Eligible employees enrolled in the State Health Plan or the TRICARE Supplement Plan are automatically enrolled in Basic Life insurance at no cost. This benefit includes matching Accidental Death and Dismemberment (AD&D) coverage.
The Optional Life insurance benefit, with matching AD&D coverage, is a voluntary benefit. You will pay the entire premium for this coverage.
AD&D provides financial security should a sudden accident take your life or cause serious harm. This coverage complements your life insurance coverage and helps protect you 24 hours a day, 365 days a year.
How do you know if you have enough life insurance?
Chances are you may not have enough life insurance coverage for yourself or your loved ones.1 Purchasing more life insurance over basic coverage may lend greater financial security and peace of mind.
If you have a spouse and/or children, they may rely on you to help keep the household running. About 30 percent of U.S. households have no life insurance.1 It’s important to take steps to make sure your family is financially prepared if you are no longer here to cover expenses such as:
- Mortgage or rent payments;
- Insurance premiums;
- Food; and
- Child care/education fees.
Covering everyday living expenses is one part of the life insurance equation. Many families may have trouble keeping up with future expenses such as:
- College tuition;
- Wedding expenses;
- Child or aging parent care; and
Consider life events that may cause you to need more protection. Getting married, having children and buying a home are a few examples. These could call for adding more life insurance coverage.