Page 22 - Guide
P. 22
Important Benefit
Terms to Know Basic, Supplemental Life, and
Benefit Base Pay
Your base pay is used to AD&D
determine the amounts of basic
life and accident insurance, and Basic Life Insurance
long term disability coverage.
The base pay is defined in your You will receive company-paid basic life insurance in the amount of 1 times your
summary plan description, please
see for details. base pay (rounded to the nearest $1,000) with a minimum of $50,000. The beneit
maximum is $500,000. If your beneit is more than $50,000 then according to IRS
Evidence of Good
Health/Evidence of regulations, the value of your life insurance in excess of $50,000 is considered
Insurability imputed income. Imputed income is the value of non-cash compensation. It is
This is where a statement of added to your taxable wages and will appear on your W-2.
medical history and related
information is requested which Basic Accidental Death and Dismemberment (AD&D)
will be used to determine whether
an applicant will be approved for Insurance
coverage.
If you apply for coverage or You will receive company-paid basic AD&D insurance in the amount of 1 times
choose to increase your coverage your base pay (rounded to the nearest $1,000) with a minimum of $50,000. The
during benefits enrollment, beneit maximum is $500,000.
coverage amounts will not
be issued until Liberty Mutual
approves acceptable evidence of Supplemental Life Insurance
good health. Evidence of good
health may include a paramedical Purchasing supplemental life coverage through Liberty Mutual allows you to add to
exam or physician’s statement, in your company provided basic coverage.
addition to completing a medical
history questionnaire.
You may purchase supplemental life insurance from 1 to 8 times your base pay
(rounded to the nearest $1,000), up to $1,000,000. Rates are based on the amount of
Beneficiary Reminder insurance you purchase and your age. You may purchase up to the guarantee issue
Please ensure your beneiciary amounts listed below without completing evidence of insurability (EOI) if you are
information is up to date in in your newly eligible period as a new hire. Later elections during beneits enrollment
Workday. For each beneiciary or coverage increases will require EOI.
you designate, you will need to
have the following information Guarantee Issue Amount
available: name, address, date Employee Lesser of 3x your annual salary or $500,000
of birth, and Social Security Spouse $30,000
Number. Children $10,000
Note: if you apply for an amount of coverage for yourself or your spouse greater than the guaranteed issue
amount, coverage in excess of the guaranteed issue amount will not be issued until Liberty Mutual approves
acceptable evidence of good health.
Hussmann
22 Corporation
Terms to Know Basic, Supplemental Life, and
Benefit Base Pay
Your base pay is used to AD&D
determine the amounts of basic
life and accident insurance, and Basic Life Insurance
long term disability coverage.
The base pay is defined in your You will receive company-paid basic life insurance in the amount of 1 times your
summary plan description, please
see for details. base pay (rounded to the nearest $1,000) with a minimum of $50,000. The beneit
maximum is $500,000. If your beneit is more than $50,000 then according to IRS
Evidence of Good
Health/Evidence of regulations, the value of your life insurance in excess of $50,000 is considered
Insurability imputed income. Imputed income is the value of non-cash compensation. It is
This is where a statement of added to your taxable wages and will appear on your W-2.
medical history and related
information is requested which Basic Accidental Death and Dismemberment (AD&D)
will be used to determine whether
an applicant will be approved for Insurance
coverage.
If you apply for coverage or You will receive company-paid basic AD&D insurance in the amount of 1 times
choose to increase your coverage your base pay (rounded to the nearest $1,000) with a minimum of $50,000. The
during benefits enrollment, beneit maximum is $500,000.
coverage amounts will not
be issued until Liberty Mutual
approves acceptable evidence of Supplemental Life Insurance
good health. Evidence of good
health may include a paramedical Purchasing supplemental life coverage through Liberty Mutual allows you to add to
exam or physician’s statement, in your company provided basic coverage.
addition to completing a medical
history questionnaire.
You may purchase supplemental life insurance from 1 to 8 times your base pay
(rounded to the nearest $1,000), up to $1,000,000. Rates are based on the amount of
Beneficiary Reminder insurance you purchase and your age. You may purchase up to the guarantee issue
Please ensure your beneiciary amounts listed below without completing evidence of insurability (EOI) if you are
information is up to date in in your newly eligible period as a new hire. Later elections during beneits enrollment
Workday. For each beneiciary or coverage increases will require EOI.
you designate, you will need to
have the following information Guarantee Issue Amount
available: name, address, date Employee Lesser of 3x your annual salary or $500,000
of birth, and Social Security Spouse $30,000
Number. Children $10,000
Note: if you apply for an amount of coverage for yourself or your spouse greater than the guaranteed issue
amount, coverage in excess of the guaranteed issue amount will not be issued until Liberty Mutual approves
acceptable evidence of good health.
Hussmann
22 Corporation
