Page 27 - NRDC Benefits Guide for 2022

Life Insurance

Life insurance needs vary greatly from one individual to the next. The insurance
benefits from NRDC offers you a way to protect your family’s financial security in case
of injury or death. NRDC provides Basic Life and Accidental Death & Dismemberment
(AD&D) insurance at no cost to you. Basic Life and AD&D benefits are reduced at
age 70 and 75.

Life insurance is a tax-free benefit in amounts up to $50,000. The IRS requires you to pay income tax on
the value of any coverage amount exceeding $50,000. The lRS-determined value is called “imputed
income” and is calculated from the government’s “Uniform Premium Table I.”

Voluntary Life Insurance

NRDC offers you the flexibility to purchase Voluntary Life coverage for you and your dependents. The cost
of this coverage is deducted from your pay through payroll contributions. If you leave NRDC, you may take
this coverage with you by paying premiums directly to Lincoln. Voluntary Life Insurance benefits are
reduced at age 70 and 75.

When you elect voluntary coverage, you may be required to furnish evidence of good health and be
approved by the insurance carrier to enroll.

Basic and Voluntary Life Options  If you are a new hire, you
may elect the lesser of three
Who is covered? Benefits times your base salary or
$250,000 without evidence of
Employee Basic Life
and AD&D 3x base salary to a maximum of $400,000 good health. Any amount
(NRDC Paid) over $250,000 requires
evidence of good health.
1x-3x base salary to a maximum of $500,000
Employee Voluntary
Term Life (Amounts over $250,000 require proof of  If you choose to waive
(Employee Paid) voluntary coverage during the
good health)
initial offering, you will be
An amount, elected by you, which is a subject to providing evidence
multiple of $10,000 to a maximum of of good health for all future
Spouse Voluntary $100,000.
Term Life elections over the company
(Employee Paid) paid amount.
(Amounts over $10,000 require proof of good
health)
 You must have elected
Under 6 months old - $100 voluntary coverage for
6 months and older - $10,000 yourself to elect voluntary
Child(ren) Voluntary
Term Life (up to age 26, unless disabled) coverage for your
(Employee Paid) dependents.
(If you elect Child Life it will cover all your
children.)

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