Life and AD&D

Providing economic security for your family is a major consideration in personal financial planning. Boyd provides you with life and accidental death and dismemberment (AD&D) coverage as well as the option to purchase additional coverage at affordable group rates through Lincoln Financial Group.

Company Paid Coverage

Life Insurance

Boyd pays for the cost of life insurance for all employees. The purpose is to guarantee each active employee term life insurance in the event of death. The company-paid life insurance benefit amounts are:

  • Hourly Employees: 1.5 x your annual base pay, up to $50,000
  • Salary Employees: 1.5 x your annual base pay, up to $500,000
  • Commissioned Employees: 1.5 x your 3-year average salary up to $200,000

Accidental Death and Dismemberment (AD&D)

Your AD&D coverage equals the amount of your basic employee term life coverage.

  • Additional amount payable for loss of life because of an accident in a private passenger car while using a seat belt is the amount equal to the lessor of 10% of your amount of insurance or $25,000
  • Additional amount payable for loss of life because of an accident in a private passenger car equipped with an airbag is the amount equal to the lessor of 5% of your amount of insurance or $5,000
  • Excludes ATVs

Employee-Paid Life and Accidental Death and Dismemberment

Eligibility*

  • Employee eligibility requirement: You must be actively at work (able to perform all normal duties of your job) and have completed your 30-day benefits eligibility period to be eligible for coverage.
  • Minimum work hours: You must be working a minimum of 30 hours per week to be eligible.
  • Coverage payment: You pay 100% of the premium for this coverage through easy payroll deduction.
  • Dependent eligibility requirement: To be eligible for coverage, your dependents must be an unmarried child who meets the following requirements:
    • A child from live birth but less than 26 years old;
    • A child who is 26 or more years old, primarily supported by you and incapable of self-sustaining employment by reason of mental or physical incapacity.

Coverage Guidelines

* Eligible employees can elect or increase up to one increment ($10,000) for themselves, up to $200,000, and one increment ($5,000) for their spouse, up to $50,000, without going through underwriting for approval. There is no medical underwriting at any time for voluntary AD&D coverage, so employees can elect coverage up to $500,000 (not to exceed five times their annual salary); spouses can elect 50% of the employee’s amount.