Protect your loved ones. Choose the amount of life insurance coverage that’s right for you and your family.
Life insurance protects your family financially in the event of a death. Aon automatically provides basic life insurance for you free of charge.* And, if you decide your family needs more protection, you can buy supplemental coverage for yourself and dependents.
Life insurance is administered by The Hartford**.
* Federal tax law requires you to pay taxes on the cost of basic life insurance coverage over $50,000. This is called “imputed income” and will be added to your gross taxable income. It will be included on your paychecks and on your Form W-2 each year. The amount of imputed income is based on your age and coverage amount.
** If you earn an annual base salary of $150,000 or more, you are eligible for both basic and
supplemental executive life insurance benefits offered through MetLife, rather than the coverage
described below. If you are eligible for this coverage, you can find additional details, make elections,
and review your beneficiary designation for any needed updates on MetLife’s MyBenefits accessible
through UPoint.
Choose Your Beneficiaries
Your family depends on you for all kinds of things—including your pay. Make sure to choose the people and/or estate that should receive your life insurance benefit if you die. It is important that you make your beneficiary elections on UPoint at upoint.aon.com.
First, gather the Social Security numbers and birth dates for each beneficiary. Then, when you’re enrolling in life insurance, you’ll be prompted to designate your beneficiaries.
You can change beneficiaries at any time. If you die and have no beneficiaries on file, the benefit may—or may not—eventually reach the individual(s) you would prefer. The result could be a significant delay in payment during an already challenging time for your loved ones.
Things to Consider
When deciding whether to enroll in supplemental and dependent life insurance coverage, be sure to consider the following:
Cost per Paycheck
The cost of supplemental and dependent life insurance coverage is based on your and your spouse’s/domestic partner age and level of coverage. You’ll be able to see the cost per paycheck for your options when you enroll through UPoint.
Your Family’s Needs
Remember that life insurance is intended to help protect your family financially if a covered family member dies. Would you have enough money to pay funeral expenses? Would you need to replace an income?
Every situation is different, so consider your family situation carefully.
EOI Requirements
If you are currently enrolled in Supplemental Group Term Life Insurance through The Hartford at a level of one times or two times salary, you have the option to increase your coverage level by one multiple during annual enrollment without providing evidence of insurability (EOI), which is proof that you are in good
health. In order to buy other levels of supplemental and dependent life insurance coverage, or if you did not elect coverage when you first became eligible, EOI will be required.
If EOI is required, you will get instructions on how to access the form as you complete your enrollment online. Please fill out the form and submit it promptly. Full coverage won’t take effect until the carrier approves your coverage.
If you don’t submit the EOI form or it doesn’t get approved, your coverage (and paycheck contributions) will reflect the highest level of coverage that doesn’t require EOI.