Life and AD&D Insurance
Basic Life and AD&D Insurance
Life insurance is an important part of your financial security, especially if others depend on you for support. That is why Tishman provides eligible employees and their families with Basic Life and Accidental Death and Dismemberment (AD&D) Insurance. These benefits are provided through Unum and are 100% company-paid. Employee Life and AD&D Insurance As an eligible employee, you are provided with Basic Life Insurance in an amount that equals one times (1x) your base salary to a maximum of $1.5 million. After the completion of three years of service, your Basic Life Insurance amount is increased to three times (3x) your base salary to a maximum of $1.5 million. In addition, an equal amount of AD&D Insurance is provided.
Please Note: Evidence of Insurability is required for Basic Life Insurance coverage that exceeds $700,000.
Dependent Life Insurance As an eligible employee, Tishman also provides your spouse and dependent child(ren) with Basic Life Insurance. Your spouse is provided with $25,000 of Basic Life Insurance coverage. Your dependent child(ren) from live birth to age six months are provided with $1,000 of Basic Life Insurance coverage. The coverage amount for children age six months to 26 years (if a full-time student) is $10,000. Voluntary Life Insurance If you need additional protection beyond the Basic coverage provided to you at no cost, you may purchase Voluntary Life Insurance for yourself and your dependents. If you elect this coverage, you are responsible for paying 100% of the premium cost and your deductions are taken from your paycheck in after-tax dollars. Employee Voluntary Life Insurance You may purchase coverage for yourself in increments of $10,000 up to a maximum of $500,000. The Guaranteed Issue amount for newly eligible employees is $70,000. Dependent Voluntary Life Insurance You may purchase coverage for your spouse and dependent child(ren) in the amounts listed within the table below.
Guaranteed Issue During your initial eligibility period (within 31 days of your benefits effective
date), coverage is offered on a Guaranteed Issue
basis. This means that you are automatically approved for a pre- determined amount of Voluntary Life Insurance coverage without being subject to Evidence of Insurability. For more information on Evidence of Insurability, please refer to page 14.
Guarantee Issue Amount
Coverage For:
Purchase Amount
Benefit Maximum
$500,000 (cannot exceed 100% of the employee coverage amount
Spouse
$5,000 increments
$25,000
Dependent Child(ren)
$2,000 increments
$10,000
$10,000
Life and AD&D Insurance Eligibility Your Basic Life and AD&D coverage and Voluntary Life Insurance elections will become effective on the first of the month following 90 days of continuous employment. 17
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