefit Administration when submitting your enrollment or life event.
See plan document for age reduction details.
| Benefit Type | Summary |
|---|---|
| Basic Life | $25,000 Providing you are still employed; benefits are reduced to 65% at age 65 and to 50% at age 70 |
| AD&D | $25,000 |
| Living Benefit | 75% of the $25,000 could be claimed if terminally ill |
| Conversion | Included |
| Eligibility of Coverage | All active employees regularly working a minimum of 32 Hours per Week |
| Eligibility Waiting Period | 30 days of Active Employment |
| Benefit Waiting Period | Before collecting STD benefits, you must satisfy the benefit waiting period following your date of hire |
Voluntary Life Insurance
Leaf Home offers Voluntary Life Insurance for you and your family at a discounted group rate. This life insurance plan will provide coverage in the event of a death.
If you are currently enrolled in the Voluntary Life coverage, Lincoln Financial allows you to increase your coverage amount by two levels annually during open enrollment without providing Evidence of Insurability (EOI).
| Benefit Type | Summary |
|---|---|
| Voluntary Life | Employees: Increments of $10,000 up to $200,000 or 5 x your annual income Spouses: Increments of $5,000 up to $100,000 or 50% of the employee benefit Children: Increments of $5,000 up to $15,000 or 50% of the employee benefit Providing you are still employed; benefits are reduced to 65% at age 65 and to 50% at age 70 |
| Living Benefit | 75% of the benefit could be claimed if terminally ill |
| Waiver of Premium | Premiums can be waived for employees who become totally disabled before age 60 |
| Portability | Included |
| Eligibility of Coverage | All active employees regularly working a minimum of 32 Hours per Week |
| Eligible Waiting Period | 30 days of Active Employment |
| Guarantee Issue | Employees: $150,000 Spouses: $30,000 Children: $15,000 |
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?
Optional Life Insurance
Life and AD&D Insurance
Video: Term Life Insurance
Video: Term Life vs.
Permanent 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.