MMFS Employee Benefits Guide 2022

LIFE AND AD&D BENEFITS

BASIC LIFE AND AD&D MMFS provides eligible employees with Basic Life and Accidental Death & Dismemberment (AD&D) coverage at no cost to you. Basic life insurance coverage provides financial protection in the event of your death. AD&D insurance coverage provides protection in the event of accidental death, loss of hands, feet and/or vision. The benefit is two times your annual salary to a $600,000 maximum. The AD&D benefit is equal to the life benefit. Basic life insurance becomes a taxable benefit when the coverage amount exceeds $50,000 . VOLUNTARY TERM LIFE AND AD&D You can purchase voluntary life and AD&D coverage for yourself and your eligible dependents. You must elect coverage for yourself in order to elect coverage for any dependents. Evidence of Insurability will be required for amounts over the Guaranteed Issue Amount and for employees enrolling outside of the initial enrollment period.

Please note, if you had voluntary life and AD&D last year, you can increase coverage up to $50,000. However you cannot exceed the Guaranteed Issue Amount in doing so.

SUPPLEMENTAL LIFE/AD&D

BENEFIT AMOUNT

GUARANTEED ISSUE AMOUNT

$10,000 increments to $250,000 maximum*

$150,000

Employee Coverage

$5,000 increments to $250,000

$25,000

Spousal Coverage

(not to exceed employee amount, employee must elect coverage in order to have spousal)

Flat amount of $10,000

$10,000

Child Coverage to Age 19 or 26 if student

*Amount reduced by 50% at Age 70

BENEFICIARY DESIGNATION You will need to designate a beneficiary for your basic life, supplemental life and AD&D insurance coverage. You may name more than one beneficiary. You will need to indicate the percentage each beneficiary should receive; the percentages must total 100%. Be sure to keep your beneficiary designations up-to-date.

QUESTIONS? Call BenefitsVIP at 866.286.5354