Basic Life and AD&D Insurance
SCAN provides company-paid employee life insurance coverage of a specific amount that lasts throughout your employment.
SCAN 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. If you do not take action, you will automatically be enrolled in basic life insurance at 2x your earnings. If you elect this plan, the value of the cost of coverage in excess of $50,000 will be subject to imputed income and taxed as earnings.
Life and AD&D Insurance Plans
Supplemental Life Insurance
If you want additional coverage, you can buy supplemental life insurance for yourself and your family.
Be Sure to Name a Beneficiary
It’s important to designate a beneficiary to receive the benefit paid by a life insurance policy. Naming a beneficiary leaves no doubt regarding the transfer of your benefit. If you die without naming a beneficiary, there could be significant delays, paperwork, and expense involved to ensure your wishes are properly carried out. As personal circumstances change, take the time to keep that information up to date. Visit the Employee Central website to add or change a beneficiary.
SCAN 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 — you do not need to enroll.
Benefits are equal to:
- Basic life insurance: Two times earnings (Maximum: $750,000 or $50,000 if requested)
- Basic AD&D insurance: Two times earnings (Maximum: $750,000 or $50,000 if requested)
What is AD&D Insurance?
Should you lose your life, sight, hearing, speech, or use of your limb(s) in an accident, AD&D insurance provides additional benefits to help keep your family financially secure. AD&D benefits are paid as a percentage of your coverage amount — from 50% to 100% — depending on the type of loss.
If you want more financial protection beyond the basic coverage that SCAN provides, you can buy supplemental life insurance for yourself and your family members. You can enroll on the Employee Central website as a new hire, during Open Enrollment, or if you have a qualifying life event. You pay the full cost of this coverage, which is provided through The Hartford Life & Accident Insurance Co. You must purchase coverage for yourself in order to purchase it for your dependents.
For You
- You may elect supplemental life coverage for yourself in $10,000 increments, up to a maximum of $500,000, with a Guarantee Issue (GI) amount up to $200,000. Evidence of Insurability (EOI) required for amounts exceeding GI.
For Your Spouse/Domestic Partner
- You may elect supplemental life insurance for your spouse or domestic partner in $5,000 increments, up to a maximum of $100,000, with a Guarantee Issue (GI) amount up to $30,000 (not to exceed your coverage). Evidence of Insurability (EOI) required for amount exceeding GI.
For Your Children
- You may elect child life insurance in a flat coverage amount of $10,000 for any child(ren) under the age of 26.
Evidence of Insurability
Supplemental life insurance for you and your spouse/domestic partner over a certain benefit amount may require evidence of insurability (EOI). After electing coverage, you will receive more information if EOI is required.