Life & AD&D Insurance
Life insurance provides financial protection for your loved ones in the event of your death. LSP provides Basic Life and Accidental Death & Dismemberment (AD&D) Insurance and gives employees the option to purchase additional coverage for themselves and eligible family members.
Basic Life & AD&D Insurance
LSP automatically provides Basic Life and AD&D coverage at no cost to full-time employees, even if you waive other benefit coverage.
| Basic Coverage | Benefit |
|---|---|
| Basic Life Insurance | $25,000 |
| Basic AD&D Insurance | $25,000 |
| Cost | Provided by LSP |
| Enrollment | Automatic for full-time employees |
Life insurance provides a benefit to your designated beneficiary in the event of your death, while AD&D provides additional financial protection for covered accidental deaths or dismemberment.
Voluntary Life & AD&D Insurance
Employees who want additional protection may purchase Voluntary Life and AD&D coverage.
| Voluntary Coverage | Available Amount |
|---|---|
| Employee | $10,000 increments, up to $500,000 |
| Employee Guarantee Issue | $100,000 |
| Spouse | $5,000 increments, up to $250,000* |
| Spouse Guarantee Issue | $25,000 |
| Child | $10,000 per covered child |
In order to elect spouse or child coverage, you must elect Voluntary Life for yourself.
*Spouse coverage cannot exceed 50% of the employee's elected coverage.
Guarantee Issue & Evidence of Insurability
When you first become eligible, you may elect coverage up to the Guarantee Issue (GI) amount without completing a statement of health, also known as Evidence of Insurability (EOI).
If you increase your existing coverage during Open Enrollment, or previously waived coverage and later choose to enroll, EOI may be required. Coverage requiring EOI will not become effective until approved by The Standard.
Age-Based Benefit Reductions
Voluntary Life and AD&D benefits reduce as you age:
Age 65: Benefits reduce to 65% of the elected amount.
Age 70: Benefits reduce to 50% of the elected amount.
Important: This information is a summary of LSP's Life and AD&D benefits. Please refer to the applicable plan documents or contact Human Resources for complete coverage details.
INCLUDE INFO ON GAURENTEE