MAA provides eligible associates with Basic Life* and Accidental Death & Dismemberment (AD&D) insurance through Lincoln Financial Group at no cost to you. As a new associate, your coverage begins on the first of the month on or after 90 calendar days of employment and is equal to 1x your annual base salary, rounded to the next $1,000 with a minimum of $50,000 and maximum of $500,000. *You must designate at least one beneficiary for your Basic Life insurance in Workday. However, you may also designate a beneficiary for your coverage under the Basic AD&D, Optional Employee Life and Optional Employee AD&D plans. You may change your beneficiary designation(s) at any time in Workday.
The IRS requires that you be taxed on the value of employer-provided group term life insurance for coverage over $50,000. The taxable value of this life insurance coverage is considered imputed income. Although you don’t receive cash, you are taxed as if you received cash in an amount equal to the value of the coverage. You will see the group term life tax accounted for on your biweekly paycheck.
You can elect additional life insurance coverage for yourself and your eligible dependents under the Optional Life Insurance Plan through Lincoln Financial Group. However, in order to elect coverage for your eligible dependents, you must elect additional coverage for yourself.
Medical underwriting or evidence of insurability may be required in certain situations. Your coverage options, along with the plan features and rates, are summarized in the tables on the following pages.
Feature
You
Your spouse
Child(ren)
$5,000 increments, not to exceed the lesser of 50% of your Basic and Optional Life coverage amounts combined or $250,000
$5,000 increments up to $15,000 for children up to age 26 (election must be the same for all children)
1x – 5x annual base salary, rounded to the next $1,000, up to $500,000
Coverage Amount
Guarantee Issue
$300,000
$50,000
N/A
A health statement is required for the following: If the amount is greater than Guarantee Issue at initial new hire enrollment If previously waived, for any amount when elected as a result of a Qualifying Life Event
A health statement is required for the following: If the amount is greater than Guarantee Issue at initial new hire enrollment If previously waived, for any amount when elected as a result of a Qualifying Life Event If previously waived, for any amount when elected during annual open enrollment
Evidence of Insurability (Statement of Health)
Not Required
If previously waived, for any amount when elected during annual open enrollment If previously elected, for any amount over one level (i.e.2x to 3x) or the Guarantee Issue
If previously elected, for any amount over one increment or the Guarantee Issue
Accelerated Death Benefit (advances part of your death benefit when diagnosed with a terminal condition)
50% to a maximum of $500,000
N/A
N/A
Ages 70-74: reduced to 65% Ages 75 & up: reduced to 50%
Ages 70-74: reduced to 65% Ages 75 & up: reduced to 50%
No reduction Coverage ends at age 26
Reduction Schedule
Conversion to a Private Policy
Yes
Yes
No
Portability after your employment ends
Yes
Yes
Yes
$0.055 per $1,000 (for 1 or more children)
Coverage Rate (bi-weekly)
Refer to table on page 24
Refer to table on page 24
alex ®
Make sure you have at least one beneficiary designated for your Basic Life insurance in Workday!
Made with FlippingBook Annual report