Basic Life and AD&D Insurance
Denbright provides Basic Life Insurance and Accidental Death and Dismemberment (AD&D) benefits to all Full-Time eligible employees at no cost. Life insurance can provide an element of financially security to your survivors in the event of your death. The benefit will be paid to your designated beneficiary in the event of death while covered under the plan.
- The benefit is a flat $25,000 of coverage.
- Coverage is at the company’s expense.
- The coverage may be converted or ported upon termination of active employment.
Please be sure to update your beneficiary information on Paylocity.
Voluntary Life and AD&D Insurance
You are able to purchase additional amounts of Basic Life/AD&D coverage to meet your individual needs. Voluntary Life/AD&D is available for employees, spouses and children. There is no age reduction. The coverage may be continued or ported upon termination of active employment.
Denbright Dental Labs Life Plan Summary
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.