Protect your loved ones. Choose the amount of life insurance coverage that’s right for you and your family.
Life insurance protects your family financially in the event of a death. Rich’s automatically provides basic life insurance for you free of charge.* And, for those eligible, if you decide your family needs more protection, you can buy supplemental life insurance for yourself or dependent life insurance for your spouse and/or child(ren).
Life insurance plans are administered by MetLife.
* Federal tax law requires you to pay taxes on the cost of basic life insurance coverage over $50,000. This is called “imputed income” and will be added to your gross taxable income. It will be included on your paychecks and on your Form W-2 each year. The amount of imputed income is based on your age and coverage amount.
Choose Your Beneficiaries
Your family depends on you for all kinds of things—including your pay. Make sure to choose the people and/or estate that should receive your life insurance benefit if you die. It is important that you make your beneficiary elections on the enrollment website at benefits.rich.com.
First, gather the Social Security numbers and birth dates for each beneficiary. Then, when you’re enrolling in life insurance, you’ll be prompted to designate your beneficiaries.
You can change beneficiaries at any time. If you die and have no beneficiaries on file, the benefit may—or may not—eventually reach the individual(s) you would prefer. The result could be a significant delay in payment during an already challenging time for your loved ones.
Things to Consider
When deciding whether to enroll in supplemental and dependent life insurance coverage, be sure to consider the following:
The cost of the supplemental life insurance coverage is based on your age, level of coverage, and whether or not you use tobacco. The cost of dependent life insurance coverage is based on your level of coverage and if you are covering your spouse and your child(ren).
Your Family’s Needs
Remember that life insurance is intended to help protect your family financially if a covered family member dies. Would you have enough money to pay funeral expenses? Would you need to replace an income?
Every situation is different, so consider your family situation carefully.
In order to buy certain levels of supplemental and dependent life insurance coverage, you’ll need to prove that you are in good physical health. This is called providing evidence of insurability (EOI).
If EOI is required, you will get instructions on how to access the form as you complete your enrollment online. Please fill out the form and submit it promptly. Full coverage won’t take effect until the carrier approves your coverage.
If you don’t submit the EOI form or it doesn’t get approved, you’ll get the highest level of coverage that doesn’t require EOI, if any.