Basic Life AD&D
Life insurance provides peace of mind and financial protection for you and your family.
AD&D insurance provides additional coverage should you die or become seriously injured in an accident. As a Full-time or Part-time Level I team member, you automatically receive Basic Life AD&D coverage at no cost.
Basic Life and AD&D Insurance
The automatic benefit amount of the Basic Life AD&D coverage for Part-time Level I associates is $15,000. Full-time team members receive a benefit that is equal to two times (2x) their annual salary up to a maximum of $3,000,000. Coverage is equal to your annual compensation, rounded to the next highest $1,000. The Company pays the full cost of this coverage.
When figuring life insurance coverage for Full-time team members, the plan uses your annual salary plus commissions (excluding incentive pay, overtime, cross sell earnings and/or bonuses). Commissions are averaged over a 24-month period.
Full-time team members who would like to buy down your coverage because of additional outside life coverage or premium tax considerations, you will have the ability to take advantage of a buy-down feature. This will permit full-time team members to reduce their company coverage to 1X life or a flat $15,000 in coverage.
Team members enrolled in Basic Life Insurance coverage will also receive Accidental Death and Dismemberment (AD&D) coverage in the same amount. This portion of the coverage pays benefits to your beneficiary if you die due to an accident. It pays all or a portion of the full benefit if you lose a limb or the sight in an eye because of an accident.
The payable Basic Life AD&D benefit will be reduced upon attaining the following ages:
age 70, 35% of the original coverage amount.
age 75, 55% of the original coverage amount.
age 80, 70% of the original coverage amount.
Life Insurance Beneficiaries
You can designate beneficiaries for the Basic Life AD&D, Supplemental Life, and Voluntary AD&D insurance plans online via the MyONB Portal at any time.
Tax Note: If your Basic Life AD&D Insurance and/or Supplemental Life Insurance coverage(s) equal more than $50,000, you will be taxed on the value of your group life insurance coverage in excess of $50,000.
See Your Current Coverage Online!
If you are enrolled in this benefit, you may view your current coverage by accessing the MyONB portal. The portal may be accessed from the home page of the intranet or at myADP.com. Once you log onto the portal, select Benefits from along the top of the screen, then Health & Welfare. Select View Benefits on the Current Benefits card to access your Benefits Summary.