You pay nothing for basic life insurance coverage equal to 2x your annual salary, up to $1 million. However, the value of all coverage above $50,000 is considered imputed income and, therefore, is taxable, according to federal law.
To avoid paying additional taxes, you have the option to cap your basic life coverage at $50,000. You can return to the standard benefit of 2x your annual earnings during annual Open Enrollment. The increase in coverage is subject to approval by Securian Financial, based on proof of good health.
Your coverage is adjusted automatically whenever your salary changes.
For added coverage, consider purchasing supplemental life insurance for yourself as well as your spouse/domestic partner and your dependent children.
You can elect 1x to 10x your annual salary, up to a maximum coverage amount of $500,000.
You’ll need to complete a medical questionnaire, and Securian Financial, the insurance company, will conduct a medical review to determine your eligibility and cost of coverage. However, coverage of up to 3x your annual salary may be approved without proof of good health if you apply:
Within 31 days of experiencing a qualified life event, an increase of one level from your current coverage, up to 3x your annual salary
For Your Spouse/Domestic Partner
You may apply to purchase supplemental life insurance in the following amounts:
Coverage for your spouse/domestic partner cannot exceed the combined total of your employee basic life and any supplemental life insurance you purchase for yourself.
Coverage is subject to proof of good health (evidence of insurability). However, coverage of $25,000 may be approved without proof of good health if you apply:
Within 31 days of your first day as a Seagate employee
Within 31 days of experiencing a qualified life event
For Your Child(ren)
Coverage for your child(ren) is guaranteed without proof of good health and is available at one coverage amount: $10,000 (per child). Children are eligible for this benefit until they turn 26.
The cost of supplemental life insurance is based on the age of the applicant and the level of coverage chosen. To determine your monthly cost to cover yourself and/or your spouse/domestic partner, divide the total coverage amount by 1,000. Multiply the "Monthly Cost per $1,000 of Coverage" for your or your spouse/domestic partner's age, as shown in the table below. Multiply by 12 months, then divide by 26 to determine your bi-weekly cost.
You pay nothing for basic AD&D insurance coverage for yourself. Coverage is 1x your annual salary, up to $1 million. Your coverage is adjusted automatically whenever your salary changes.
For added financial protection, you can purchase additional insurance for yourself and for your family. The cost of this supplemental coverage is based on the level of coverage you choose. AD&D coverage is automatically approved.