Life insurance for 2021
You are automatically covered at no cost for basic term life insurance equal to 1.5 times your base salary and augmentation income up to $500,000.
Supplemental life and accidental death and dismemberment:
1 - 5 times your pay up to $1 million is offered to you as additional income for your survivors, with premiums based on group rates, your age and smoking status. Elections for supplemental life are based on whether you are an existing team member (able to increase your election in increments of 1x up to a maximum of 3x or $500,000 of base salary with no medical underwriting) or a newly hired team member (able to elect up to 3x your base salary to a max of $500,000 at time of hire). Higher elections will generate a requirement for Evidence of Insurability (EOI) from The Hartford.
In addition, you may elect life insurance for your spouse and/or child(ren). You have the option to choose dependent life insurance at $5,000 or $10,000, and spouse at $25,000 or $50,000. Benefits for a dependent child will continue until the date they reach age 26. It is the team member’s responsibility to notify the Northwell benefits department to remove the dependent child from the benefit elections. You can complete/update your beneficiary information on employee self-service.
Age reduction rule: Your life insurance will be reduced by the following:
- Age 65- benefit is reduced to 65% of your original life amount
- Age 70- benefit is reduced to 40% of your original life amount
- Age 75- benefit is reduced to 25% of your original life amount
The reduction will go into effect on the first day of the calendar month in which you reach the age specified.
Imputed income: Internal Revenue Service regulations require that you be taxed on the value of any employer provided basic life insurance that is more than $50,000. This value is known as “imputed income and is shown on your paycheck and on your annual W-2 statement. If you do not wish to pay taxes on the value of basic life insurance in excess of $50,000, you may waive coverage over $50,000. Future election of the waived coverage is subject to Evidence of Insurability.
Portability and conversion provisions allow a team member to continue life insurance coverage that has been lost due to either termination of employment, reduction in coverage, or a transfer to a position that is not eligible for the benefit. The deadline for applying for portability and conversion through The Hartford Life Insurance Company is 31 days following coverage termination or reduction. Call The Hartford Life Insurance Company at 888-563-1124
Beneficiaries: Consider who you would want to receive your insurance money should something happen to you. You can put down as many as you want as long as the total distribution adds up to 100%. Your beneficiary should be the person or persons for whom you wish to provide financial protection in the event of your death.
To update your life insurance beneficiaries: login to Login into myExperience, click on Benefits, Report a Life Event, then click here to update Beneficiary Detail