Life and AD&D

Life and Accidental Death and Dismemberment (AD&D) insurance through Lincoln Financial Group, provides financial security to you and your family if you pass away or become seriously injured.

Basic Life and AD&D:

As an eligible employee, you receive both Basic Life and Basic AD&D insurance equal to 2 times your annual earnings to a maximum of $600,000. Coverage exceeding $50,000 is subject to imputed income. This means the premium for any amount over $50,000 must be included as income and will be subject to Social Security and Medicare taxes, which may be reflected in your paycheck. The cost of Basic Life and AD&D coverage is sponsored by MFP.

Voluntary Life /AD&D:

In addition to Basic Life and AD&D, you may buy Voluntary Life and AD&D coverage at discounted rates that you may not be able to secure on your own. The chart below describes the amounts of coverage you can buy for yourself, your spouse, and your child(ren).

Benefit Features: Voluntary Life Options*

	Employee	Spouse	Dependent Child(ren)
Coverage Options	Increments of $25,000	Increments of $5,000	Birth to 6 months: $1,000 6 months to age 26 years: $10,000
Maximum	$500,000	$250,000 (cannot exceed employee coverage)	Birth to 6 months: $1,000 6 months to age 26 years: $10,000
Guaranteed Issue Amount	$300,000	$50,000	Birth to 6 months: $1,000 6 months to age 26 years: $10,000

Benefit Features: Voluntary AD&D Options*

	Employee	Spouse	Dependent Child(ren)
Coverage Options	Increments of $50,000	Amounts based on employee coverage election and child coverage	Amounts based on employee coverage election and child coverage
Maximum	10 times annual earnings or $200,000	Amounts based on employee coverage election and child coverage	Amounts based on employee coverage election and child coverage
Guaranteed Issue Amount	You are guaranteed the amount of coverage selected, subject to maximum amounts defined in the policy	You are guaranteed the amount of coverage selected, subject to maximum amounts defined in the policy	You are guaranteed the amount of coverage selected, subject to maximum amounts defined in the policy

Guaranteed Issue Period: Within 30 days of benefits eligibility or a qualifying life event

*Evidence of Insurability (EOI) may be required.

How much voluntary Life and AD&D insurance should I buy?

When deciding how much voluntary Life and AD&D coverage to buy, consider the following three factors:

How much will your dependents need to pay debts, such as a mortgage, car loan, or credit card balances?
How much do your dependents need to maintain their current standard of living?
What kind of future would you like to provide for your dependents or others who depend on you for financial support?

Who should be my beneficiary?

You may choose anyone to be the beneficiary of your Life and AD&D policy in the event of your death or serious injury. Once you select your beneficiary, your designation will remain unchanged until you submit a new beneficiary designation form. We encourage you to periodically review your beneficiary designations to ensure they are up to date and accurate. You may change your beneficiary as often as you wish at www.lfg.com.

Cost of Coverage

Voluntary Life Premiums - Employee and Spouse

Learn more

Evidence of Insurability (EOI)

Evidence of Insurability (EOI) means you need to give health information to get some types of insurance. If you choose extra Life and AD&D insurance above a certain amount or at a different time, you have to fill out a health form (sometimes, you might need a physical exam too). The insurance company will look at your form and tell you their decision.