Life and accidental death and dismemberment (AD&D) insurance provide financial protection for you and your family. You are generally eligible to participate if you are an active employee scheduled to work at least 24 hours per week. These benefits are administered by Lincoln Financial Group.
If you do not elect coverage within the first 15 days of hire, your next opportunity to enroll will be during Open Enrollment or if you have a qualified life event during the year.
Employee life insurance
Adobe provides an employee basic life insurance benefit at no cost to you. You may elect coverage in the amount of either $50,000 or three times your salary, up to a maximum of $500,000. Amounts will be rounded down to the nearest $50,000 increment.
You can purchase supplemental life insurance for yourself in $50,000 increments, up to 10 times your annual base salary. During Open Enrollment and eligible life events, you may elect an increase of up to $150,000 with no evidence of insurability (EOI). In addition, you may add even more insurance (up to plan limits) with an approved EOI.
The combined coverage of your basic and supplemental life insurance can be up to $2 million.
If your basic life insurance coverage exceeds $50,000, you will have "imputed income." Imputed income: Per the Internal Revenue Service, the cost of company-provided employee life insurance over $50,000 is treated as taxable income. For additional information, visit the IRS website and read about Group-Term Life Insurance.
Spouse/domestic partner life insurance
You may purchase life insurance for your spouse or domestic partner in $25,000 increments, up to $250,000. Evidence of insurability (EOI) is required at levels above $125,000. Evidence of insurability is sometimes called “proof of good health” and is used to qualify for certain amounts of life insurance coverage. During Open Enrollment and eligible life events, your spouse/partner will need to complete EOI for increases greater than $25,000 or any amount over $125,000. The combined coverage for child life and spouse/partner life cannot exceed the amount you choose for yourself. If your spouse/DP is also an Adobe employee, you cannot cover each other under spouse coverage.
Child life insurance
You may purchase life insurance for your children up to age 26 in $12,500 increments, up to $50,000. The combined coverage for child life and spouse/partner life cannot exceed the amount you choose for yourself.
If your spouse/partner is also an Adobe employee, only one of you may cover your child(ren). You cannot cover your child who is an Adobe employee.
The maximum benefit payable for a child under the age of 6 months is $12,500.
Accidental death and dismemberment (AD&D)
Adobe provides coverage in the amount of three times your salary, up to a maximum of $500,000. Amounts will be rounded down to the nearest $50,000 increment. This benefit is provided at no cost to eligible employees.
You can also purchase additional insurance for yourself in $50,000 increments, up to 10 times your annual base salary.
The combined total of your AD&D insurance cannot exceed $2 million.
The rates shown in the following table are the per-pay-period post-tax costs for life and accidental death and dismemberment (AD&D) insurance. The rates are per thousand dollars of coverage. Coverage reductions apply starting at age 70.
|Age||Employee Supplemental Life Insurance||Spouse / Domestic Partner Life Insurance||Child Life Insurance||Employee AD&D Insurance|
|70 & over||$0.6905||$1.5840||$0.0692||$0.0069|