OneBeacon® provides basic life insurance and you may purchase optional life insurance for yourself and your dependents. Life insurance coverage is provided by Voya Financial (formerly known as ING).

The Basic Life Insurance benefit of one times your salary (to a maximum of $500,000) is provided to you by OneBeacon.

Optional Life Insurance can be purchased in multiples of your salary, from one time to six times your salary. Optional life insurance rates are determined by your age and tobacco use status. When you log in to your Empyrean account you can review the costs for each available level of coverage and may also estimate your cost with these rate tables.

Life insurance benefits are provided based on your base pay as of October 1. If your pay increases during the year, your life insurance coverage is not adjusted until the following year. OneBeacon uses smoker and non-smoker rates for life insurance. By indicating that you are a non-smoker during enrollment you certify that you have not used a tobacco product (cigarettes, cigars, pipes, and chewing tobacco) in the last 12 months.

Dependent Life Insurance is also available through Voya Financial. You may purchase $25,000, $50,000 or $100,000 of coverage for your spouse, and $5,000, $10,000 or $15,000 for child(ren) up to age 26.

You may elect up to the guaranteed issue amount as a new hire without going through the Evidence of Insurability process.

Depending on the amount of optional life insurance coverage you choose, you may need to provide satisfactory Evidence of Insurability.

What Happens to Your Life Coverage at Certain Ages - Age Reduction

If you remain an active employee and have Optional Life Insurance coverage at age 65, the original amount of your coverage is reduced, based on the following chart:

From Your: Percentage of Your Original Benefit Amount Payable:
65th birthday to age 70 65%
70th birthday and thereafter 50%

Important Note: Employees earning more than $50,000 have imputed income on the value of the employer-provided life insurance. That means that in each biweekly pay, an amount equal to the value of the benefit in excess of $50K will be added. This will appear on your biweekly paycheck as Group Term Life. You will then be taxed on this amount.

Enroll, increase or decrease your Life Insurance benefit during Open Enrollment or within 30 days of your date of hire.

Need help figuring out how much life insurance you should have? Use this life insurance calculator to help.