Life and AD&D Insurance - Hourly Employees
Life Insurance
Life insurance provides financial security for the people who depend on you. Your beneficiaries will receive a lump sum payment if you die while employed by I.D. Images. The company provides basic life insurance of $25,000 at no cost to you through Mutual of Omaha.
Please be sure to update your beneficiary information on Paycom.
Accidental Death and Dismemberment (AD&D)
Accidental Death and Dismemberment (AD&D) insurance provides payment to you or your beneficiaries if you lose a limb or die in an accident. I.D. Images provides basic AD&D insurance of $25,000 at no cost to you.
Benefits are reduced to 65% at age 65 and to 50% at age 70. Coverage is discontinued at termination of employment or retirement.
Life and AD&D Insurance - Salary Employees
Life Insurance
Life insurance provides financial security for the people who depend on you. Your beneficiaries will receive a lump sum payment if you die while employed by I.D. Images. The company provides basic life insurance of one times your Basic Annual Earnings (to a maximum of $350,000) at no cost to you through Mutual of Omaha.
Please be sure to update your beneficiary information on Paycom.
Accidental Death and Dismemberment (AD&D)
Accidental Death and Dismemberment (AD&D) insurance provides payment to you or your beneficiaries if you lose a limb or die in an accident. I.D. Images provides basic AD&D insurance of one times your Basic Annual Earnings (to a maximum of $350,000) at no cost to you.
Benefits are reduced to 65% at age 65 and to 50% at age 70. Coverage is discontinued at termination of employment or retirement.
Life and AD&D insurance provides many benefits, but there are a few points to keep in mind:
- Imputed Income: The value of your company-provided life insurance premiums over $50,000 is considered taxable. Contact your tax professional for more information.
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Age Reduction: Benefit amounts reduce as
you age. - Portability: If you leave the company, you can convert your policy to an individual policy and continue your coverage.
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 insuredโs 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.
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