It’s important to plan for your family’s financial security in case the unexpected happens.

 

Overview

To help protect the financial well-being of your loved ones, Mercury provides basic life insurance and accidental death and dismemberment (AD&D) insurance for team members — at no cost to you. You also have the opportunity to purchase supplemental coverage.

2021 life and AD&D insurance plans

Basic life and AD&D insurance

Mercury provides company-paid team member 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

It’s important to designate a beneficiary to receive the benefit paid by a life insurance policy. As personal circumstances change, take the time to keep that information up to date. Visit UltiPro to add or change a beneficiary.

 

Basic Life and AD&D Insurance

Mercury provides Basic Life Insurance and Basic AD&D Insurance to assist you and your family in the event of a death or dismemberment. These benefits are fully paid by the company and coverage is automatic — you do not need to enroll. However, you do need to select a beneficiary. The beneficiary or beneficiaries receive your benefit amount in the event of your death.

Benefits are equal to:

  • Basic Life Insurance: The amount of benefit is equal to one times your annual compensation, rounded to the next higher $1,000, if not already a multiple thereof.
  • Basic AD&D Insurance: The amount of benefit is equal to one times your annual compensation, rounded to the next higher $1,000, if not already a multiple thereof. The maximum coverage amount is $100,000.
What is AD&D insurance?

Should 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.

Coverage amounts decrease at age 65

Beginning on your 65th birthday, your life insurance and AD&D insurance coverage amounts decrease. Your premiums will be based on the reduced coverage amount:

  • Age 65 to 79 = 65%
  • Age 80+ = 40%
 

Supplemental Life and AD&D Insurance

If you want more financial protection beyond the basic coverage that Mercury provides, you can buy Supplemental Life Insurance and Supplemental AD&D Insurance for yourself and your family members. You can enroll on UltiPro as a new hire, during Open Enrollment, or if you have a qualifying life event. You pay the full cost of this coverage, which is provided through Cigna. You must purchase coverage for yourself in order to purchase it for your dependents.

Check out Cigna’s interactive education on supplemental life and AD&D insurance. Watch videos to learn more and choose the coverage that’s right for you and your family.

You may purchase supplemental life and/or AD&D insurance coverage in the following amounts:

Coverage Level Coverage Amount
Supplemental Life Insurance
Team member $10,000 increments, to a maximum of $1.5 million
Spouse $10,000 increments, up to $50,000 or 100% of the team member’s Supplemental Life Insurance coverage amount, whichever is less
Child(ren)* $2,500 increments, to a maximum of $10,000
Supplemental AD&D Insurance
Team member $10,000 increments, to a maximum of $1.5 million (not to exceed 6 times your salary)
Spouse $10,000 increments, to a maximum of $50,000
Child(ren)* $2,500 increments, to a maximum of $10,000

*Eligible children include unmarried dependent children under age 21, or under age 24 if the child is a full-time student and primarily supported by the team member. A child who is 21 or older and is incapable of self-sustaining employment due to mental or physical handicap is also considered an eligible dependent.

Evidence of insurability

When you purchase Supplemental Life Insurance for yourself or your spouse, you may need to provide Evidence of Insurability (EOI). EOI is “proof of good health” and certifies to Cigna that you’re generally healthy at the time of purchasing coverage.

If you purchase supplemental life insurance coverage for you or your spouse when you are first eligible (within 30 days of your hire date), you don’t need to provide Evidence of Insurability (EOI) unless you purchase coverage above the guaranteed issue amount:

  • For yourself: three times your annual compensation, rounded to the next lower $10,000 increment, or $300,000; whichever amount is less.
  • For your spouse: equal to your life insurance amount, not to exceed $50,000.

After this 30-day period, you’ll be required to provide EOI if you choose to enroll in or increase your coverage at any time. Even if you were enrolled in Supplemental Life Insurance last year, you’ll be required to provide EOI any time you request a higher level of coverage.