Life Insurance
iCapital provides employees with basic life and accidental death and dismemberment (AD&D) insurance. You also have the opportunity to purchase supplemental coverage.
Basic life and AD&D insurance
You're automatically covered by company-paid basic life and AD&D insurance through Reliance Standard to assist you and your family in the event of your death or dismemberment. There is no cost to you and you do not need to enroll.
Benefits are equal to:
- Basic life insurance: 2x your salary, up to a maximum of $500,000
- Basic AD&D insurance: 2x your salary, up to a maximum of $500,000
Be sure to name a beneficiary
Designate a beneficiary (and keep it up-to-date) in order to ensure your life insurance policy's benefit is paid out according to your wishes. Visit the Dayforce website to add or change a beneficiary.
What is AD&D insurance?
If you lose your life, sight, hearing, speech, or use of your limb(s) in an accident, AD&D insurance provides additional benefits to help keep your family financially secure. AD&D benefits are paid as a percentage of your coverage amount — from 50% to 100% — depending on the type of loss.
Taxation of company-paid life insurance
The IRS requires you to pay taxes on the value of any company-paid life insurance coverage over $50,000. This is called imputed income; you’ll notice it on your pay statements and your W-2.
Supplemental life and AD&D insurance options
For more financial protection beyond iCapital’s basic coverage, you can buy supplemental life and AD&D insurance for yourself and your family members. You can enroll as a new hire, during Open Enrollment, or if you have a qualified life event. You pay the full cost of this coverage, which is provided through Reliance Standard. You must purchase coverage for yourself in order to purchase it for your dependents.
| Who are you covering: | Supplemental life and AD&D insurance options: |
|---|---|
| Yourself | Available in $10,000 increments, up to 7 times your salary (maximum of $1,000,000). |
| Your spouse/domestic partner | Available in $5,000 increments, up to a maximum of $500,000 (not to exceed your coverage). |
| Your children | Up to $10,000 (not to exceed your coverage). |
Evidence of insurability
Supplemental life insurance for you and your spouse/domestic partner over a certain benefit amount may require evidence of insurability (EOI), or proof of good health. You will receive more information after electing coverage if EOI is required. The amount of coverage available without EOI is known as the Guaranteed Issue (GI) amount.
Disability Insurance
A serious illness or injury can cause significant financial hardship for your family. Disability insurance, provided through Reliance Standard, replaces a portion of your income to help you continue paying your bills and meeting your financial obligations during this difficult time.
Short-term disability
iCapital's short-term disability coverage provides you with:
- Automatic, company-paid coverage; no need to enroll.
- Benefits that start after seven days and continue for up to 25 weeks.
- Payments equal to 100% of your salary and are subject to be offset by statutory benefits available to you (such as by your state government).
Long-term disability
iCapital's long-term disability coverage provides you with:
- Automatic, company-paid coverage; no need to enroll.
- Benefits that start after you have been disabled for 25 weeks.
- Payments equal to 60% of your salary, up to a maximum of $15,000 per month.