Life and AD&D Insurance
It’s important to plan for your family’s financial security in case the unexpected happens. That’s why Green Dot Public Schools provides full-time regular employees with basic life insurance and basic AD&D insurance — at no cost to you.
During Annual Open Enrollment, you also have the option to buy voluntary life and/or supplemental AD&D insurance through Lincoln Financial (first-time users register with code: GreenDot) for yourself and your family through easy payroll deductions.
Basic Life and AD&D
Coverage is automatic; the company pays
Green Dot provides full-time regular employees with basic life and AD&D insurance at no cost to you. Basic life coverage is equal to one times your annual earnings, up to a maximum of $200,000. If you become dismembered or lose any senses as the result of an accident, you will receive all or a portion of the full benefit based on the loss suffered. For complete details, please review the plan document.
Voluntary Life and AD&D
You must enroll; you pay for coverage through before-tax payroll deductions
Full-time regular employees can supplement the basic insurance provided by Green Dot by purchasing additional insurance for yourself and your dependents. For complete details, please review the plan document.
|Voluntary Life and AD&D Coverage Options|
|For you||Voluntary Life: Choose coverage amount of up to $500,000, or five times your annual covered salary, whichever is less, in $10,000 increments. Review Lincoln Financial Group Voluntary Life Insurance Overview that includes Evidence of Insurability (EOI) requirements.
Voluntary AD&D: Choose coverage amount of up to $500,000, in $10,000 increments.
|For your spouse/ domestic partner
||Choose coverage amount of up to $250,000 in $5,000 increments (not to exceed 50% of employee’s elected amount). Coverage over $20,000 requires EOI.|
|For your child(ren)
||Choose coverage amount of: $10,000 – age 6 months to 26 years, no EOI required; $1,000 – under age 6 months, no EOI required|
|Note: At age 65, your coverage and your spouse’s/domestic partner’s coverage will decrease to 65% of the benefit amount. At age 70, it will decrease to 50% of the benefit amount.|
|Employee Voluntary Life Monthly Contributions|
|Employee Age||Cost per $10,000 of coverage|
|Spouse/Domestic Partner Voluntary Life|
|$0.98 for $10,000 of coverage|
|Child(ren) Voluntary Life|
|$0.98 for $10,000
|Children under 6 months are limited to $1,000 of coverage.|
|Employee Voluntary AD&D|
|$0.28 per $10,000 of coverage|