Life and AD&D

Basic Life and AD&D  

At no cost to you, U.S. Venture provides you with Basic Life and Accidental Death and Dismemberment (AD&D) Insurance coverage through Voya equal to 1.5 times your annual earnings (rounded up to the next $1,000), up to a maximum of $300,000. For example, if your annual earnings are $29,500, then your Basic Life and AD&D coverage would be $45,000. 

You are automatically enrolled in this U.S. Venture-paid coverage. 

NOTE: The value of company-paid Basic Life Insurance coverage over $50,000 will be considered part of your annual compensation for federal, state, and Social Security income tax purposes. The amount you will be taxed is based on special age-based IRS rates. 

Basic Life insurance is based on annual earnings, including commissions, bonuses and overtime pay. Your life insurance amount is determined based on 12-month earnings prior to the date of passing.

Supplemental Life Insurance 

You may supplement your Basic Life Insurance coverage by purchasing Supplemental Life Insurance as follows:

• For yourself: Up to $500,000 not to exceed 5 times your annual earnings, in $10,000 increments
• For your spouse or domestic partner: Up to 50% of your coverage amount, in $5,000 increments
• For your unmarried children (up to age 26): $10,000

You must purchase coverage for yourself before you can cover your spouse or your children. 

Annual Enrollment Rules

• Team members currently enrolled in coverage may increase their coverage by $20,000 or 2 plan increments at $10,000, not to exceed $350,000, without Evidence of Insurability (EOI).
• Spouses currently enrolled may increase coverage by $10,000 or 2 plan increments, not to exceed $50,000, without EOI.
• Team members not currently covered, or any requests for coverage increases beyond the limits above will require EOI.
• Children may be enrolled in coverage without EOI.

NOTE: A dependent cannot be covered under more than one team member’s Supplemental Life Insurance. Team members cannot cover one another as dependents; each must elect their own coverage.

Evidence of Insurability

Certain elections for team member or spouse coverage will require Evidence of Insurability (EOI), which means you or your spouse will need to complete a medical questionnaire and submit it for approval by the insurance carrier. If EOI is required, coverage will be effective when the insurance carrier approves your EOI application. Child life insurance does not require EOI. 

Basic Dependent Life 

You may also purchase Basic Dependent Life Insurance that provides the following coverage: 

• $10,000 for your spouse/domestic partner 
• $5,000 for each unmarried child to age 26 

This option is available in addition to any other life insurance coverage you may purchase. 
You do not have to enroll in Supplemental Life Insurance for yourself in order to elect the Basic Dependent Life Insurance Plan. 

Voluntary AD&D Insurance  

If you elect Supplemental Life Insurance coverage, you will be able to elect AD&D coverage in the same amount for yourself. If you elect Supplemental Life Insurance for any of your dependents, you can also elect: 

• 60% coverage for your spouse/domestic partner only 
• 15% coverage for your children only, or 
• Combined family coverage of 50% for your spouse/domestic partner and 10% for your children