Life insurance is an important part of your financial security, especially if others depend on you for support. Accidental Death & Dismemberment (AD&D) insurance is designed to provide a benefit in the event of accidental death or dismemberment.
Don’t forget to designate a beneficiary for your life insurance.
RESOURCES
Basic Term Life Insurance
Oswald Companies provides Basic Life and AD&D Insurance to all eligible associates at no cost to you.
This benefit includes: Basic Life is two times annual base earnings (minimum benefit $10,000, up to a maximum benefit of $500,000). Your “pay” includes gross annual income at time of claim, and does not include commissions, bonuses, overtime pay or other compensation.
AD&D is two times your base earnings (minimum benefit $10,000, up to a maximum benefit of $500,000). Accelerated Benefit Option up to 50% of you Basic Life amount up to $500,000 maximum; can be used if the insured is diagnosed as terminal with 12 months or less to live; use of the Accelerated Benefit Option will result in a reduction of the life insurance benefit payable to a beneficiary.
Supplemental Term Life Insurance
In addition to basic life insurance, you can choose two types of optional life insurance:
For yourself. You can purchase additional coverage of one to six times your eligible pay up to $500,000. Your rates depend on your age. You receive Oswald group rates, and you pay for coverage with after-tax dollars. An Evidence of Insurability form will be required if electing coverage for you at an amount over $200,000 or if you are electing Supplemental Life coverage for the first time, after declining the coverage option when you were first eligible.
For your dependents. You can also purchase coverage for your spouse and/or children. Keep in mind, your spouse’s coverage may not be more than 100% of the employee’s elected coverage amount. You receive Oswald group rates, and you pay for coverage with after-tax dollars. An Evidence of Insurability form will be required if electing coverage for a spouse over $50,000. The eligible election amounts for your child(ren) is equal to increments of $2,500 up to $25,000.
Supplemental Life and Dependent Life Rates
Monthly cost per $1,000 of coverage – Non Tobacco
AD&D coverage must be elected separately. Rates shown AD&D on this page are in addition to the rates for the Supplemental Life.
Employee & Spouse
Insurance Rates are based on volume of coverage and age as of January 1 of the plan year. Employee basic and supplemental life includes Accidental Death and Dismemberment coverage (AD&D).
Child(ren)
The monthly cost is $0.3375 per $1,000 of coverage and all eligible dependent children are included in the cost.
AD&D (per $1,000)
Employee – $.0304
Spouse – $0.032
Child – $0.031