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 |
| 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 $1,000.
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 $1,000.
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.
Evidence of insurability
At initial eligibility you can elect up to $200,000 in voluntary life insurance with no underwriting. Enrolling after that or increasing above $200,000, requires underwriting approval.
Voluntary AD&D has no evidence of insurability requirement.
Cost for coverage
Moneta provides basic coverage at no cost to you.
You pay 100% of the cost for voluntary coverage. Premiums are based on your age and the amount of coverage.
Benefits Questions?
Contact your HR Team:
ADP Portal
Secure access to your benefits information.