LIFE AND AD&D
We partner with Lincoln Financial to offer you Life and Accidental Death and Dismemberment (AD&D) insurance.
Basic Life and Accidental Death and Dismemberment (AD&D) Insurance
AWP Safety is proud to provide you with $50,000 of Basic Life and AD&D insurance. The company pays the full cost of this insurance and, if eligible, you are enrolled automatically.
Team Member Voluntary Life Insurance
If you would like additional life insurance coverage, you have the option to purchase additional life insurance at discounted group rates. You may purchase coverage in increments of $10,000, up to five times your annual salary, up to a maximum benefit of $500,000. You may purchase up to $200,000 (GI) without having to provide proof of good health, also known as Evidence of Insurability, during your initial enrollment opportunity.
Spouse Voluntary Life Insurance
If you elect voluntary life insurance for yourself, you can also elect voluntary life insurance for your spouse available in $5,000 increments up to 2.5 times the team member’s annual salary (rounded up to the nearest $5,000), not to exceed 50% of the team member’s benefit amount, up to $250,000. You may purchase up to $30,000 (GI) of spouse life insurance without having to provide proof of good health, also known as Evidence of Insurability.
Child Voluntary Life Insurance
Dependent child life insurance is available in a coverage level of $10,000. The child voluntary life insurance maximum age is 26. Please note: The dependent child life insurance coverage level is $500 for a child between the ages of 14 days up to six months old.
Life Insurance Beneficiary Designation(s)
It is important to review and update your Beneficiary Designation(s) each year to ensure your assets go to where you intend them to go. It also ensures you don’t experience unnecessary delays in the event something unexpected happens to you and/or your family members.
Further, beneficiary designations typically supersede wills, ensuring assets like life insurance benefits go to intended individuals rather than ex-spouses or unintended parties. Regularly reviewing and updating these important designations helps you avoid costly legal disputes, minimizes estate taxes, and bypasses probate; it can also help ensure a faster, smoother transfer of assets.
Log in to your account at Lincoln Financial to review and update (if necessary) your Beneficiary Designation(s).