Life throws curveballs. Some are small (like spilling coffee on your shirt), others ... not so much. Life and accidental death and dismemberment (AD&D) insurance help you prepare for the big stuff. Your State Farm life insurance pays a benefit to your beneficiary if you die, and AD&D insurance pays a benefit if you are dismembered or die in an accident. You can also purchase voluntary State Farm Group Life and AD&D coverage for your family.
Insurance for you
Basic life insurance and AD&D insurance
As an employee, you may be able to purchase basic life insurance equal to twice your base salary, rounded to the next even $2,000. State Farm contributes toward the cost of this coverage. When you purchase basic life insurance, you’ll also receive AD&D coverage equal to 100% of your life insurance policy up to $100,000.
You’re eligible for this benefit if you are:
- A full-time employee
- A part-time employee who averages 18 or more hours per week and works five continuous months or more
- A first-time agent candidate
Voluntary AD&D insurance
You can purchase additional AD&D coverage in amounts of $80,000, $160,000, or $320,000. You’ll pay the full cost of coverage through paycheck deductions taken on a pre-tax basis.
Insurance for your family
Group life insurance for dependents
If you have basic life insurance coverage through State Farm, you can purchase coverage for your spouse or domestic partner that’s equal to 50% of your base salary, rounded to the next $1,000, up to $45,000. Dependent child life coverage provides a $10,000 death benefit for each child. You’ll pay for coverage through paycheck deductions taken on an after-tax basis.
Voluntary AD&D insurance
If you enroll in voluntary AD&D coverage, you can also cover your spouse or domestic partner and children. You have two ways to do this:
Option 1: Add your family to your coverage
If you purchase voluntary AD&D insurance for yourself, you can elect from the following coverage amounts: $80,000, $160,000, or $320,000. When you purchase family voluntary AD&D coverage, your enrolled dependents are covered at a percentage of the coverage you elect for yourself:
- Spouse or domestic partner: 40% of your coverage
- Child(ren): 5% of your coverage if you’re covering your spouse or domestic partner; 10% of your coverage if you’re not covering your spouse or domestic partner
The table below shows what family coverage amounts look like if you purchase voluntary coverage of $320,000 for yourself:
| Dependent(s) | Coverage level | Coverage amount* |
|---|---|---|
| Spouse or domestic partner | 40% | $128,000 |
| Child(ren) (when you are also covering your spouse or domestic partner) | 5% | $16,000 |
| Child(ren) only | 10% | $32,000 |
* These amounts are based on the coverage you select for yourself.
Option 2: Cover your spouse or domestic partner separately
Instead of including your spouse or domestic partner under family coverage, you can elect a separate policy for your spouse or domestic partner:
- Your spouse or domestic partner is enrolled in their own coverage amount ($80,000, $160,000, or $320,000).
- If you choose this option, your child(ren) who are enrolled in family coverage are covered at 10% of your coverage amount.
Which option is best for your family?
| Feature | Option 1: Family coverage (under your plan) | Option 2: Separate coverage for your spouse or domestic partner |
|---|---|---|
| How it works | Your dependents are covered as a percentage of your elected coverage amount | Your spouse or domestic partner is enrolled in their own coverage |
| Spouse or domestic partner coverage | 40% of your coverage amount | Choose a separate coverage amount ($80,000, $160,000, or $320,000) |
| Child(ren) coverage | 5% of your coverage (or 10% if no spouse is covered) | 10% of your coverage (with enrollment in family coverage) |
| Flexibility | Simple. One plan covers your family. | More flexible. Your spouse or domestic partner can be enrolled in their own coverage amount |
| When this might make sense | You want a straightforward way to cover your family under one plan | You want your spouse or domestic partner to have higher or separate coverage |
Important to know
You and your spouse or domestic partner cannot cover each other or the same children under multiple policies at the same time. Children can only be covered under one policy.
Keep in mind that you can also add or drop voluntary coverage for family members during annual enrollment or when you experience a qualifying life event.
The full cost of voluntary coverage will be deducted from your paycheck on a pre-tax basis.
About evidence of insurability
If you previously waived or canceled group life insurance for yourself or your spouse and decide to enroll, you will be asked to provide evidence of insurability (EOI) at your own expense. EOI could include a complete medical examination and/or review of your medical records. If your application for coverage is approved, the policy date will be based on the approval date.