Company-Provided Basic Life and AD&D Insurance
MetLife
In the event of your death, basic life provides a benefit to your designated beneficiary. If your death is caused by an accident, the AD&D plan pays an additional benefit to your beneficiary. AD&D benefits are also payable for accidental loss of sight, speech, hearing or limb. Agropur pays 100% of the premium and automatically enrolls you once eligible.
- Basic Life Coverage: 1 times annual base salary up to $150,000
- Basic AD&D Coverage: 1 times annual base salary up to $150,000
See this video for instructions to register your MyBenefits account with MetLife.
MyBenefits Registration _ MetLife
Remember to keep your beneficiaries updated.
It is important to update your beneficiaries and make sure they are accurate periodically. Having out of date beneficiaries listed will make it difficult to pay the benefit to the correct person in case it is ever needed.
Video: Life and AD&D Insurance
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.