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Life and AD&D Insurance

Life and accident insurance plans offer financial protection for you and your family. Veritas provides you with basic life insurance and accidental death and dismemberment insurance (AD&D) and the opportunity to purchase additional coverage for yourself and your dependents. If you die from any cause (except suicide) while employed by Veritas, your beneficiaries receive a death benefit equal to the amount that you elect and for which you are approved. Veritas' life insurance plans are offered through Liberty Life Assurance Company of Boston (Liberty).


What To Do When: You're Electing Life and AD&D Insurance

Take Action:

  • Review basic Life Insurance options and decide which level of coverage to elect, keeping in mind the tax implications if you elect coverage in excess of $50,000.
  • Review Optional Life Insurance and Optional AD&D Insurance choices.
  • Review Optional Life Insurance for your family members and note that benefit deductions are taken on an after-tax basis.
  • Make your elections during annual Open Enrollment or within 31 days of a qualified life event.

Take Note:

2018 Employee Life Insurance Options

  Basic Employee Life Optional Employee Life AD&D Insurance
Benefit Choose between two levels:
  1. 2 times your annual rate of On Target Earnings (OTE)
    or
  2. $50,000
  • 1 to 8 times annual OTE
  • Guarantee Issue – 3 times your OTE up to $1,000,000. EOI may be required for future increase in coverage.
  • 1 to 6 times your annual OTE
  • You have the option of electing up to 6 times OTE without EOI.
Funded By Veritas Employee Veritas up to 2 times OTE, remainder funded by Employee
Maximum $1,500,000 $3,000,000 $1,500,000
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 1,000,000). 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 1,000,000). Employees can increase coverage by one multiple of pay without EOI.

Evidence of Insurability (EOI)

If you make a life insurance election for yourself and or your spouse/domestic partner that requires EOI, you will see a notation next to your election in your Benefits Summary on MyVeritasBenefits. You must complete and submit the EOI form within 60 days from the first day of Open Enrollment or your family status change event. If Liberty requires additional information from you after the submission of your EOI, you will receive a letter to your home address with additional details.

For faster results, follow the Online EOI option instructions (pdf). If that does not work for you, use the manual EOI form (pdf).

Life Insurance for Your Family

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
$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
Evidence of Insurability (EOI) for a qualifying family status change Employees can increase coverage by one multiple of pay with EOI. Not applicable

You may elect spouse or domestic partner life insurance, not to exceed 100% of your elected Basic and Supplemental Life Insurance amount. You may also elect dependent life insurance for your unmarried children under 26. While you can elect any of the coverage amounts indicated in the chart, you may be required to provide evidence of insurability (EOI) before your spouse or domestic partner's coverage is approved.

EOI will be required if you elect:

  • Life insurance coverage for your spouse/domestic partner in excess of $50,000 when you enroll as a new hire.
  • To increase your spouse or domestic partner's coverage any amount during a future Open Enrollment. This includes electing coverage after previously declining coverage when you were initially eligible to do so.

Please note: If both you and your spouse or domestic partner work for Veritas, you may not elect dependent life insurance for each other and only one of you may elect child life insurance for the same child(ren).

Tax Implications

If the level of employee life insurance coverage paid by Veritas on your behalf exceeds $50,000, a special tax rule applies. In accordance with IRS regulations, the value of employer-paid life insurance over $50,000 must be reported as “imputed income.” This imputed income applies to the dollar value of the premium, not the value of the coverage amount. There is no “imputed income” associated with the AD&D insurance provided by Veritas.

Age Reduction Schedule

Both the basic and supplemental life insurance policies have an age reduction schedule. The amount of life insurance for a covered employee, spouse or domestic partner will be reduced from the original value beginning at age 65.  The reduction formula for employee life insurance is based on the employee's age on December 31 of the current plan year.  The reduction formula for dependent life is based on the spouse’s or domestic partner’s age on December 31 of the current plan year.

The amount of employee and dependent life insurance will reduce at age 65 or older as follows:

Ages 65-69:                benefit reduces to 67% of original value

Ages 70 & up:             benefit reduces to 50% of the original value

Claim Procedures

Contact the MyVeritasBenefits at 1-844-770-0435 to begin the claim process.

Leaving the Company

Life Insurance and AD&D coverage ends on your date of termination. You have the option to convert your group term life insurance coverage into an individual life insurance policy for the same or lesser amount of coverage you have at the time of your termination. No medical examination is required.

Application for Portable Group Term Life Insurance: For states CA (pdf), KS (pdf), ME (pdf), MD (pdf), NJ (pdf), NC (pdf), UT (pdf), VT (pdf), all other states (pdf)
Portability Rates Worksheet (pdf); For Illinois (pdf)
Converting Your Group Life Insurance: For states NY, MN, WV (
pdf), all other states (pdf)

 
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