Dependent Life Insurance
While no amount of income can compensate for the death of a family member, it is important that the survivors be able to meet family financial responsibilities. To help you prepare for those financial concerns, McLeod offers a dependent life benefit of $10,000, $20,000 or $30,000 for your spouse and $10,000 for each covered child.
Dependent Term Life Insurance is available to employees who are budgeted 40 or more hours per pay period. Premiums are deducted from your paycheck on an after-tax basis, resulting in a non-taxable death benefit payable to you, if a covered dependent dies.
Dependent Life insurance elections above the guaranteed issue amount require the submission of Evidence of Insurability (EOI) and will not be effective until the date such elections are approved by the insurance company. You should contact the insurance company for more information about EOI requirement. For a list of 2023 McLeod Benefits Premium Rates, click here.
Accidental Death & Dismemberment Insurance
McLeod Health offers Accidental Death & Dismemberment (AD&D) insurance that provides benefits for you if you have a loss within 365 days of the accident. McLeod offers coverage options ranging from $10,000 to $300,000, up to a maximum of 10 times your base salary. AD&D Insurance is available to employees who are budgeted 40 or more hours per pay period. Please see the plan document for the value of payable benefit.