LIFE INSURANCE LIFE AND AD&D PLAN FEATURES Basic Life Coverage Amount 2x Annual Earnings to $300,000 All Full-Time employees are automatically enrolled in Basic AD&D Coverage Amount 2x Annual Earnings to $300,000 Life Insurance benefits. Basic Life and AD&D is an Employer Paid benefit. Guaranteed Issue $300,000 Age Reduction Benefit reduces by 35% at age 65 Disclaimer: IRC section 79 provides an exclusion for the first $50,000 of group-term life insurance coverage provided under a policy carried directly or indirectly by an employer. The imputed cost of coverage in excess of $50,000 must be included in income, using the IRS Premium Table, and are subject to social security and Medicare taxes [ 21 ]