Life and ADD | Moneta Group Benefits

Financial

Life & AD&D Insurance

Financial security and protection for your loved ones.

You’re eligible for Life & AD&D insurance if you’re a full-time employee, or a part-time employee working at least 30 hours per week.

Life insurance pays a lump sum to your beneficiaries if you pass away. AD&D pays a benefit if you die or suffer certain serious injuries in a covered accident, with the amount based on the injury.

On top of the basic coverage Moneta provides, you can buy additional voluntary life and AD&D coverage for yourself and your family.

Coverage details

Basic life and AD&D

	Details
Coverage amount	1x base annual salary, up to $500,000
Age reduction	Benefits reduce 35% at age 65, 60% at 70, 75% at 75, and 85% at 80

Imputed income

Moneta pays for your basic life insurance, and the IRS treats employer-paid coverage above $50,000 as a taxable benefit. The value of that extra coverage is added to your taxable wages. This is called imputed income.

It is subject to federal income tax, Social Security tax, and state income tax where it applies. You will see it on your paycheck and on your W-2 at the end of the year.

You are not paying a premium for this coverage. Imputed income only affects the taxes withheld from your pay.

Voluntary Life

Employee: up to $500,000 in $10,000 increments, up to 5 times your earnings. Up to $200,000 with no medical underwriting at initial eligibility.
Spouse: up to $250,000 in $5,000 increments, not more than 100% of your coverage. Up to $25,000 with no medical underwriting.
Children: up to $10,000 in $2,000 increments. One premium covers all your children to age 26. The maximum benefit for children 14 days to 6 months is $2,000.

Voluntary AD&D

Employee: up to $500,000 in $10,000 increments, up to 5 times your earnings.
Spouse: up to $250,000 in $5,000 increments, not more than 100% of your AD&D coverage.
Children: up to $10,000 in $2,000 increments. One premium covers all your children to age 26, not more than 100% of your AD&D coverage. The maximum benefit for children birth to 6 months is $2,000.

How to enroll

Eligible employees are automatically enrolled in basic life and AD&D insurance coverage.

You can enroll in voluntary coverage in ADP within 30 days of your hire date or qualifying life event.

Coverage at a glance

Coverage	Coverage amount	Guaranteed issue*
Basic life and AD&D (paid by Moneta)	1x base annual salary, up to $500,000	Not required
Voluntary life and AD&D: you	Up to $500,000 in $10,000 increments, up to 5x your earnings	$200,000
Voluntary life and AD&D: spouse	Up to $250,000 in $5,000 increments, not more than 100% of your coverage	$25,000
Voluntary life and AD&D: children	Up to $10,000 in $2,000 increments; one premium covers all your children to age 26	$10,000 (age 6 months and older); $2,000 (age 14 days to 6 months)

*Guaranteed issue is the most you can elect when first eligible without answering health questions.

Evidence of insurability

When you’re first eligible, you can elect up to the guaranteed issue amount without evidence of insurability (EOI): $200,000 for you and $25,000 for your spouse.

At annual enrollment, if you’re already enrolled in voluntary life, you can increase your coverage up to the guaranteed issue amount without EOI.

EOI is required if you waived voluntary life when you were first eligible and enroll later, or if you elect any amount above the guaranteed issue.

Voluntary AD&D has no evidence of insurability requirement.