Life Insurance

Basic Life

Life insurance will pay your “beneficiary” a benefit in the event of your death. Howard provides all eligible employees with Basic Life insurance, at no cost to you, that is equal to your annual base pay (1x). The minimum coverage is $50,000 and the maximum coverage is $1,000,000. Coverage is subject to an age reduction schedule.

Basic AD&D

Howard also provides you with Accidental Death and Dismemberment (AD&D), at no cost to you, that is equal to your basic coverage amount, up to a $1,000,000 maximum. Examples of accidental injuries covered by this insurance include accidental loss of a limb (arm, leg), fingers or sight, or permanent paralysis.

Employee Supplemental Life

You can buy optional life insurance for yourself, one to five times your annual base salary, up to a $1,000,000 maximum. Statement of Health (SOH - medical exam) is required for amounts greater than three (3x) times your base annual earnings or $750,000. Coverage will be subject to an age reduction schedule.

Dependent Supplemental Life

Spouse Life - You may purchase spouse life insurance. Your spouse life elections may not exceed 50% of your life insurance coverage. You may elect a flat $25,000 or $50,000. Statement of Health (SOH) is required for any amount over $25,000. You must purchase employee supplemental life if you wish to purchase supplemental spouse life.

Child Life - You may purchase child life insurance. For children between the ages of 15 days to 6 months, the flat benefit amount is $500. For children above age 6 months, the flat benefit amount is $10,000 and covers all unmarried children up to age 26. You must purchase employee supplemental life if you wish to purchase supplemental dependent life.