Life and Accidental Death & Dismemberment
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Life insurance is a financial safety net that provides a lump sum payment to your loved ones named as beneficiaries, in the event of your death.
Best of all, H&M provides life insurance and AD&D insurance at no cost to you.
Basic life and AD&D insurance
Full-time employee coverage
The basic life benefit and AD&D benefit are 1x annual base salary for each coverage, to a maximum payment of $500,000*.
Part-time employee coverage
The basic life benefit is $5,000 (no AD&D coverage). To be eligible, you must work at H&M for at least six months and in the event of loss of life, a look back of working at least 17 hours per week for the previous six months.
*The IRS taxes any amount over $50,000. Therefore all employer-paid life insurance over $50,000 is taxable as imputed income and will show on your pay stub as a line item.
Supplemental life insurance
You can purchase additional life insurance if you want more coverage than the basic life insurance provides.
Coverage for yourself
- Purchase additional coverage for yourself in $10,000 increments up to $500,000.
- Insured coverage of $250,000 or more will require Evidence of Insurability (EOI).
Coverage for dependents
- You may also purchase dependent coverage for your spouse and child.
- Coverage for children is available to a maximum benefit of $10,000.
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WHERE DOES AN EMPLOYEE SIGN UP FOR SUPPLEMENTAL LIFE INSURANCE?