Employee Group Life Insurance and Accidental Death and Dismemberment (AD&D) Insurances
The employee Group Life and AD&D insurance benefits are provided through Fort Dearborn Life Insurance company and are designed to give eligible employees a helpful starting point in building a well-rounded program of family protection. Banner Health provides coverage for eligible employees as well as options for increasing your basic coverage and adding coverage for dependents.
The Group Life Insurance plan provides cash benefits for you and your eligible dependents in the event of death. The AD&D benefits are paid for death, loss of a limb, coma, or paralysis due to an accident and is in addition to any basic and optional life insurance benefits that become payable.
Detailed information on this benefit such as eligibility, plan coverage, limitations and contact information can be found in the Summary Plan Description (SPD) by clicking on the link below.
Who is eligible?
You are eligible for Life and AD&D insurance coverage if you are scheduled to work 32 hours or more a pay period and are classified as regular full-time or part-time.
Eligible dependents include your:
Proof of dependent eligibility may be required during enrollment. You can elect life insurance coverage for yourself and eligible dependents even if you do not elect medical coverage.
What are my choices for coverage?
Banner Health will provide basic coverage equal to one times your annual base pay at no cost to you. You are eligible as a new hire to purchase up to three additional times or at the Annual Enrollment to purchase up one level of additional coverage according to the age-rated tables listed on your benefit price sheet
For Dependent Coverage:
- Additional coverage for your eligible dependents is available if you are either a regular full-time or part-time employee. You pay the full cost of coverage for dependent insurance.
- If you or your eligible dependents do not need any additional coverage, you can choose "no coverage" under the additional life insurance options.
- Spouse coverage cannot exceed 50 percent of your coverage, and children's coverage cannot exceed 25 percent of your coverage.
- If you and your spouse or domestic partner are both employed by Banner Health you may not cover each other on life insurance. Dependent children may only be covered by one parent.
Naming a beneficiary
You can name any beneficiary to receive your benefit in the event of your death. You are automatically the beneficiary for optional coverage for your spouse, child or children. In the event of your death the entire benefit payment will be made in the order listed below unless you designate a different beneficiary.
- Your spouse
- Your children including legally adopted children
- Your parents
- Your brothers and sisters
- Your estate
Detailed information on this benefit such as eligibility, plan coverage, limitations and contact information can be found in the Summary Plan Description (SPD). Click here to read a copy of the Life - AD&D Insurances SPD.
How do I enroll or change my beneficiary?
You make your life insurance coverage election and designate a beneficiary during your initial eligibility period or during the Annual Enrollment period. You will receive a price sheet showing the dental plan options available to you including your cost of coverage. You may increase one level of coverage during Annual Enrollment. You may designate a different beneficiary and amounts of your benefit that you want your beneficiaries to receive. You will receive a confirmation statement of your beneficiary elections.
You can find step-by-step information on how to enroll by clicking on the "Enroll for Benefits" button located in the top right-hand side of this and any page on this website.
Your coverage begins the first of the month following enrollment unless your hire date is on the first of the month. In this case, your effective date is the first of the current month. Enrollment must be completed no later than the 30 days after employment or in a newly eligible employment classification. If you wish to enroll at a later date, you may enroll only during the Annual Enrollment period for an effective date of January 1st. If you have a qualifying event, you may be eligible to enroll at other times during the plan year.
What is my cost for coverage?
Your Basic coverage is company paid. You pay for your additional and your eligible dependent's coverage through payroll deductions. Your cost for coverage is based on:
- The amount of coverage selected
- Your annual base pay
- And your age
If your employment status changes from full-time to part-time, or part-time to full-time, your coverage will automatically reflect a corresponding change. You may make any changes to your coverage within 31 days of a Qualified Event. If your salary changes or if your age increases and places you in a new rate level, the new amount will be reflected on your next pay check.
Your cost is collected over the year through 24 regular deductions or over the number of pay periods remaining to be worked in a calendar year. The deductions for employee additional life insurance are collected for coverage of up to $50,000 through pre-tax payroll deductions and post-tax for coverage amounts over $50,000. Spouse deductions and child(ren) deductions will be collected through post-tax deductions. The costs for coverage are subject to change from year to year.
Where can I find more information?
Information is provided during the Annual Enrollment process, throughout the year at new employee orientation, through your facility People Resources department or Banner Plan Administration, which may be reached at 1-800-827-2464 or in the Phoenix Metro area 480-827-7070.
In the event you terminate your employment, coverage for you and your covered dependents can be converted to an individual whole life policy through the insurance carrier.
Important to note
This page contains highlights of your life insurance plan choices. The details of how the life insurance plan works are included in the legal documents and contracts that govern how the plan operates. In the event of a difference between this page and the legal documents and contracts, the legal documents and contracts will rule. This insert does not imply a contract of employment or guarantee of benefits. Banner Health reserves the right to change or discontinue all or part of the life insurance plan benefit at any time for any reason.
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