Life Insurance
American Exchange provides employer-paid basic life insurance for you through Principal. The plan includes Accidental Death and Dismemberment coverage, or AD&D. If you pass away as a result of an accident, the plans also pay either the amount of your life insurance or a percentage for loss of limbs, speech, hearing, and more.
American Exchange also offers voluntary life insurance for employees, spouses, and children through Principal. Consider your current coverage and whether it would provide adequate protection for your family in the event of your death.
Benefit Reductions Due to Age
All life insurance options include a reduction of benefits beginning at age 65. Life insurance reduced to 65% at age 65 and to 50% at age 70
Employer-Paid Basic Life & Accidental Death & Dismemberment (AD&D)
American Exchange provides all eligible employees a Basic Life and AD&D benefit, equal to 2 times your annual earnings. This Basic Life and AD&D benefit is provided at no cost to you. The AD&D benefit provides an additional payment in the event of a death or loss of limb(s), speech, hearing, and more caused by a covered accident.
Employee Voluntary Life Insurance (employee-paid option)
You may also elect additional Voluntary Life and AD&D coverage for yourself, your spouse, and your children. Employees may elect Voluntary Life insurance in increments of $10,000 up to a maximum of $300,000, for yourself.
Spouse Voluntary Life (employee-paid option)
You may elect voluntary life insurance for your spouse, in increments of $5,000, up to a maximum of $100,000.
Child Voluntary Life (employee-paid option)
You may elect voluntary life insurance for your child, in a flat amount of $10,000.
Evidence of Insurability
Changes to coverage (outside of new hire enrollments and elections) will be subject to medical underwriting, and will not be effective, until approved.
Guaranteed Issue for New Hires
New Hires may elect the following coverages, with no Medical Underwriting required:
- Employees
- Under Age 70 - $100,000
- 70 or older - $10,000
- Spouses
- Under Age 70 - $25,000
- 70 or older - $10,000
