Mayfield is pleased to provide comprehensive life insurance benefits, an extremely important benefit, at no cost to you. Employees receive an amount equal to $50,000, of term life insurance and AD&D coverage.
In addition to the paid life and accidental death and dismemberment benefits, you may qualify to purchase optional coverage amounts up to five times your annual earnings over $50,000 – whichever is less. Initial enrollment allows for up to $150,000 on a guarantee issue basis. Amounts in excess of $150,000 will require that you satisfy Evidence of Insurability.
During open enrollment, an employee may increase their Voluntary Employee Life/AD&D amount of insurance by $10,000 without submitting Evidence of Insurability (EOI), provided the new amount of insurance does not exceed the Guarantee Issue Amount of $150,000 or 5x salary, whichever is less.