Basic Life and Accidental Death & Dismemberment (AD&D) Insurance
Life insurance is an important part of your financial security, especially if you support a family. Lemek LLC provides employer paid Basic Life/Accidental Death & Dismemberment insurance to all eligible employees at no cost to you. Coverage is automatic and provided by The Standard.
- Coverage for Associates & Shift Supervisors: $10,000
- Coverage for Bakers & Assistant Managers: $25,000
- Coverage for General Managers & Support Staff: $50,000
If your employment ends, you are eligible to apply for an individual life insurance policy from The Standard within 60 days of your termination date. The Standard will not require evidence of insurability (information about your health). You will be responsible for the premium for the coverage.
Voluntary Life and AD&D Insurance
Employees and their dependents may enroll for Voluntary Life and AD&D insurance with The Standard. This added benefit is 100% paid for by the employee and is payroll-deducted.
| Coverage Guidelines | Employee | Spouse | Child(ren) |
|---|---|---|---|
| Minimum Amount of Coverage | $10,000 | $5,000 | $2,000 |
| Maximum Amount of Coverage | 5x annual salary up to $500,000 | 100% of employee’s benefit up to $300,000 | 100% of employee’s benefit up to $10,000 |
| Guaranteed Issue Amount | 5x annual salary up to $500,000 | 100% of employee’s benefit up to $50,000 | 100% of employee’s benefit up to $10,000 |
Why Do I Need Life Insurance?
Ask yourself this: In the event of my death, how would my family …
- Pay final expenses?
- Pay off debt?
- Pay for daily living expenses (housing, food, bills, etc.)?
- Replace Your Income?
- Maintain financial stability?
Additional Life Highlight Sheet
Common Life Insurance Terms
- Accidental Death Insurance (AD&D): Generally an add-on to a regular life insurance policy, it is only paid if the death of the insured occurs as the result of an accident.
- Age Reductions: Most insurance policies reduce your life insurance benefit as you age.
- Beneficiary: The person or party named by the owner of a life insurance policy to receive the policy benefit.
- Contingent Beneficiary: The party designated to receive proceeds of a life insurance policy following the insured’s death if the primary beneficiary predeceased the insured.
- Conversion: If you ever leave employment, you may be able to convert the group policy into an individually owned life insurance policy.
- Coverage Amount: Value of life insurance.
- Portable: If you ever leave employment, you may be able to port the life insurance coverage to a new plan.
- Premiums: Amount paid to the insurance company to buy a policy and keep it in force.