Page 17 - 2020FCSBenefitsGuide
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Life and AD&D Insurance
X Employer-paid life and AD&D: the company provides an
employer-paid life and AD&D beneit paid 100% by the employer;
this beneit amounts to one times annual compensation with a
minimum of $25,000, not to exceed $50,000
X Voluntary life with AD&D: amounts in units of $10,000 up to
$500,000, not to exceed 5× salary with guaranteed issue amount of
$350,000 for irst time eligible
Y Guaranteed issue only applies to newly eligible employees who
have not been offered coverage in the past; if you waived this
beneit in the past, you will be required to complete an evidence
of insurability (EOI) form to elect or increase coverage; an EOI
form will also be required if you request coverage exceeding the
guaranteed issue amount; coverage is not effective until approved
by the carrier
Y Dependent life: up to $250,000 on spouse, not to exceed 50% of
employee beneit, in $5,000 units; guaranteed issue amount of
$50,000; up to $10,000 on children; guaranteed issue amount of
$250 for infants at birth until 6 months of age, then $10,000 on
unmarried dependent children under 26 years of age
Y Age reductions: to 65% at age 65; to 40% at age 70 and inally to
20% at age 75
Y Must elect beneiciary for life insurance plan
Y Please see FCS intranet for rate sheet
Any coverage amount exceeding $50,000 will be subject to imputed
income. Imputed income can be explained as follows: life insurance is a
tax-free beneit in amounts up to $50,000. The Internal Revenue Service
requires you to pay income tax on the value of any amount exceeding
$50,000. The IRS-determined value is called “imputed income” and is
calculated from the government’s “Uniform Premium Table I”. This
Table can be found in the www.irs.gov website.
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X Employer-paid life and AD&D: the company provides an
employer-paid life and AD&D beneit paid 100% by the employer;
this beneit amounts to one times annual compensation with a
minimum of $25,000, not to exceed $50,000
X Voluntary life with AD&D: amounts in units of $10,000 up to
$500,000, not to exceed 5× salary with guaranteed issue amount of
$350,000 for irst time eligible
Y Guaranteed issue only applies to newly eligible employees who
have not been offered coverage in the past; if you waived this
beneit in the past, you will be required to complete an evidence
of insurability (EOI) form to elect or increase coverage; an EOI
form will also be required if you request coverage exceeding the
guaranteed issue amount; coverage is not effective until approved
by the carrier
Y Dependent life: up to $250,000 on spouse, not to exceed 50% of
employee beneit, in $5,000 units; guaranteed issue amount of
$50,000; up to $10,000 on children; guaranteed issue amount of
$250 for infants at birth until 6 months of age, then $10,000 on
unmarried dependent children under 26 years of age
Y Age reductions: to 65% at age 65; to 40% at age 70 and inally to
20% at age 75
Y Must elect beneiciary for life insurance plan
Y Please see FCS intranet for rate sheet
Any coverage amount exceeding $50,000 will be subject to imputed
income. Imputed income can be explained as follows: life insurance is a
tax-free beneit in amounts up to $50,000. The Internal Revenue Service
requires you to pay income tax on the value of any amount exceeding
$50,000. The IRS-determined value is called “imputed income” and is
calculated from the government’s “Uniform Premium Table I”. This
Table can be found in the www.irs.gov website.
Florida Cancer Specialists and Research Institute 17
