SmithRx provides eligible employees with basic life and offers supplementary voluntary life insurance.
Basic Life Insurance
SmithRx provides eligible employees with a basic life and accidental death and dismemberment (AD&D) insurance policy—at no cost to you. Life and AD&D coverage is available to you on your date of hire.
Don't forget to designate a beneficiary in Workday!
This coverage will be effective first of the month following date of hire for all benefit eligible employees.
Basic Life Benefit Amount
- Employee Basic Life
- 2x annual earnings* to a maximum of $300,000
- Employee Basic AD&D
- An amount equal to your Employee Basic Life Insurance*
*Benefits reduce to 65% at age 65, 40% at age 70; 25% at age 75; 15% at age 80
This employer paid Life and AD&D benefit is portable upon termination of employment.
Voluntary Life Insurance
SmithRx offers voluntary life insurance administered through Unum that each employee may purchase in addition to the Basic Life benefit provided. This benefit provides a lump-sum cash payment to a beneficiary upon the death of the insured.
Employees must be enrolled in order to elect coverage for a spouse and/or dependents.
If you're considering electing Voluntary Life, please keep the following in mind:
Guaranteed Issue (GI) - Initial Enrollment Opportunity Only.
- Employee: Up to $150,000
- Spouse: Up to $25,000
- Child: Maximum allowed for dependent coverage is $10,000
Maximum Amount
- Employee: Not to exceed 5x annual earnings and/or $500,000
- Spouse: Not to exceed $100,000 and 50% of employee coverage
- Child: Not to exceed $10,000
Increments
- Employee: $10,000 increments
- Spouse: $5,000 increments
- Child: $0
Important Note
- The maximum dependent Voluntary Life Insurance benefit for children 1 day to six months old is $1,000.
SmithRx also offers Accidental Death & Dismemberment (AD&D) insurance through Unum, which pays a benefit if a covered member passes from a qualified accident or survives an accident but has certain serious injuries and is equal to the Voluntary Life Insurance amount.
Employees must be enrolled in order to elect coverage for a spouse and/or dependents.
AD&D benefit amount is the same as Voluntary Term Life benefit.
AD&D coverage is guarantee issue at all benefit levels.
AD&D coverage can be purchased according to the same increments and spouse and dependent parameters as set above in the Voluntary Life Coverage summary.
For a list of covered losses due to accidental death or dismemberment, please refer to your Voluntary Life and AD&D policy.
Benefits are paid according to the schedule above.