Life and accidental death and dismemberment (AD&D) insurance provide financial protection for you and your family. You are generally eligible to participate if you are an active employee scheduled to work at least 20 hours per week. These benefits are administered by MetLife. NXP employees scheduled to work at least 20 hours per week will receive life insurance in the amount of two times their annual eligible compensation, rounded up to the nearest $100. Basic life insurance is paid by NXP — there is no charge to you.
NXP employees scheduled to work at least 20 hours per week will receive life insurance in the amount of two times their annual eligible compensation, rounded up to the nearest $100. Basic life insurance is paid by NXP — there is no charge to you. As a participant in the basic life insurance program, you have access to the following valuable tools and resources:
Tax Alert- Company-paid life insurance is tax-free if your coverage does not exceed $50,000. If your Basic Life Insurance coverage exceeds $50,000, the cost of the excess coverage will be imputed and included in your gross income. If enrolled, the cost of your Supplemental and Spouse/Domestic Partner Life Insurance coverage, less your after-tax contributions, will also be included. For this purpose, the cost is computed using a uniform premium table published by the IRS. The taxable amount, if any, is reported to you on your Form W-2 (“C” in Box 12) and on your paycheck (“Group Term Life”). Talk to your accountant or financial advisor for more information regarding taxation of life insurance coverage.
To increase the amount of your life insurance, you may enroll in supplemental life insurance. The cost of this optional coverage is based on your age, your salary and tobacco use (see chart below). You can elect supplemental life insurance coverage of one to eight times your annual eligible earnings, up to $1,500,000. Depending on the coverage you select, you may be required to provide evidence of insurability, which could include a physical exam.
(cost per $1,000 of coverage)
| Age | No Tobacco | Tobacco |
|---|---|---|
| Under 30 | $0.029 | $0.042 |
| 30 - 34 | $0.034 | $0.050 |
| 35 - 39 | $0.041 | $0.057 |
| 40 - 44 | $0.052 | $0.087 |
| 45 - 49 | $0.088 | $0.135 |
| 50 - 54 | $0.138 | $0.207 |
| 55 - 59 | $0.230 | $0.387 |
| 60 - 64 | $0.300 | $0.594 |
| 65 - 69 | $0.360 | $1.089 |
| 70 and older | $0.360 | $1.854 |
You have a choice of spouse/domestic partner life insurance benefit levels up to $250,000 or the level of your combined basic life and supplemental life coverage, whichever is less. Coverage over $25,000 will require evidence of insurability, which could include a physical exam.
(cost per $1,000 of coverage)
| Age | No Tobacco | Tobacco |
|---|---|---|
| Under 30 | $0.029 | $0.042 |
| 30 - 34 | $0.034 | $0.050 |
| 35 - 39 | $0.041 | $0.057 |
| 40 - 44 | $0.052 | $0.087 |
| 45 - 49 | $0.088 | $0.135 |
| 50 - 54 | $0.138 | $0.207 |
| 55 - 59 | $0.230 | $0.387 |
| 60 - 64 | $0.300 | $0.594 |
| 65 - 69 | $0.360 | $1.089 |
| 70 and older | $0.360 | $1.854 |
Life insurance coverage for children is available at two levels, $15,000 and $25,000, with no requirement to provide evidence of insurability. All your eligible children will be included in this coverage, with no increase in contribution.
| Coverage Level | Bi-Weekly Cost |
|---|---|
| $15,000 | $0.85 |
| $25,000 | $1.42 |
You are automatically covered by the Accidental Death and Dismemberment (AD&D) Insurance Plan — at no cost to you.
You are also eligible for benefits, paid as a percentage of your eligible compensation, for other covered losses .