Life and Accident Coverage
Insurance coverage helps you plan for unexpected events and can be an important part of your financial wellness. Life and Accidental Death & Dismemberment (AD&D) insurance provides financial security to your loved ones if you suffer a serious accident. Don’t forget to add a beneficiary in your benefit record for any coverage you have.
thyssenkrupp provides the following benefits at no cost to you:
- Life insurance coverage
- AD&D coverage
At ages 65 and 70, coverage will be reduced. You will receive more information when you reach these ages.
Supplemental Life and AD&D Insurance
In addition to the coverage provided by the company, you can purchase the following supplemental coverage (evidence of insurability or EOI may be required):
- For you — purchase life insurance and AD&D coverage equal to three, four, five, six or seven times your annual pay, subject to evidence of insurability requirements. Your age and tobacco status will affect your premium.
- For your spouse — purchase life insurance for your spouse equal to $10,000, $25,000, $50,000 or $100,000, subject to EOI. Your spouse’s age and tobacco status will affect his or her premium.
- For your children — purchase life insurance for your children in the amount of $2,000, $5,000 or $10,000. No EOI is required, and the same premium will cover all your children up to age 26.
Important Terms
Annual pay — annual pay equals your base pay and does not include overtime, shift or premium pay or bonuses, and will be taken at a point in time. The amount is updated once per year.
Evidence of insurability (EOI) — a form with questions about your health that you are required to answer addressing medical conditions you may have. The insurance company reviews the information to determine if you are approved for additional insurance coverage levels.
Beneficiary — a person(s) or entity you choose who is designated to receive your benefits upon your death. It’s a good idea to review your beneficiary information from time to time. Review and update here.
Dismemberment — this is defined under AD&D coverage as severance of a finger, hand, foot or limb, and loss of sight, speech or hearing as a result of an accident.
Making Your Decisions
How much extra insurance is enough? Some questions to ask yourself:
- Who depends on my income?
- How will my family pay expenses for housing, health care, food, clothing, tuition and other costs?
- What outstanding debt do I have including mortgages, loans and credit card balances?
- What other insurance coverage do you have?
Talk to a financial advisor for additional help.
When Benefits Are Paid
You or beneficiary will not automatically receive benefits. You or your survivors need to apply for benefits. Make sure your family knows about your coverage. Then contact the insurance company to file a claim. For more information, see the Life & AD&D Insurance Certificate posted on your benefit enrollment site.
Resources
tkNA Benefit Guide
Detailed plan comparisons, premium information, and additional features. Password required — see your manager for more information.
