LIFE AND AD&D
Basic Life and Accidental Death & Dismemberment (AD&D) Insurance
GEON provides basic life and accidental death & dismemberment insurance equal to one times your eligible pay* at no cost to you with a maximum coverage of $1.75 million. However, you pay imputed income tax on the value of life insurance coverage over $50,000. AD&D pays a full benefit in the event of your death due to an accident, and a portion is paid for serious injury. Basic life benefit over $500,000 requires completion of evidence of insurability.
Optional Life Insurance
In addition to basic life insurance, you can choose two types of optional life insurance:
- For yourself. You can purchase additional coverage of one to six times your eligible pay up to $1.25 million—with a maximum coverage of $1.75 million total coverage (basic and optional). Your rates depend on your age. You receive GEON group rates, and you pay for coverage with after-tax dollars. An Evidence of Insurability form will be required for any increase above the current level if you have been previously denied coverage.
- For your dependents. You can also purchase coverage for your spouse and/or children. Keep in mind, your spouse’s coverage may not be more than 50% of your coverage amount. You receive GEON group rates, and you pay for coverage with after-tax dollars. An Evidence of Insurability form will be required if electing coverage for a spouse over $50,000 or for any increase that is more than one level above current benefit level. You have the following dependent coverage options:
Resources
Proof of good health or Evidence of Insurability may be required when you elect an amount greater than one level increase over your prior. Please visit mylincolnportal.com to complete the form if Evidence of Insurability is required.
Optional Accidental Death & Dismemberment (AD&D) Insurance
You can purchase optional AD&D coverage of one to seven times your eligible pay* with a maximum coverage of $1.25 million. AD&D pays a full benefit in the event of your death due to an accident, and a portion is paid for serious injury. If you elect family coverage, your spouse is covered at 50% of your coverage amount, up to $625,000, and your children are covered at 20% of your coverage amount, up to $10,000.
*Eligible Pay: Includes base pay plus annual incentive at target or 10%, whichever is greater.
Benefit amounts reduce starting at age 65. Please contact Geon’s Benefits Administrator with questions.
