Life and AD&D Insurance
Administered by Lincoln Financial Group
Pyramid Healthcare is partnering with Lincoln Financial Group for your basic life insurance and accidental death and dismemberment coverage at no cost to you to protect you and your family.
Basic Life and AD&D (100% Paid by Pyramid)
Class 1: (Executives and Employed Physicians) – 1 times salary to a maximum of $150,000; AD&D benefit is equal to the life benefit.
Class 2: (Managers/Supervisors) – $25,000; AD&D benefit is equal to the life benefit.
Class 3: (Associates) – $10,000; AD&D benefit is equal to the life benefit.
Class 1
Basic Life and AD&D
Benefit Summary
Class 2
Basic Life and AD&D
Benefit Summary
Class 3
Basic Life and AD&D
Benefit Summary
Voluntary Life Insurance Options (100% Paid by Employee)
Pyramid Healthcare also offers enrollment in a variety of voluntary life insurance options for you and your family which are paid by you through payroll deduction.
Supplemental Life:
- Purchase additional coverage in increments of $10,000 up to the lesser 5 times your salary or $500,000
- Guarantee Issue Amount is the lesser of 3 times your salary or $100,000
Supplemental Spousal Life:
- Purchase coverage for your spouse in increments of $5,000 up to $250,000, not to exceed 50% of the employee’s supplemental election
- Guarantee Issue Amount is $25,000
Supplemental Child Life:
- Purchase coverage for your dependent child age 6 months to 1 year up to $1,000
- Purchase coverage for your dependent child over 1 year of age up to $10,000
- Guarantee Issue Amount is $10,000
Evidence of Insurability
Voluntary Life and AD&D
Benefit Summary
Why Do I Need Life Insurance?
Ask yourself this: In the event of my death, how would my family …
- Pay final expenses?
- Pay off debt?
- Pay for daily living expenses (housing, food, bills, etc.)?
- Replace Your Income?
- Maintain financial stability?
Video: Life and AD&D Insurance
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.