Basic Life and AD&D Insurance
PL Marketing provides Basic Life and Accidental Death & Dismemberment (AD&D) benefits to eligible employees. The Life insurance benefit will be paid to your designated beneficiary in the event of death while covered under the plan. The AD&D benefit will be paid in the event of a loss of life or limb by accident while covered under the plan.
Please make sure your beneficiary is up to date.
| Voya Finanical Life and AD&D |
||
|---|---|---|
| Basic Life | ||
| Benefit | 1 time annual earnings, plus $15,000 rounded to the next higher $1,000 |
|
| Maximum | $150,000 | |
| AD&D | ||
| Benefit | 1 time annual earnings, plus $15,000 rounded to the next higher $1,000 |
|
| Maximum | $150,000 | |
Providing you are still employed; the above benefits are reduced by 35% of original benefit at age 65 and an additional 15% at age 70.
Life Brochure
Voya Empathy- Bereavement, Funeral and Will prep
Common Life Insurance Terms
- Accidental Death Insurance (AD&D): Generally an add-on to a regular life insurance policy, it is only paid if the death of the insured occurs as the result of an accident.
- Age Reductions: Most insurance policies reduce your life insurance benefit as you age.
- Beneficiary: The person or party named by the owner of a life insurance policy to receive the policy benefit.
- Contingent Beneficiary: The party designated to receive proceeds of a life insurance policy following the insured’s death if the primary beneficiary predeceased the insured.
- Conversion: If you ever leave employment, you may be able to convert the group policy into an individually owned life insurance policy.
- Coverage Amount: Value of life insurance.
- Portable: If you ever leave employment, you may be able to port the life insurance coverage to a new plan.
- Premiums: Amount paid to the insurance company to buy a policy and keep it in force.