LIFE AND AD&D
Basic & Optional Life Insurance
While you are working, financial security for you and your family is based on regular income from your job. If you should die due to illness or accident, that income would be lost. Life insurance is an excellent way to protect your family’s financial security.
Each employee receives basic life insurance funded entirely by Myers Industries. If your benefit exceeds $50,000 you have to pay imputed income on the amount over $50,000. The amounts of coverage are:
- $125,000 Salary or Higher- 1x Earnings to $250,000
- Less than $125,000 Salary- 1x Earnings to $125,000
In addition to the basic life insurance ($250,000 maximum) Myers provides, you can purchase Optional Life Insurance in the following amounts:
Option 1 – Additional one (1) times annual earnings
Option 2 – Additional two (2) times annual earnings
(Combined Basic and Optional Life Insurance maximum is $750,000)
If you elect Optional Life during open enrollment, or upon hire, no medical underwriting is required. If you did not choose Optional Life during the last open enrollment or when you were hired, or if you want to increase your Optional life, there is a link on mymyersbenefits.com called “evidence of insurability” (EOI) to complete.
Basic & Optional Accidental Death & Dismemberment Plan
This plan offers protection on a worldwide basis, 24 hours a day, 365 days a year against certain injuries resulting from a covered accident in the course of business or pleasure. This includes accidents on or off the job; in or away from the home; commuting and traveling by train, airplane, automobile or other public and private conveyances, subject to certain limitations (see exclusions/limitations in the plan document.)
The benefits provided are payable in addition to any other insurance which may be in effect at the time of the accident.
Each employee receives basic AD&D funded entirely by Myers Industries for one (1) times your annual salary, rounded up to the nearest $1,000. In addition, you can purchase optional AD&D. Under this coverage, you may elect to purchase a principal sum amount from one (1) to five (5) times your annual salary, rounded up to the nearest $1,000 to maximum of $1,000,000.
Resources
Carrier:
Unum
Customer Service:
1-866-679-3054
Website: www.unum.com
Optional Dependent Life Insurance
You also have the option to purchase life insurance on your spouse and dependent children. The amount of life insurance for a dependent will not be more than 100% of the employee’s amount of life insurance. You may purchase the following amounts of coverage:
Optional Dependent Life Insurance 1
Coverage for spouse is $10,000
Coverage for each dependent
| Live to 14 days | $1,000 |
| 14 days to six months | $1,000 |
| Six months to age 19 or to age 26, if a full time student | $5,000 |
Optional Dependent Life Insurance 2
Coverage for spouse is $20,000
Coverage for each dependent
| Live to 14 days | $1,000 |
| 14 days to six months | $1,000 |
| Six months to age 19 or to age 26, if a full time student | $10,000 |
Optional Dependent Life Insurance 3
Coverage for spouse is $30,000
Coverage for each dependent
| Live to 14 days | $1,000 |
| 14 days to six months | $1,000 |
| Six months to age 19 or to age 26, if a full time student | $15,000 |
Optional Dependent Life Insurance 4
Coverage for spouse is $40,000
Coverage for each dependent
| Live to 14 days | $1,000 |
| 14 days to six months | $1,000 |
| Six months to age 19 or to age 26, if a full time student | $20,000 |
Optional Dependent Life Insurance 5
Coverage for spouse is $50,000
Coverage for each dependent
| Live to 14 days | $1,000 |
| 14 days to six months | $1,000 |
| Six months to age 19 or to age 26, if a full time student | $25,000 |
Life Planning Financial & Legal Resources
With Unum group life coverage, you have automatic access to Life Planning Financial & Legal Resources. This service is provided at no extra cost for employees, spouses and beneficiaries who need help during a terminal illness, or after the loss of a covered employee.
For additional information on these resources please download the “Life Planning Financial and Legal Flyer” in the Resource Box at the top right of this page.