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Health & Welfare: Group Life Insurance
Life insurance is the cornerstone of sound financial planning. Employee life insurance through the State Farm Group Life Insurance Plan is an economical way to protect you and your family against financial hardship as a result of a death. The plan provides financial benefits to you or your beneficiary in the event of your death or the death of a covered dependent.
- Employee Group Life coverage provides life insurance on your life equal to twice your base pay, rounded to the next $2,000. You and State Farm share the cost of this coverage.
- An additional feature of the employee benefit is Accidental Death & Dismemberment (AD&D) coverage. The amount of AD&D coverage is equal to your Employee Life benefit, up to a maximum of $100,000. State Farm pays the full cost of the AD&D coverage.
- Spouse Life coverage provides a death benefit equal to 50 percent of your base pay up to a maximum of $45,000. You pay the full cost of this coverage.
- Dependent Life coverage provides a $10,000 death benefit on each insured child. You pay the full cost of this coverage.
You must enroll within 31 days of hire or a special enrollment event (e.g. you lose group coverage elsewhere, obtain a new dependent due to marriage or birth, etc.). If you do not enroll within 31 days of eligibility and change your mind at a later date, you will have to prove insurability, at your own expense.
This brief overview of the State Farm Group Life Plan is not intended to be a complete explanation of plan features. For more detailed information and state exceptions, please refer to the online Human Resources Policy Manual for U.S. employees.