Life Insurance and Accidental Death & Dismemberment Insurance

When the unthinkable or unexpected happens, it’s good to have a plan.

Boston Children’s provides Basic Life and Accidental Death/Dismemberment (AD&D) Insurance at no cost to you, along with optional Supplemental Life Insurance coverage for you and your eligible dependents. Your Life Insurance carrier is Lincoln Financial Group.

Changes in Base Pay

If your base pay increases or decreases during the plan year, your basic and supplemental life insurance coverage will also increase or decrease as of that date. Your cost for supplemental life insurance will also adjust based on your new pay.

Don’t Forget to Designate Your Beneficiaries

To ensure that your life insurance is distributed according to your wishes, keep your beneficiary information up to date. Life insurance benefits will be paid to the designated beneficiary on file at the time of your death.

Basic Life and AD&D Insurance

Eligibility: All benefits-eligible employees are automatically enrolled
Cost: Paid 100% by Boston Children’s
Coverage Amounts: 1× your annual base salary, rounded up to the next $1,000
Maximum Coverage: $750,000

Supplemental Life Insurance

Eligibility: All benefits-eligible employees may enroll. Evidence of Insurability (EOI, or proof of good health) is required if you enroll after your initial eligibility period, increase your coverage by more than one level, and/or exceed the guaranteed amount of 3 x salary or $750,000
Cost: Paid with after-tax dollars. Rates are based on your age as of January 1 and annual base salary
Coverage Amounts: You may elect 1× to 5× your annual base salary
Maximum Coverage: $1.5 million

Supplemental Life Insurance – Bi-Weekly Rates

You pay 100% of the cost (after-tax).

Age	Rate Per $1,000 of Coverage
Under 25	$0.01511
25–29	$0.01822
30–34	$0.01822
35–39	$0.02667
40–44	$0.02978
45–49	$0.04533

Age	Rate Per $1,000 of Coverage
50–54	$0.06933
55–59	$0.12978
60–64	$0.19911
65–69	$0.38444
70+	$0.62222

Below is an example of how much you would pay per paycheck, depending on your age:

If you are 31 years old and your annual salary is $41,900, coverage would be $42,000 for 1x salary.

Divide $42,000 by 1,000 = $42
Multiply $42 by the age band (rate of 0.01822) = $.76524
For $42,000 of life insurance coverage = 77 cents per paycheck

Spouse Life Insurance

Eligibility: Available if your spouse is not a benefits-eligible Boston Children’s employee. If your spouse is also a Boston Children’s benefits-eligible employee, they must elect their own supplemental coverage. The spousal coverage amount can be up to 100% of the combined amount of your Basic Life & Supplemental Life coverage.
Cost: Flat rate per pay period, paid with after-tax dollars
Coverage Amounts: $10,000, $25,000, $50,000, $75,000, or $100,000
Maximum Coverage: $100,000

Keep In Mind!

If you elect Spouse Life Insurance, your spouse may be subject to Evidence of Insurability (EOI) if electing over $50,000 initially or making changes at a later time such as Open Enrollment or a mid-year QLE.

Spouse Life Insurance – Bi-Weekly Rates

Coverage Amount	Rates
$10,000	$1.16
$25,000	$2.89
$50,000	$5.78
$75,000	$8.67
$100,000	$11.56

Child Life Insurance

Eligibility: Children up to age 26. No EOI required
Cost: Flat rate per pay period (covers one or more children), paid with after-tax dollars
Coverage Amounts: $5,000 or $10,000
Maximum Coverage: $10,000 per child
If you and your spouse or non-married parent both work at Boston Children’s and are benefits-eligible, only one parent can elect to cover your child(ren) under Child Life Insurance

Dependent Child(ren) Life Insurance

Cost covers one or more children

Coverage Amount	Rates
$5,000	$0.32
$10,000	$0.64