Overview
To help protect the financial well-being of your loved ones, Novant Health provides basic life insurance — at no cost to you. You also have the opportunity to purchase supplemental coverage.
Life and AD&D insurance plans
Basic life
Novant Health provides company-paid life insurance coverage of a specific amount that lasts throughout your employment.
Supplemental life and AD&D insurance
If you want additional coverage, you can buy supplemental life and AD&D insurance for yourself and your family.
Be sure to name a beneficiary
Designate a beneficiary (and keep it up-to-date) in order to receive the benefit paid by a life insurance. You can desginate your benefirciary in your enrollment system.
Basic Life
Novant Health provides basic life insurance to assist you and your family. This benefit is fully paid by the company and coverage is automatic — you do not need to enroll.
Benefits are equal to:
- Basic life insurance: 1.5x your base pay, up to a maximum coverage amount of $1,000,000.
How company-paid life insurance is taxed
The IRS requires you to pay taxes on the value of any company-paid life insurance coverage over $50,000. This is called imputed income; you’ll notice it on your pay statements and your W-2.
Supplemental Life and AD&D Insurance
For more financial protection beyond Novant Health’s basic coverage, you can buy supplemental life and AD&D insurance for yourself and your family members. You can enroll as a new hire, during open enrollment or if you have a qualifying life event – see instructions below. You pay the full cost of this coverage, which is provided through The Hartford.
Enroll in supplemental life and AD&D:
Work Computer
| All Novant Health Team Members | |
|---|---|
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Personal Computer
| All Novant Health Team Members | |
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Note: If accessing outside of the Novant Health network, you will need to use Microsoft Authenticator to authenticate. Call the IT Service Desk at 866-966-8268 for questions or additional support with Microsoft Authenticator. |
What is AD&D insurance?
If you lose your life, sight, hearing, speech or use of your limb(s) in an accident, AD&D insurance provides additional benefits to help keep your family financially secure. AD&D benefits are paid as a percentage of your coverage amount — from 50% to 100% — depending on the type of loss.
Supplemental life and AD&D insurance options
Spouse and Child Life Insurance can be elected independently, even if you do not enroll in supplemental life coverage for yourself.
| Who are you covering: | Life insurance | AD&D insurance |
|---|---|---|
| You | Up to 5 times your base salary (maximum of $1,000,000). | Coverage levels available from $25,000 to $500,000. |
| You and your spouse | Choose .05x, 1x or 1.5x your salary, up to a $200,000 maximum. | Benefit will be 50% of your coverage if you cover just your spouse, or 40% of your coverage if you cover your spouse and child(ren). |
| You and your children (up to age 26) | Available in a flat coverage amount of $5,000 or $10,000, regardless of the number of children enrolled. | Benefit will be 15% of your coverage if you cover just your child(ren), or 10% of your coverage if you cover your child(ren) and spouse. |
Evidence of insurability
Team members can enroll in Guaranteed Issue (GI) supplemental life insurance coverage for yourself and your spouse without submitting Evidence of Insurability (EOI), or a letter of good health.
Team members: Up to $500,000
Spouses: Up to $50,000
If you opt out or choose to elect coverage for the first time outside of your new hire period, you will be required to answer medical questions to demonstrate evidence of insurability and will be subject to denial or approval by the carrier.