Life Insurance

Life and AD&D Insurance

BJC provides Basic Life Insurance and Accidental Death & Dismemberment (AD&D) coverage at no cost to eligible full-time and part-time employees. Highlights of this benefit:

  • Coverage is automatic so you do not need to enroll in this benefit, but you need to name your life insurance beneficiary during the benefits enrollment process.
  • Coverage pays one times the annual base salary of a full-time employee (35 hours or more per week).
  • Coverage pays $15,000 to eligible part-time employees (24 hours or more a week).
  • If you are injured or die because of an accident, the plan may also pay an additional AD&D benefit.
  • The IRS requires a tax on 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.

During the benefits enrollment process, you can purchase supplemental Life and AD&D Insurance for yourself, additional AD&D Insurance for yourself and your family, and Dependent Life Insurance for your spouse and eligible children.

Supplemental Life and AD&D Insurance

Full-time employees may purchase additional life and Accidental Death & Dismemberment (AD&D) coverage up 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. Highlights of this benefit:

  • Your combined basic and supplemental life coverage cannot exceed $1.5 million; same for combined basic and supplemental AD&D.
  • Evidence of Insurability (EOI) is required if you waive coverage when you are first eligible, try to increase coverage during annual enrollment, or if you experience a qualified status change.
  • EOI is required if you elect any amount of supplemental life coverage greater than $500,000.
  • Coverage will be effective on the first day of the month following EOI approval.

Employee Costs for Supplemental Life and AD&D Insurance

The cost for Supplemental Life and AD&D Insurance is a pre-tax, per-pay-period deduction, based on 26 pay periods a year. 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

You can purchase additional Accidental Death & Dismemberment (AD&D) protection for yourself and your family. Maximum coverage amounts include $500,000 for employees, $200,000 for spouses and $50,000 for children.

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 $20,000 or $50,000 in coverage for your spouse. 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.

Evidence of insurability (EOI) is required for coverage for your spouse if you do not enroll when first eligible, try to increase coverage during annual enrollment or have a qualified status change.

Employee Costs for Dependent Life Insurance

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

Employee's Age Spouse $20,000 Spouse $50,000
Rate Per Paycheck Rate Per Paycheck
0-29 $3.14 $7.85
30-39 $3.97 $9.92
40-49 $5.08 $12.69
50-59 $6.09 $15.23
60-69 $7.48 $18.69
70+ $10.52 $26.31
 
    Child's Age     Child(ren) $5,000 Child(ren) $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.