
Employee Life Insurance Options
Basic Employee Life | Optional Employee Life | AD&D Insurance | |
Benefit | Choose between two levels:
|
|
|
Funded by | NortonLifeLock | Employee | NortonLifeLock, up to 2 times OTE; remainder funded by employee |
Maximum | $1.5 million | $3 million | $1.5 million |
Evidence of Insurability (EOI)at annual Open Enrollment | Not applicable |
Employees can increase coverage by one multiple of pay. EOI will be required if requested amount exceeds Guarantee Issue (3x OTE, up to $1 million). | Employees can increase coverage by one multiple of pay without EOI. |
Evidence of Insurability (EOI) for a family status change | Not applicable | Employees can increase coverage by one multiple of pay. EOI will be required if requested amount exceeds Guarantee Issue (3x OTE, up to $1million) | Employees can increase coverage by one multiple of pay without EOI. |
Optional Life Insurance
If you elect optional life insurance over the Guarantee Issue (GI) amount (3x your earnings, up to $1 million), you will need to complete an Evidence of Insurability (EOI) form. After you enroll you will receive an email with the EOI form and instructions on how to complete and submit the form.
If you elect optional life insurance for yourself, spouse/domestic partner, and/or child(ren), you will pay for this coverage through after-tax payroll deductions.
Tobacco users will be subject to increased life insurance rates, which will be displayed during your enrollment process.
Dependent Life Insurance Options
Spouse/Domestic Partner | Children | |
Benefit | $10,000 $20,000 $50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 $275,000 $300,000 |
$1,000 $2,500 $5,000 $7,500 $10,000 $15,000 $20,000 $25,000 |
Funded by | Employee | Employee |
Maximum | 100% of your Basic and Supplemental Life | Not applicable |
Evidence of Insurability (EOI) at Annual Open Enrollment | Employee can increase coverage with EOI. | Not applicable |
EOI for a qualifying family status change | Employees can increase coverage by one multiple of pay with EOI. | Not applicable |
Employee Optional Life Insurance Rates*
Age Group | Non-Tobacco User Rates | Tobacco-User Rates |
<25 | $0.022 | $0.027 |
25-29 | $0.022 | $0.027 |
30-34 | $0.029 | $0.037 |
35-39 | $0.033 | $0.042 |
40-44 | $0.040 | $0.051 |
45-49 | $0.055 | $0.070 |
50-54 | $0.099 | $0.125 |
55-59 | $0.157 | $0.197 |
60-64 | $0.276 | $0.349 |
65-69 | $0.528 | $0.667 |
70+ | $0.878 | $1.109 |
* Rates are for every $1,000 insured
Dependent Spouse/Domestic Partner Optional Life Insurance Rates*
Age Group | Non-Tobacco User Rates | Tobacco-User Rates |
<25 | $0.025 | $0.031 |
25-29 | $0.025 | $0.031 |
30-34 | $0.033 | $0.042 |
35-39 | $0.038 | $0.048 |
40-44 | $0.046 | $0.058 |
45-49 | $0.063 | $0.079 |
50-54 | $0.112 | $0.142 |
55-59 | $0.178 | $0.224 |
60-64 | $0.314 | $0.397 |
65-69< | $0.600 | $0.758 |
70+ | $0.998 | $1.260 |
Child rate: $0.156 |
* Rates are for every $1,000 insured
Tax implications
In accordance with IRS regulations, the value of the premiums paid by NortonLifeLock for any employee life insurance coverage over $50,000 will be reported as "imputed income" and will be taxable for you. There is no imputed income associated with the AD&D insurance provided by NortonLifeLock.