What you need to know
Sure, Murphy’s Law isn’t officially a law. But it comes into play more often than we’d like. That’s why it’s important to be prepared. Life insurance and accidental death and dismemberment (AD&D) insurance help protect you financially for whatever life lobs at you. You’re automatically enrolled for basic coverage at no cost to you. Life insurance pays your beneficiary a set amount if you die; AD&D insurance pays a benefit if you’re dismembered or die in an accident.
Are your beneficiaries current?
Add or change beneficiaries for your life and AD&D plans at this path: Workday > Benefits > Change > Benefit Elections > choose “Change Beneficiary". You may assign a trust in lieu of a person. All beneficiaries must be 18 years or older.
Life insurance
You’re automatically enrolled in core life insurance at no cost to you. Coverage is 2 times the annualized total of your base salary, bonuses and commissions—up to $1 million.*
Additional coverage
You can buy more (voluntary) coverage for yourself and cover your family, too, but only during enrollment as a new hire or if you experience a qualified life event. Voluntary coverage is deducted from your paycheck on an after-tax basis. Review the Benefits Guide for monthly rates.
- Yourself: Increments of $25,000, up to $1,000,000 maximum. Rates are based on your age. You'll need to provide proof of good health (evidence of insurability) for any amount over $500,000.
- Spouse/domestic partner: Increments of $25,000, up to $500,000 maximum. Rates are based on the employee’s age. Must not exceed voluntary coverage for yourself. You'll need to provide proof of good health (evidence of insurability) for any amount over $100,000.
- Child(ren): Increments of $25,000, up to $50,000 for children under age 26. You’ll pay $0.20 per $1,000 of coverage, monthly. Proof of good health (evidence of insurability) is not required for child life insurance.
Kick off your proof of good health application from the link on your Workday homepage after you submit your elections in Workday. You will be automatically directed to Prudential to apply.
Questions on the proof of good health application or status? Reach out directly to Prudential at 800-778-3827.
* You’ll pay taxes on the value of your basic life insurance over $50,000 (imputed income).
AD&D insurance
You’re covered automatically, at 2 times the combined total of your base salary, bonuses and commissions—up to $1 million.
When you purchase additional voluntary life insurance for yourself, additional AD&D coverage is included! You'll need to provide proof of good health (evidence of insurability) for any amount over $500,000. What you pay for voluntary coverage is deducted from your paycheck on an after-tax basis. Review the Benefits Guide for monthly rates.
Please refer to the plan and policy documents for additional details on the plans, including exclusions, limitations and eligibility.