Life Insurance

Life and AD&D Insurance

We know how important financial security is to you and your family. That’s why BJC provides many benefits to help you protect your family’s income and save for the future. Basic life and accidental death & dismemberment (AD&D) insurance is provided to you at no cost and pays a death benefit to your beneficiary if you die. You have the option to buy supplemental life and AD&D insurance for yourself, additional AD&D insurance for you and your family, dependent life insurance for your spouse and dependent life insurance for your children. Voya is BJC’s life and AD&D insurance carrier.

Basic Life and AD&D Insurance

  • The benefit for a full-time employee* is one times base annual salary, up to $500,000.
  • The benefit for a part-time employee is $15,000.
  • If you are injured or die because of an accident, the plan may also pay an AD&D benefit.
  • The IRS requires a tax on employer-paid life insurance coverage greater than $50,000. If your salary is greater than $50,000, you can elect to limit your coverage to $50,000 to avoid the tax impact. 
    *Director level and above are eligible for a $50,000 basic life  policy through Voya. BJC Medical Group employees with employment agreements may also experience different benefits.

Supplemental Life and AD&D Insurance

Full-time employees may purchase supplemental life and AD&D in increments of one to five times their annual base salary. Eligible part-time employees may purchase supplemental life and AD&D coverage in the amount of $15,000 or $30,000.

New hires or newly benefit-eligible employees:

  • During this enrollment, full-time employees will be automatically approved for any increment of one to five times their base annual salary, up to $500,000. Amounts greater than this guaranteed issue coverage amount will be subject to Evidence of Insurability (EOI).
  • Part-time employees may elect either $15,000 or $30,000 in supplemental life coverage, and EOI is not required.
  • If evidence of insurability (EOI) is required, you will receive an email from Voya with instructions a few weeks after your enrollment is completed.
  • Guaranteed issue amounts are available to employees who enroll when they are first eligible. If you elect no coverage now and later opt for coverage or elect to increase your coverage, you will be required to submit EOI.
  • Your combined basic and supplemental life coverage cannot exceed $1.5 million.
  • At age 70, life insurance coverage is reduced to 55 percent of the elected amount. When you reach age 75, life insurance coverage is reduced to 35 percent of the amount you had in force at age 70.
  • Basic life and supplemental life claims are paid to the designated beneficiary(ies) for any type of death.

Employee Costs for Supplemental Life and AD&D Insurance

The cost of this coverage is a pre-tax, per-pay-period deduction, based on 26 pay periods a year and is based on your age and amount of coverage you elect. Your coverage options and costs will be provided during your benefits enrollment.

Employee's Age Rate Per $1,000 of Coverage
<30 $0.0277
30-49 $0.0554
50+ $0.1615
 

Additional AD&D Insurance

For an additional layer of protection, you can purchase additional personal and family AD&D insurance that pays benefits if you or a covered dependent is severely injured or dies in an accident. Maximum coverage amounts are $500,000 for employees, $200,000 for spouses and $50,000 for children.
Note: The AD&D death benefit is only paid when loss of life is caused by an accident

Employee Costs for Additional AD&D Insurance

The costs listed below are pre-tax, per-pay-periods deductions, based on a 26 pay periods a year.

Employee Only Coverage
Employee Rate Per Paycheck
$50,000 $0.37
$100,000 $0.74
$200,000 $1.48
$300,000 $2.22
$400,000 $2.96
$500,000 $3.70

 

Employee & Family Coverage
Employee Spouse Per Child Rate Per Paycheck
$50,000 $20,000 $5,000 $0.65
$100,000 $40,000 $10,000 $1.29
$200,000 $80,000 $20,000 $2.58
$300,000 $120,000 $30,000 $3.87
$400,000 $160,000 $40,000 $5.16
$500,000 $200,000 $50,000 $6.45

Dependent Life Insurance

You can purchase life insurance for your spouse and eligible children.

You can elect coverage in $10,000 increments for your spouse, up to a maximum of $200,000. The cost of coverage is based on your (the employee’s) age. You can choose $5,000 or $10,000 in coverage for your children.

If you elect up to $60,000 in spousal coverage when you are first eligible, it will be automatically approved. Coverage amounts greater than $60,000 for spousal coverage will require EOI. Voya will send you instructions on how to complete EOI after you enroll.

Employee Costs for Dependent Life Insurance

The costs listed below are after-tax, per-pay-period deductions, based on 26 pay periods a year. Your coverage options and costs will be provided during your benefits enrollment. To calculate your bi-weekly premium, take the dollar amount of life insurance you are electing, divide it by 1,000, multiply by the age rate from the table, multiply by 12 (months), and divide by 26 (paychecks).

Employee's
Age
Spouse 
Rate Per $1000 Coverage
0-29 $.34  
30-39 $.43  
40-49 $.55  
50-59 $.66  
60-69 $.81  
70+ $1.14  
 
    Child's Age     Children $5,000 Children $10,000
Rate Per Paycheck Rate Per Paycheck
0-26 $0.46 $0.92

Note: Life insurance coverage for a stillborn child is $2,500.

Additional services available through your life insurance coverage

Voya funeral planning services and Voya travel assistance program