Life Insurance
1/3 of Americans are concerned with leaving dependents in a difficult
situation should they pass away prematurely. Lincoln’s life insurance plan is here to give you peace of mind.
The Company offers several levels of life insurance and AD&D (accidental death and dismemberment) insurance protection for you and your family.
Basic Coverage
You automatically receive $50,000 of Basic Life Insurance and $50,000 of AD&D Insurance. These benefits are paid entirely by Lincoln Electric. Death benefits are paid to your designated beneficiary. If you’re seriously injured in an accident, all or part of your AD&D Insurance is paid to you. The amount payable depends on the nature of your injury.
Supplemental Coverage
You also have the option of purchasing additional amounts. The first $40,000 (like the Basic coverage from the company) includes AD&D insurance and the premium is a composite rate not based on age or tobacco use. The premium is paid on an after-tax basis.
Additional Coverage
You also have the option of purchasing additional amounts up to $450,000, in $50,000 increments, on an after-tax basis that does not include AD&D. Premiums for this level of coverage are based on your age and smoking status. The maximum amount of life insurance you may have through this program, including the $50,000 from the Company, supplemental coverage and additional coverage, is $540,000.
During Open Enrollment, any increase in life insurance coverage will require evidence of insurability. While your request is pending, you will continue with your current level of coverage. If you are a new employee, any request for coverage evidence of insurability above $90,000 will require evidence of insurability.
