Overview

Life insurance, accidental death and dismemberment (AD&D) insurance, and disability coverage provide important financial protection for you and your family.

Life and AD&D Insurance

It’s important to plan for your family’s financial security in case the unexpected happens. That’s why Green Dot Public Schools provides basic life insurance and basic AD&D insurance though Lincoln Financial — at no cost to you.

During Annual Open Enrollment, you also have the option of buying voluntary life and/or supplemental AD&D insurance for yourself and your family through easy payroll deductions.  

Basic Life and AD&D

Coverage is automatic; company pays

Green Dot provides basic life and AD&D insurance at no cost to you. Basic life coverage is equal to one times your annual earnings, up to a maximum of $200,000. If you become dismembered or lose any senses as the result of an accident, you will receive all or a portion of the full benefit based on the loss suffered.

Voluntary Life and AD&D

You must enroll; you pay for coverage through before-tax payroll deductions

If you wish to supplement your basic insurance provided by Green Dot, you can purchase additional insurance for yourself and your dependents. 

Voluntary Life and AD&D Coverage Options
For you Choose coverage amount of up to $500,000, or five times your annual covered salary, whichever is less, in $10,000 increments. Coverage over $150,000 requires you to provide Evidence of Insurability (EOI).

Note: Voluntary AD&D insurance is automatically provided to you if you elect voluntary life and is equal to your elected voluntary life insurance amount.
For your spouse/ domestic partner Choose coverage amount of up to $250,000 in $5,000 increments (not to exceed 50% of employee’s elected amount). Coverage over $20,000 requires EOI.
For your child(ren) Choose coverage amount of: $10,000 – age 6 months to 26 years, no EOI required $1,000 – under age 6 months, no EOI required

Note: At age 65, your coverage and your spouse’s/domestic partner’s coverage will decrease to 65% of the benefit amount. At age 70, it will decrease to 50% of the benefit amount.

Voluntary Life and AD&D Monthly Contributions
  Employee Life and AD&D Spouse Life
Employee Age* Cost per $10,000** of coverage Cost per $5,000 of coverage
Under 25 $0.860 $0.290
25-29 $0.980 $0.350
30-34 $1.210 $0.465
35-39 $1.320 $0.520
40-44 $1.440 $0.580
45-49 $2.020 $0.870
50-54 $5.270 $2.495
55-59 $5.550 $2.635
60-64 $7.930 $3.825
65-69 $15.010 $7.365
70+ $24.170 $11.945
Child(ren) Voluntary Life
$0.98 for $10,000***

*Spouse/domestic partner rates are based on the employee’s age.
**Employee Life rates include AD&D coverage of $0.28/$10,000.
***Children under 6 months are limited to $1,000 of coverage.

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Evidence of Insurability (EOI)

If you waive voluntary life coverage as a newly hired employee or have waived coverage in the past and want to enroll during a future Annual Open Enrollment period, you may be required to provide EOI for any amount of newly elected coverage.

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Have you named a beneficiary?

It's important to designate a beneficiary to receive the benefit paid by a life insurance policy. As personal circumstances change, be sure to keep that information up-to-date. Contact Lincoln Financial to add or change a beneficiary.

Disability Coverage

The loss of income due to illness or injury can cause serious financial hardship for your family. Disability insurance replaces a portion of your income to help you continue paying your bills and meeting your financial obligations during this difficult time.

Green Dot provides disability insurance benefits though Lincoln Financial. You are automatically enrolled in coverage at no cost to you.

Short-Term Disability (STD)

Coverage is automatic; company pays

  • You are eligible to receive STD benefits after you have been disabled for seven days due to a non-work-related illness or injury, or pregnancy.
  • Replaces up to 60% of your eligible income, up to a maximum of $1,500 per week.
  • Benefits end after 12 weeks.

Long-Term Disability (LTD)

Coverage is automatic; company pays

  • You are eligible to receive LTD benefits if your disability lasts longer than 90 days.
  • Replaces up to 60% of your eligible income, up to a maximum of $10,000 per month.