Basic Life Insurance
Eastman provides basic life insurance to you at no cost. Your benefit is equal to your Insurance Annual Salary Rate (IASR) rounded to the nearest $100. The IRS requires you to pay imputed income on company-paid coverage over $50,000. You may opt out of company-paid basic life insurance if you do not wish to pay imputed income. If you opt out now and decide to elect company-paid basic life insurance in the future, you must provide proof of good health (POGH), even if you were previously eligible for this benefit.
Optional Dependent Life Insurance
You can purchase additional life insurance of 1 to 7 x IASR rounded to the nearest $100. Your election maximum is subject to the lesser of a combined maximum of $3,000,000 for basic and optional coverage or 8 x IASR. Your life insurance is payable to your designated beneficiary. If you elect to increase your current coverage amount more than 1 x IASR or change from no coverage to coverage during open enrollment, you must provide POGH even if you were previously eligible for this benefit.
Example: Your optional coverage in 2021 was 1 x IASR. You have elected to increase to 3 x IASR. Since you have increased more than one level, Proof of Good Health is required.
|The cost of this coverage is dependent on your spouse’s or domestic partner's age and will be shown to you during the enrollment process. POGH is required the first time you elect spouse or domestic partner coverage over $25,000 or when you increase a previous election to over $25,000.|
You can also purchase optional life insurance coverage for your children under the age of 26 at the following levels:
|Election of child life insurance covers all of your eligible children.|
Accidental Death & Dismemberment Insurance (ADI)
ADI provides for your beneficiary if you die as the result of an accident or provides for you if you suffer an accident-related injury. You can purchase coverage at the following levels:
Dependent Accidental Death & Dismemberment Insurance (DADI)
Spouse DADI provides for you if your spouse or domestic partner dies as the result of an accident or suffers anaccident-related injury. You can purchase coverage at the following levels:
Child DADI provides for you if your dependent child dies accidentally or becomes seriously injured. You can purchase coverage for your children under the age of 26 at the following levels:
|Election of child DADI covers all of your eligible children.|
Occupational Accidental Death Insurance (OAD)
OAD is provided by Eastman to you at no cost. Your OAD coverage is 2 x IASR. OAD covers you for accidental death that occurs as a result of an accidental injury while you were performing customary duties at your normal place of business or at other places to which Eastman’s business requires you to travel.