LIFE INSURANCE
We know you want to protect your loved ones in case of life’s uncertainties. The Cleveland Guardians offers Basic Term Life Insurance and Accidental Death & Dismemberment (AD&D) coverage at no cost to you. You may purchase additional, supplemental coverage to increase your coverage amounts. Please be sure to designate a beneficiary at your time of election!
Evidence of Insurability is required to increase life insurance coverage if you are a late entrant, electing an amount greater than $150,000 for self, or greater than $10,000 for spouse.
Basic Life Insurance
Life insurance is an important part of your financial security, especially if others depend on you for support. Accidental Death & Dismemberment (AD&D) insurance is designed to provide a benefit in the event of accidental death or dismemberment. The Cleveland Guardians provides Basic Life and AD&D Insurance to all full-time eligible employees at no cost to you. This benefit includes: Basic Life is one times annual base earnings (minimum benefit $10,000, up to a maximum benefit of $50,000 (front office). AD&D is one times your base earnings (minimum benefit $10,000, up to a maximum benefit of $50,000).
Supplemental Life Insurance
In addition to basic life insurance, you can choose to elect supplemental Life and Accidental Death & Dismemberment Insurance.
- For yourself: You can purchase additional coverage in increments of $25,000 to a maximum of $500,000. Your rates depend on your age and the amount of coverage you elect. You premiums will be withheld from your paycheck and paid with after-tax dollars.
- For your dependents: You can also purchase coverage for your spouse and/or children. Keep in mind, your spouse’s coverage must be an amount equal to the employee’s coverage to a maximum of $50,000. Children may be covered based on their age. Children from 14 days to 6 months qualify for $500 in coverage, from 6 months but less than 23 year elections can be 10% of employee amount to a maximum of $10,000. This benefit is extended to age 25 for full-time students.
Evidence of Insurability is required to increase coverage or if you are a late entrant.
| Supplemental Life and AD&D and Dependent Life Rates Monthly cost per $1,000 of coverage Employee & Spouse Life |
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| Age | Employee NonSmoker | Employee Smoker | Spouse | AD&D Benefits |
| <30 | $0.07 | $0.13 | $0.06 | $0.035 |
| 30-34 | $0.08 | $0.14 | $0.06 | $0.035 |
| 35-39 | $0.09 | $0.18 | $0.07 | $0.035 |
| 40-44 | $0.17 | $0.30 | $0.11 | $0.035 |
| 45-49 | $0.25 | $0.54 | $0.18 | $0.035 |
| 50-54 | $0.42 | $0.89 | $0.30 | $0.035 |
| 55-59 | $0.72 | $1.61 | $0.48 | $0.035 |
| 60 & Over | $1.14 | $1.96 | $0.66 | $0.035 |
Child(ren) Life
The monthly cost is $0.24 per $1,000 of coverage and all eligible dependent children are included in the cost.
