All benefits-eligible employees are automatically enrolled in Basic Life, Basic Accidental Death and Dismemberment (AD&D), and Business Travel Accident Insurance. Premiums for these three benefits are paid in full by Broad. The Broad Life Insurance is provided by Cigna, and an overview of the Group plan can be found here. More in depth details of the Group Life Insurance policy can be found here.

 

Naming a Beneficiary

It is important that you name a beneficiary to receive benefits from the insurance plan in the event of your death. It is also important to keep beneficiary designations up-to-date and to let your beneficiary know about your life insurance coverage.

To change or add a new beneficary, log into Workday and select the Benefits icon. On the following page, under Change, select Benefits and choose "Change Beneficiary". To edit an existing beneficiary's personal information (such as their address, phone number, etc.), log into Workday, select the Benefits icon and under Change, select Beneficiaries.

Basic Paid Coverage

Basic Life Insurance Basic life insurance is provided in one of the following options:
  1. 2x Earnings to a maximum amount of $800,000
  2. 2x Earnings to a maximum amount of $50,000*
Basic AD&D Insurance Basic AD&D insurance is provided in one of the following options:
  1. 2x Earnings to a maximum amount of $800,000
  2. 2x Earnings to a maximum amount of $50,000*
Business Travel Insurance Five times salary subject to a minimum of $250,000 and a maximum of $1,000,000

 

 

1. Basic Life Insurance

Basic life insurance coverage is "Term" Life Insurance and helps employees plan for their survivors' financial security in the event of their death. Employees are automatically enrolled in basic life at the 2x salary level. You also have the option to elect a flat amount of $50,000.

*The tax code requires the cost of employer paid insurance above $50,000 to be included in your gross income. Selecting option 2 provides less insurance coverage but allows you to avoid paying the tax on the additional "imputed income".

 

2. Accidental Death and Dismemberment (AD&D) Insurance

Accidental Death and Dismemberment insurance provides protection in addition to basic life insurance if you die or are dismembered as a result of a serious accident. Employees are automatically enrolled in basic life at the 2x salary level. You also have the option to elect a flat amount of $50,000.

Accidental Death and Dismemberment does not cover losses caused or contributed to by the following causes:

  • Sickness, disease, or any treatment for either;
  • Any infection, except certain ones caused by an accidental cut or wound;
  • Intentionally self-inflicted injury, suicide, or suicide attempt;
  • War or act of war, whether declared or not;
  • Injury sustained while in the armed forces of any country or international authority;
  • Taking prescription or illegal drugs unless prescribed for or administered by a licensed physician;
  • Injury sustained while committing or attempting to commit a felony;
  • The injured person's intoxication.

Other exclusions may apply depending upon your coverage.

Accidental Death and Dismemberment Payments

Accidental Dismemberment Benefit Amounts
(Percentage of Principal Sum)
Loss of Life 100%
Loss of Speech and Loss of Hearing 100%
Loss of Speech and one of Loss of Hand, Loss of Foot or Loss of Sight in one Eye 100%
Loss of Hearing and one of Loss of Hand, Loss of Foot or Loss of Sight in One Eye 100%
Loss of Hands (both), Loss of Feet (both), Loss of Sight or a combination of any two of Loss of Hand, Loss of Foot or Loss of Sight in One Eye 100%
Quadriplegia 100%
Paraplegia 75%
Hemiplegia 50%
Loss of Hand, Loss of Foot or Loss of Sight in One Eye (any one of each) 50%
Loss of Speech or Loss of Hearing 50%
Uniplegia 25%
Loss of Thumb and Index Finger of the same Hand 25%
Additional Benefits
Carjacking 10% of Principal Sum
Maximum Benefit Amount $25,000
Coma 1% of Principal Sum
Maximum Benefit Amount 100% of Principal Sum
Medical Evacuation and Repatriation Maximum Benefit Amount $250,000
Benefit Amount for Hospital Admission Guaranty $5,000
Family Travel Expense
Maximum per day $100
Maximum number of days 5
 
Psychological Therapy 5% of Principal Sum
Maximum Benefit Amount $25,000
Rehabilitation Expense 5% of Principal Sum
Maximum Benefit Amount $25,000
Seatbelt Occupant
Protective Device
10% of Principal Sum
Alternate Benefit Amount $2000
Occupant Protection Device Benefit Amount 10% of Principal Sum
Maximum Benefit Amount 20% of Principal Sum up to $50,000
War Risk Blanket War Risk (no audits) in all countries except the following excluded countries: Afghanistan, Iraq, US, Canada and the Insured Person's country of permanent domicile.

 

Aggregate Limit of Insurance

$7,500,000 per accident

 

3. Business Travel Insurance

Business Travel Accident insurance provides protection for employees traveling to domestic and international locations on Broad business. Benefits are for emergency medical evacuation, accidental death, dismemberment, and repatriation expenses.

Persons Insured Benefit Amount Hazards
Class 2: All regular full-time and part-time employees schedule to work 20 hours or more per week. Five times salary subject to a minimum of $250,000 and a maximum of $1,000,000.
    24 hour business travel, extraordinary commutation, and bomb.
    Class 3: The spouse of the Primary insured while accompanying a Class 2 member on a Broad business trip. $50,000
      Business family travel
      Class 4: The dependent child(ren) of the Primary insured while accompanying a Class 2 member on a Broad business trip. $25,000 Business family travel

      Exclusions

      • Disease or Illness
      • Suicide or Intentional Injury
      • Incarceration
      • War
      • Services in the Armed Forces
      • Specialized Aviation
      • Trade Sanctions
      • Owned or Leased Aircraft
      • Pilot or Crew

       

      4. Voluntary Life Insurance

      Voluntary Life Insurance is coverage that you pay for, in addition to the Basic Life insurance that the Broad provides to you. You may elect additional coverage for yourself and coverage for your spouse/domestic partner and dependent children in Workday as a new hire or if you experience a Qualifying Life Event. Please note, you must first elect voluntary life insurance for yourself in order to enroll in spouse and/or child life insurance.

      You may select coverage for your unmarried, dependent children in units of $1,000 to a maximum of $10,000. The maximum benefit for children under six months is $1,000. The guaranteed coverage amount for your child(ren) is $10,000.

      Optional Employee Paid Coverage for Life Insurance

      You You can select life insurance coverage of 1, 2, 3, 4 or 5 times your salary rounded to the next higher $1,000. The maximum for any employee is the lesser of 5 times your annual salary or $1,500,000. The guaranteed coverage amount for you is the lesser of 3 times your annual salary or $200,000.
      Your Spouse/
      Domestic Partner
      If you have enrolled in employee voluntary life insurance, you may select coverage for your spouse/domestic partner in units of $10,000 to a maximum of $100,000. The cost of coverage will be based on your spouse's age. The guaranteed coverage amount for your spouse is $50,000.
      Your Dependent Children If you have enrolled in employee voluntary life insurance, you may select coverage for your dependent children in units of $1,000 to a maximum of $10,000. The maximum benefit for children under six months is $1,000. The guaranteed coverage amount for your child(ren) is $10,000.

      Calculating the cost of your coverage

      Follow These Steps
      Employee/Spouse
      Age
      Monthly Cost per
      $1,000 Unit
        Employee Spouse
      Under 30 $0.043 $0.043
      30 to 34 0.056 0.056
      35 to 39 0.056 0.056
      40 to 44 0.071 0.071
      45 to 49 0.14 0.14
      50 to 54 0.211 0.211
      55 to 59 0.337 0.337
      60 to 64 0.465 0.465
      65 to 69 0.816 0.816
      70 to 74 1.299  
      75 to 79 1.97  
      80 & over 3.003  
      The monthly cost for children is $.10 per $1,000 of coverage. One premium will insure all your eligible children, regardless of the number of children you have. Costs are subject to change

      $____________ Your Yearly Salary

      x____________ 1, 2, 3, 4 or 5 (salary multiples)

      = $____________ Amount of Coverage You Want

      Round to the
      Next Higher $1,000 e.g. $214,300 becomes $215,000
      $____________  ÷ 1000
      Your Coverage Amount
      = _____________
      Employee Units
      ________    $____________
      Employee ×  Employee Cost
      Units           Per Unit
      =


      $____________

      ________    $____________  
      Spouse     x  Spouse Cost
      Units           Per Unit
      =
      $____________(+)
       
      ________    $____________
      Chil(dren) × Chil(dren) 
      Units           Cost Per Unit*
      = $____________(+)

       
      = $____________
      Total Monthly Cost

      Basic and Voluntary Life Conversion

      Upon termination of employment, you have the option of converting your group Basic and Voluntary Life insurance to an individual policy. Please contact Benefits at benefits@broadinstitute.org within 30 days of your termination date to request the proper forms.

      Voluntary Life Portability

      If you leave the Broad, Portability is an option that allows you to continue your Voluntary Life insurance coverage. Please contact Benefits at benefits@broadinstitute.org within 30 days of your termination date to request the proper forms.

      Waiver of Premium

      Your life insurance will be continued free of charge if you become totally disabled before age 60.

      Evidence of Insurability

      The guaranteed issue amount for a new hire who applies for voluntary life coverage is 3x's salary or $200,000, whichever is less. For spouse coverage the guaranteed issue amount is $50,000. If you elect any amount greater than the guaranteed issue amounts, you must complete an evidence of insurability (EOI) form. Employees who apply for coverage outside their 30 day new hire period, due to a Qualifying Life Event or during Open Enrollment in the Fall, must also complete an evidence of insurability (EOI) form for any amount of coverage elected. Evidence of Insurability is a medical questionnaire required by Cigna (the insurer). You will receive an e-mail or paper letter from Cigna with instructions on how to access the medical questionnaire (EOI) online within 7-10 days from submitting your election.

      Child voluntary life coverage is always guaranteed issue and not subject to evidence of insurability.

      If you are subject to evidence of insurability you must submit an EOI form to Cigna, Broad's insurance carrier, before being approved for voluntary life insurance coverage. You will be notified if your application is approved. Benefits will work with Payroll to process the deduction retroactive to the approval date.

      How to Enroll in this Benefit

      New hires have 30 days from their date of hire to complete their enrollment in the benefits program in Workday. There is an annual open enrollment in the Fall of each year during which time you can make benefit plan changes for the upcoming year. You may add, delete, or change your benefit selections outside of the yearly open enrollment period due to Qualifying Life Events, which are described here.

      Limitations and Exclusions: As is standard with most term Voluntary Life insurance plans, death by suicide is covered only after the employee has been insured for two years. Therefore, if death results from suicide, no benefit will be payable for any Voluntary Life coverage that became effective within two years of the date of death.