LIFE AND AD&D
Resources
Basic Life and Accidental Death & Dismemberment (AD&D) Insurance
Basic Life and AD&D insurance helps to cover expenses and protect savings if you die or suffer a covered loss in an accident. Life insurance pays a cash benefit to your designated beneficiary in the event of your death. AD&D insurance provides an additional cash benefit to your designated beneficiary if you die
– or to you if you lose a limb or your eyesight, speech or hearing
– in a covered accident. The cost of coverage is paid in full by Oatey for all eligible associates.
The coverage is 1x your annual salary rounded to the next higher $1,000 (up to a maximum of $400,000). Benefits will decrease at age 70.
Voluntary Life Insurance
In addition to the employer paid Basic Life and AD&D coverage, you have the option to purchase additional amounts of life insurance with Lincoln Financial for yourself as well as coverage for your spouse and children on a voluntary basis. Your election, however, could be subject to medical questions and evidence of insurability. Your contributions will depend on your age and the amount of coverage you elect.
*Benefit is reduced by 50% at age 70.
