Overview

It’s important to plan for your family’s financial security in case the unexpected happens. That’s why Chubb provides you with basic life insurance and basic accidental death and dismemberment (AD&D) insurance — at no cost to you.

If you want additional coverage, you can buy supplemental life and AD&D, and/or Personal Accident Insurance for yourself and your family through easy paycheck deductions. You can enroll in supplemental coverage anytime on the Chubb Benefits Marketplace.

Basic life and AD&D insurance

Chubb provides basic life and AD&D insurance to assist you and your family in the event of a death or dismemberment. These benefits are fully paid by the company and coverage is automatic — no need to enroll.

Your benefits are equal to:

  • Basic life insurance: 1 times annual salary up to $1,000,000
  • Basic AD&D insurance: 1 times annual salary up to $1,000,000

Note: If you were hired before 2009 by ACE, you are eligible for coverage up to 2x pay, up to $1,000,000.

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Check your beneficiary today!

It’s important to name a beneficiary to receive your life insurance benefit. As your life changes, be sure to keep that information up to date. Log in to the Chubb Benefits Marketplace to add or change your beneficiary.

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How company-paid life insurance is taxed

The IRS requires you to pay taxes on the value of any company-paid life insurance coverage over $50,000. This is called imputed income; you’ll notice it on your pay statements and your W-2. For each $1,000 of life insurance over $50,000, the IRS assigns a dollar amount (premium) of taxable income. To see these premiums, refer to IRS Publication 15-B.

Supplemental life and AD&D insurance

If you want additional financial protection beyond the basic coverage that Chubb provides, you can buy supplemental life and AD&D insurance for yourself and your family. You pay the full cost of this coverage. If you want supplemental coverage, you must enroll on the Chubb Benefits Marketplace. You can enroll and change this coverage at any time.

icon For you

Supplemental employee life and AD&D insurance

  • You can elect up to 8 times pay, up to a maximum of $3,000,000.
  • If you enroll within 30 days of hire or becoming eligible, you can elect up to 4 times pay (the guaranteed issue amount) without providing evidence of insurability.
icon For your spouse/partner

Supplemental spouse/partner life and AD&D insurance

  • You can elect coverage in $10,000 increments, up to a maximum of $150,000.
  • If you enroll within 30 days of hire or becoming eligible, you can elect up to $50,000 (the guaranteed issue amount) without providing evidence of insurability.
  • You must purchase supplemental employee life coverage for yourself in order to purchase it for your spouse/partner.
icon For your children

Supplemental child life insurance

  • You can elect a flat $10,000 coverage amount for each child.
  • You aren’t required to purchase supplemental employee life coverage for yourself in order to purchase it for your children.

Supplemental life and AD&D insurance premiums

Your premiums for supplemental employee life insurance and supplemental spouse life and AD&D insurance may change during the year if you get a salary raise (which increases your amount of insurance) or move into a different age bracket. See your premiums.

Supplemental life and AD&D insurance premiums
Employee and spouse/partner premiums are based on age bracket and smoker status as shown below.

Full- and part-time employees
Age bracket Non-smoker monthly paycheck premium Smoker monthly paycheck premium
≤24 $0.043 $0.051
25–29 $0.050 $0.058
30–34 $0.062 $0.076
35–39 $0.068 $0.081
40–44 $0.076 $0.092
45–49 $0.108 $0.128
50–54 $0.161 $0.193
55–59 $0.294 $0.355
60–64 $0.419 $0.498
65–69 $0.798 $0.945
70-74 $1.291 $1.423
75+ $2.071 $2.075

 

Spouse/partner
Age bracket Non-smoker monthly paycheck premium Smoker monthly paycheck premium
≤ 24 $0.052 $0.083
25–29 $0.060 $0.090
30–34 $0.075 $0.122
35–39 $0.082 $0.133
40–44 $0.100 $0.164
45–49 $0.136 $0.230
50–54 $0.213 $0.365
55–59 $0.397 $0.686
60–64 $0.501 $0.854
65–69 $0.952 $1.666
70–74 $1.533 $2.568
75–79 $1.533 $2.075
≥ 80 $1.533 $2.075
iconEvidence of insurability

Life insurance over a certain amount may require evidence of insurability (EOI), or proof of good health. Please note, you will be required to provide EOI for any amount of coverage if you don’t enroll in supplemental life and AD&D within 30 days of hire or becoming eligible. After you enroll, you will be notified by Prudential if EOI is required. Your coverage will begin once Prudential has approved your EOI form.

iconChange your supplemental life elections anytime

You can enroll in, change, or cancel your supplemental life coverage (employee, spouse/partner, and/or child) anytime during the year. Here's how:

  • Log in to Chubb Benefits Marketplace. On the homepage, click "Benefits" in the left-side navigation.
  • Click “Edit coverage” next to the benefit you wish to change (supplemental employee life, spouse life, and/or child life).
  • Click “Life or family change” and click “Next.”
  • Select “After Tax Change,” then click “Next.”
  • Enter the effective date of the change, then click “Next.”
  • Select your coverage, then click “Next.” Depending on the coverage amount you elected, you may see a note about providing evidence of insurability.
  • On the summary page that follows, you will see other benefits you are able to change. When you're finished, click “Save Changes” at the bottom of the page.

Benefit Reductions Due to Age

If you work past age 65, your basic life and AD&D insurance, supplemental employee life and AD&D insurance, and supplemental spouse/partner life and AD&D insurance will be reduced* as follows:

  • Your beneficiary receives 65% of the benefit once you reach age 65.
  • Your beneficiary receives 40% of the benefit once you reach age 70.
  • Your beneficiary receives 25% of the benefit once you reach age 75.

*This reduction happens on the first of the month after you reach the ages referenced above.

Personal Accident Insurance

Personal Accident Insurance (PAI) provides financial protection against death or serious injury resulting from an accident. Full or partial benefits are paid, depending on the severity of the loss. If you want PAI coverage, you can enroll anytime on the Chubb Benefits Marketplace.

How PAI works

You have two coverage options:

  • You only: Elect coverage in $50,000 increments, up to a maximum of $750,000 or 10 times your annual salary, whichever is less. Your PAI benefit will equal 100% of the total coverage amount you elect.
  • You + family: Your spouse’s/partner’s PAI benefit will equal 75% of your coverage amount, up to a maximum of $500,000. Your child(ren)’s benefit will equal 25% of your coverage amount, up to a maximum of $25,000.

Age reductions

If you work past age 70, the amount payable for a loss will be reduced* as follows:

Age on date of covered accident Percentage of benefit amount payable
70–74 65%
75–79 45%
80–84 30%
85 and older 15%

*This benefit amount is reduced on the covered individual’s date of birth in accordance with the above schedule. The premium for an employee age 70 or older is based on 100% of the coverage that would be in effect if the employee were under age 70.