Life / AD&D Insurance
About the Plan
Life insurance helps provide peace of mind by giving you some financial protection for the life you are building—and the most important people in it. One of the biggest benefits it provides is tax-free money to your loved ones when / if needed.
Life / AD&D insurance provides protection for losses occurring on, or off the job, and the benefit is payable if, within 365 days of a covered accident, you suffer loss of life or dismemberment.
Odyssey now offers TWO Basic Life & ADD Insurance options. Coverage Level 1 is a new $100k option and Coverage Level 2 is the existing $50k plan.
You may want to ask yourself the following questions when considering enrollment in Life / AD&D Coverage:
- How much Life Insurance do I need?
- Are my beneficiaries up to date?
- How many Dependents rely on me for support?
- Will they need help paying final expenses (taxes, burial, outstanding debt) in my absence?
Basic Employee Life & ADD Insurance
You are automatically enrolled in the Odyssey-sponsored / Basic Life and AD&D plans upon your hire date. There are two levels of Basic Coverage—please see the Plan Documents and Summaries for detailed information.
Note: there is an imputed income (taxable amount) for Basic Life Insurance coverage over $50k—if you select the Basic Coverage Level 1 / $100k option, you will see a small amount added to the earnings on your pay statements so that it can be taxed. The amount will be withheld again in the same check, as this is meant strictly for taxation purposes.
Supplemental Employee Life & ADD Insurance
Allows you to purchase additional coverage at a group rate that will further protect your loved ones from financial hardship in your absence. This voluntary benefit works in conjunction with the Odyssey provided Group Term Life Insurance.
Review the linked Plan Documents & Summaries to learn more.