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).
2018 Employee Life Insurance Options
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.
Life Insurance for Your Family
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:
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).
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
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)