Basic Life Insurance
If you die, Basic Life Insurance pays a benefit equal to your annual salary, up to $50,000. Coverage is provided automatically at no cost to you and is administered by Standard Insurance. You cannot opt out of this coverage.
Optional Life Insurance
You can enroll in additional employee-pay-all life insurance coverage of one, two, three or four times your annual salary, up to $750,000.
Reduction in Employee Life Insurance
Once you reach age 70, your Basic and Optional Life Insurance coverage amounts will reduce. To calculate your new coverage, multiply your benefit by the applicable percentage:
- Age 70 - 74: 65%
- Age 75 or older: 50%
You can find more information about the age-based reduction in the Certificate.
Dependent Life Insurance
You can choose to buy life insurance for your spouse—$10,000, $15,000 or $20,000—and eligible dependent children under age 26—$5,000, $7,500 or $10,000 per child.
Dependent Life Insurance will not reduce based on age.
Enrolling in Coverage
You have 31 days from your initial benefits eligibility date to enroll in Optional Life Insurance and/or Dependent Life Insurance coverage through Workday without requiring any additional medical information. Evidence of Insurability (EOI) is required for Life Insurance amounts over $500,000 or three times your annual earnings.
If you do not enroll within the first 31 days, you can still enroll anytime during the year, but you must provide EOI. EOI can be completed directly with Standard Insurance. EOI will be reviewed by Standard Insurance. Coverage is effective pending Standard Insurance’s approval of your EOI. You will receive a decision in writing once your application has been reviewed.
