Life insurance and accidental death and dismemberment (AD&D) insurance will help financially protect you and your family in the case of death or serious injury.
Basic Life and Accidental Death and Dismemberment (AD&D) is a part of CPM’s benefits plan and is an essential part of your future financial security. It is important to understand how your plan works and what benefits you will receive. Just as you would keep track of money that you put into a bank or other financial institution, it is in your best interest to keep track of your survivor benefits.
CPM automatically provides you with Basic Life and AD&D insurance through Guardian which guarantees that loved ones, such as a spouse or other designated survivors, receive financial assistance, which is a valuable resource to cover funeral costs and other immediate living expenses during this difficult time.
BASIC LIFE AND AD&D | |
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Coverage Amount | 1x your salary up to $150k |
Who Pays | CPM |
Evidence of Insurability (EOI) Required | No |
You may purchase voluntary employee life insurance in increments of $10,000 up to a maximum of $500,000. AD&D is automatically included with your employee voluntary life election. Rates based on Employee age and level of coverage.
EMPLOYEE VOLUNTARY LIFE AND AD&D | |
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Coverage Amount | Increments of $10,000 |
Benefit Maximum | Up to $500,000 |
Guarantee Issue | $200,000 |
Who Pays | Employee |
Age Reduction | 35% at age 75 55% at age 80 70% at age 85 80% at age 90 |
Coverage for your spouse is available in increments of $5,000 up to $250,000. AD&D is automatically included with your spouse voluntary life election.
SPOUSE VOLUNTARY LIFE AND AD&D | |
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Coverage Amount | Increments of $5,000 |
Benefit Maximum | $250,000 |
Guarantee Issue | $50,000 |
Who Pays | Employee |
Age Reduction | Coverage ceases at age 70 |
Coverage for your dependent children is available in a flat coverage of $10,000 or $20,000. Dependent children are eligible up to age 26 regardless of student status.
CHILD VOLUNTARY LIFE AND AD&D | |
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Coverage Amount | 6 months to 26: $10,000 or $20,000 14 days to 6 months: Flat $1,500 |
Maximum Child Age | Up to age 26 |
Who Pays | Employee |
Age Reduction | None |