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 full-time regular employees with basic life insurance and basic AD&D insurance — at no cost to you.

During Annual Open Enrollment, you also have the option to buy voluntary life and/or supplemental AD&D insurance through Lincoln Financial (first-time users register with code: GreenDot) for yourself and your family through easy payroll deductions.

Basic Life and AD&D

Coverage is automatic; the company pays

Green Dot provides full-time regular employees with 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. For complete details, please review the plan document.

 

Voluntary Life and AD&D

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

Full-time regular employees can supplement the basic insurance provided by Green Dot by purchasing additional insurance for yourself and your dependents. For complete details, please review the plan document.

Voluntary Life and AD&D Coverage Options

Voluntary AD&D: Choose coverage amount of up to $500,000, in $10,000 increments.

For you Voluntary Life: Choose coverage amount of up to $500,000, or five times your annual covered salary, whichever is less, in $10,000 increments. Review Lincoln Financial Group Voluntary Life Insurance Overview that includes Evidence of Insurability (EOI) requirements.
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.
Employee Voluntary Life Monthly Contributions
Employee Age Cost per $10,000 of coverage
Under 25 $0.58
25-29 $0.70
30-34 $0.93
35-39 $1.04
40-44 $1.16
45-49 $1.74
50-54 $4.99
55-59 $5.27
60-64 $7.65
65-69 $14.73
70+ $23.89
Spouse/Domestic Partner Voluntary Life
$0.98 per $10,000 of coverage
Child(ren) Voluntary Life
$0.98 for $10,000
Children under 6 months are limited to $1,000 of coverage.
Employee Voluntary AD&D
$0.28 per $10,000 of coverage