Life and AD&D Insurance
These income-protection benefits help protect your finances and ensure a secure future by paying benefits directly to you or your beneficiaries if you die or are seriously injured.
Samsung automatically provides basic coverage for you and your dependents at no cost to you.
For additional security, you may buy additional coverage with after-tax paycheck contributions.
Life insurance
Life insurance pays a benefit if the covered individual dies. If you want to buy supplemental coverage, you may need to provide evidence of insurability (EOI), which the insurance company will use to determine if you qualify for supplemental life.
Basic life insurance
Samsung automatically provides basic coverage to eligible employees and dependents at no cost.
- Employee: Equal to 2x your annual salary; $500,000 maximum
- Spouse/domestic partner: $10,000
- Dependent children under age 26: $5,000 for each child ($500 for birth to six months)
Supplemental term life insurance
You may buy supplemental term life insurance for yourself that’s equal to up to 8x your annual salary; $1.5 million maximum.
If you buy supplemental life insurance for yourself, you can also buy it for your dependents:
- Spouse/domestic partner: $10,000 increments, up to $250,000 (can’t be more than your supplemental coverage)
- Dependent children under age 26: $5,000 or $10,000
Accidental death and dismemberment (AD&D) insurance
AD&D insurance pays a benefit if the covered person dies or loses a limb or eyesight because of an accident.
Basic AD&D insurance
Samsung automatically provides basic AD&D coverage to eligible employees at no cost.
Supplemental AD&D insurance
If you buy supplemental AD&D for yourself, you can also buy it for your dependents:
- Employee: Up to 8x your annual salary; $1.5 million maximum
- Family: 50% of your elected coverage amount for a spouse/domestic partner; 10% of your elected coverage amount for dependent children
- Spouse/domestic partner only: 60% of your coverage amount
- Dependent children only: 15% of your coverage amount
Cost for coverage
Basic life and AD&D coverage is provided at no cost to you.
You pay for the cost of supplemental coverage through after-tax paycheck contributions. The amount you pay depends on your age, who you cover and whether you or your spouse use tobacco.
Beneficiaries
A beneficiary is the person, charity, trust or estate you name to receive benefits if something happens to you.
You can name one beneficiary or many, as long as the total percentage of the proceeds equals 100%. If you do not name a beneficiary, the plan will pay benefits to the default beneficiary listed in the certificate of insurance.
Sign into your account anytime to add or update your life insurance beneficiaries. You can also add or update beneficiaries for your 401(k) Plan by visiting Fidelity at NetBenefits.com.
Important information
Evidence of insurability (EOI) for supplemental life insurance
Depending on when and how much coverage you choose, you may need to provide evidence of insurability (EOI) for you or a covered spouse/domestic partner. This process involves completing a health care questionnaire the insurance company will use to determine if you qualify for supplemental life.
As a new hire, you may buy the following guaranteed issue amounts of supplemental life insurance coverage without providing EOI:
- Employee: Up to 3x your base annual earnings
- Spouse/domestic partner: Up to $20,000
All other amounts of supplemental life insurance for you and your spouse/domestic partner will require EOI.
If you’re required to provide EOI, you’ll be directed to the Reliance Matrix website during your enrollment to upload any necessary documents.
Imputed income for basic life insurance
If you have more than $50,000 of company-paid basic life insurance, the value of your coverage over $50,000 — called “imputed income”— is taxable.
IRS regulations require Samsung to withhold federal income and Social Security/Medicare taxes on imputed income from each paycheck and to report imputed income on your W-2 form each year. The taxable value of your coverage is based on your age and the monthly cost of the coverage.
Age-based reductions for basic and supplemental life and AD&D insurance
You and your spouse/domestic partner’s basic and supplemental life and AD&D insurance will be reduced by:
- 35% at age 70
- 55% at age 75
- 70% at age 80
How to enroll
Eligible employees are automatically enrolled in basic life and AD&D insurance, and their dependents are automatically enrolled in basic life insurance.
You can enroll yourself and your dependents in supplemental coverage as a new hire, during Open Enrollment or if you experience a qualifying life event.
Visit MySamsungBenefits.com to enroll.
Contact
Reliance Standard Matrix
- rslclaims.com/rslclaims/employee
- 1-888-351-7500
- Basic Life #: 167726
- Supplemental Life #: 167727
Locate in microsite here: https://yoursamsungbenefits.com/financial-health/life-and-add-insurance/