Life and AD&D

To protect your family, Parkland offers these benefits through Securian Financial, available to full-time employees and part-time-with-benefits employees. For more details, see the plan document and Certificates of Insurance.

Happy multiethnic family standing in front of the house

Insurance

Basic Life

Insurance

Supplemental Life

Insurance

AD&D

How Life Insurance Works

Life insurance pays a benefit if you or a covered family member dies.

Parkland pays 100% of the cost for Basic Life Insurance for you. Coverage begins after 6 months of service.

For extra protection, you can purchase Supplemental Life Insurance. You pay the full cost with after-tax payroll deductions.

You must enroll within 30 days of your hire date, change in employment status or life event. Coverage will begin after 30 days of employment. If you enroll after you are initially eligible, you will need to provide proof of good health. You can also enroll or make changes during Open Enrollment.

If you elect coverage for yourself, you can also elect coverage for yourself, your spouse and/or your children. You can cover children up to age 26.

How AD&D Works

Accidental Death & Dismemberment (AD&D) Insurance pays a benefit if you die or suffer a serious injury due to an accident.

You pay the full cost with after-tax payroll deductions.

You must enroll within 30 days of your hire date, change in employment status or life event. Coverage will begin after 30 days of employment. You can also enroll or make changes during Open Enrollment.

You can elect employee-only coverage or employee + family coverage. You can cover children up to age 25.

Life and AD&D Benefits at a Glance

Here’s a look at your coverage.

BenefitAmount
Basic Life Insurance (paid by Parkland)
Full-time employee1½ times annual base salary
(Minimum benefit of $20,000, up to a maximum benefit of $1 million)
Part-time-with-benefits employee½ times annual base salary
(Minimum benefit of $20,000, up to a maximum benefit of $1 million)
Supplemental Life Insurance (paid by you)
For you1

From ½ to 8 times annual base salary
Up to a combined maximum of $2 million for Basic and Supplemental Life Insurance
(Up to $1 million for Basic and up to $1 million for Supplemental)
See Know the Terms below for information on when Evidence of Insurability is required.

For your spouse1

Up to the lesser of $100,000 or 100% of your coverage, in increments of $1,000

For your children2$5,000, $10,000, $15,000 or $20,000 per child
AD&D Insurance (paid by you)
For you1

$10,000 to $500,000, in $10,000 increments, up to 10 times your annual base salary

For your family

Your spouse and children are covered as a percentage of your coverage

Spouse only:1 60% of your coverage, up to $300,000
Children only:3 20% of your coverage, up to $50,000
Spouse plus children:

  • Spouse:1 50% of your coverage, up to $300,000
  • Children:3 15% of your coverage, up to $50,000

1 Coverage amount reduces to 65% at age 65 and to 50% at age 70.
2 Children are eligible from 14 days to age 26 (or age 21 if not full-time students attending an accredited institution). Coverage for disabled children can be continued beyond age 26, if they meet the eligibility requirements.
3 Children are eligible from 14 days to age 25 (or age 21 if not full-time students attending an accredited institution). Coverage for disabled children can be continued beyond age 25, if they meet the eligibility requirements.

If You Leave Parkland

If you leave Parkland, you can continue your Supplemental Life Insurance coverage under an individual policy with the same benefits and provisions as under your group policy. Your premiums will be billed directly to you.

Father carrying daughter on back outdoors

Know the Terms

Annual base salary means regular pay for primary work assignment excluding supplemental pay such as bonuses, overtime, etc.

A beneficiary is the person you designate to receive your benefits. You must elect a beneficiary to receive your life and AD&D benefits. Go online to PeopleSoft (MyParkland) to name your beneficiary.

Evidence of insurability (EOI) is a statement of health that insurance companies may require before insurance will be effective. If you are required to provide EOI, the insurer must approve your enrollment before your coverage is effective.  An EOI form will be mailed to your home if needed. See below for when EOI is required.

  • As a new hire: If you elect coverage over 3 times your annual base salary for you (up to $500,000) or more than $50,000 for your spouse.
  • During Open Enrollment if you want to:
    • Enroll for more than 3 times coverage or $500,000
    • Increase your coverage by more than 1 times annual base salary
    • Increase your spouse’s life coverage

 

Your 2022 Biweekly Benefit Deductions – Supplemental Life Insurance

For You and Your Spouse

Supplemental Life Insurance costs for you and your spouse are based on the amount of coverage you select as well as your age and your spouse’s age.

 

AgeBiweekly Rate Per $1,000 for YouBiweekly Rate Per $1,000 for Your Spouse
Less than 25$0.013$0.023
25–29$0.016$0.028
30–34$0.021$0.037
35–39$0.023$0.042
40–44$0.026$0.046
45–49$0.042$0.069
50–54$0.062$0.106
55–59$0.114$0.198
60–64$0.176$0.305
65–69$0.339$0.586
70+$0.551$0.951

To figure out your costs for your coverage amount:

  1. Amount of insurance desired ÷ $1,000 = Units of coverage
  2. Units of coverage times cost = Biweekly cost

 

Here’s an example. You are 35 years old and want to elect $100,000 in Supplemental Life Insurance coverage for yourself only.

  1. $100,000 ÷ $1,000 = 100
  2. 100 x $0.023 = $2.30 biweekly deduction (you will pay this amount each pay period)

For Your Children (up to age 26)

You pay one rate that covers all of your eligible children.

 

Coverage AmountBiweekly Rate Per $1,000
$5,000$0.16
$10,000$0.32
$15,000$0.48
$20,000$0.65

Your 2022 Biweekly Benefit Deductions – AD&D Insurance

The chart below provides examples of rates for various coverage amounts. To see all rates, visit PeopleSoft (MyParkland).

Coverage AmountEmployee OnlyEmployee and Family1
$10,000$0.09$0.10
$20,000$0.18$0.20
$30,000$0.26$0.30
$40,000$0.35$0.41
$50,000$0.44$0.51
$60,000$0.53$0.61
$70,000$0.61$0.71
$80,000$0.70$0.81
$90,000$0.79$0.91
$100,000$0.88$1.02
$150,000$1.32$1.52
$200,000$1.76$2.03
$250,000$2.20$2.54
$300,000$2.63$3.05
$350,000$3.07$3.55
$400,000$3.51$4.06
$450,000$3.95$4.57
$500,000$4.39$5.08

1 Employee and Family rates apply to employee, spouse and children from 14 days old up to age 25 (or age 21 if not full-time students attending an accredited institution). Coverage for disabled children can be continued beyond age 25, if they meet the eligibility requirements.

For More Details

  • A copy of the certificate of coverage is posted in the Legal Notices section. Print a copy of the certificate and keep it with your important family records.
  • See the Summary Plan Description (SPD) for eligible guidelines and coverage provisions for Supplemental Life Insurance.