Life and AD&D
Basic life
Supplemental life
Dependent life
Proof of good health
Business travel accident insurance
Optional AD&D
Life, Accidental Death and Dismemberment (AD&D), and Business Travel Accident (BTA) Insurance are designed to provide a degree of financial protection in the event of death or accidental injury. Canon Medical Systems offers several coverage options that can help you plan an appropriate level of protection.
When you enroll for benefits, be sure to choose a beneficiary for your life and AD&D insurance. This is the person who receives the benefit in the event of your death. It can be your spouse, your children, or a specific amount that you request be left to more than one person. You can change your beneficiary at any time, just make sure the Company has the most current information on file to ensure that benefits are paid according to your wishes.
Proof of good health (also referred to as Evidence of Insurability) may be required for certain optional employee and spouse benefit amounts as noted below.
At age 70 and 75, Life and AD&D will be reduced for employees and their spouses/domestic partners.
If you leave the Company, you can take a portion of your Life and AD&D Insurance with you, subject to plan provisions.
For details about what is covered and what is excluded, refer to the summary plan descriptions.
Company-paid life insurance provides you with a foundation of security. Basic life Insurance pays benefits to your surviving beneficiaries in the event of your death.
Field Sales Personnel
Your basic life insurance coverage is $100,000, and is adjusted each January 1 to reflect two times the prior calendar year's W-2 earnings, up to a maximum of $600,000.
Non-Field Sales Personnel
Your basic life insurance coverage equals two times your annual base salary, not to exceed $600,000 (amounts are rounded to the next higher $1,000).
Imputed Income: The value of Company-paid life insurance coverage over $50,000 is considered taxable income under federal tax law. That value, or "imputed income," is based on the value of premium over $50,000, not on the additional benefit amount.
As an employee of Canon Medical Systems, you have the opportunity to buy additional life insurance for yourself that includes a matching AD&D benefit.
Field Sales Personnel
You may elect coverage of $100,000, $200,000, $300,000, $400,000, $500,000, or $600,000.
You may elect coverage when you are first eligible. Proof of good health (also referred to as Evidence of Insurability) is not required if you request coverage within 31 days of becoming eligible.
You may also elect coverage during the annual Open Enrollment period:
- If you have existing supplemental life/AD&D coverage, you may elect to increase it by one level without proof of good health (for example, $100,000 to $200,000).
- If you do not have existing supplemental life/AD&D coverage, you may request initial coverage, but proof of good health will be required.
You will need to provide proof of good health if you apply for any amount of coverage (initial coverage or an increase) at any other time.
Non-Field Sales Personnel
You may elect one, two, three, four, or five times your annual base salary, not to exceed $600,000 (amounts are rounded to the next higher $1,000).
You may elect coverage when you are first eligible. Proof of good health (also referred to as Evidence of Insurability) is not required if you request coverage within 31 days of becoming eligible.
You may also elect coverage during the annual Open Enrollment period:
- If you have existing supplemental life/AD&D coverage, you may elect to increase it by one level without proof of good health (for example, one to two times annual base salary).
- If you do not have existing supplemental life/AD&D coverage, you may request initial coverage, but proof of good health will be required.
You will need to provide proof of good health if you apply for any amount of coverage (initial coverage or an increase) at any other time.
If you buy Supplemental Life Insurance for yourself, you may also purchase Dependent Life Insurance for your eligible family members in the following amounts:
- Your spouse/domestic partner—$10,000, $20,000, $30,000, $40,000, $50,000, $75,000, or $100,000, not to exceed 50% of your total life insurance amount. Your spouse may need to provide proof of good health, depending on the coverage amount elected.
- Children from birth to 26 years old: $5,000. Child coverage is automatic when you elect life insurance for your spouse.
Proof of good health (also referred to as Evidence of Insurability) is not required for the following:
- Initial enrollment within 30 days of becoming eligible—you may request up to $50,000 for your spouse/domestic partner (you will automatically receive $5,000 child coverage).
- Open Enrollment—you may request an increase to existing dependent life coverage of one level, not to exceed the $100,000 benefit level for your spouse/domestic partner (you will automatically receive $5,000 child coverage). If you do not have any dependent life coverage, you may request initial coverage, but proof of good health will be required.
You will need to provide proof of good health if you apply for any amount of coverage (initial coverage or an increase) at any other time.
Benefit amounts requiring proof of good health are subject to approval by the insurance company. When required, you must complete an evidence of insurability form and take any requested medical exams and lab tests (see instructions for completing the form). All requests for medical exams, lab tests, and requests for medical documents are at the insurance company's expense.
BTA Insurance is AD&D insurance that covers you while you are traveling on Company business.
If you are an eligible employee working 20 or more hours per week, you will automatically receive BTA insurance coverage. The Company pays for the full cost of your BTA coverage. Your spouse/domestic partner and dependent children are also eligible for BTA benefits if they are approved to accompany you while you're traveling on Company business.
Coverage amounts are as follows:
- President, Officers, and Vice Presidents—$1,000,000
- Directors, Managers, and Supervisors—$500,000
- Salespersons—$250,000
- All Other Employees—$100,000
- Spouses and Domestic Partners—$25,000
- Children—$10,000
The BTA Plan may also pay a partial benefit if you suffer certain injuries, such as loss of a limb, hearing, eyesight, or paralysis as the result of a covered accident.
Coverage begins from the time you leave your home or work location (whichever is later) for a business trip. Coverage ends when you return to your home or work location, whichever is earlier. Business travel does not include your regular commute between your home and work.
BTA benefits are paid in addition to any employee life and/or AD&D insurance benefits payable. Exclusions and limitations apply.
You can purchase additional accidental protection for yourself and your dependent family members. Coverage is available in increments of $25,000, up to a maximum benefit of $250,000. If you elect family coverage, your dependent spouse and children will be covered for a portion of your insurance amount as follows:
| Optional Dependent AD&D Insurance |
| |
Spouse |
Each Child |
| If you have a spouse, but no children |
60% of your AD&D coverage |
0% of your AD&D coverage |
| If you have a spouse and child(ren) |
50% |
10% |
| If you have a child or children, but no spouse |
0% |
20% |
For more information
Evidence of insurability form and instructions
Beneficiary election and change form