Overview

Publicis provides Basic Life Insurance at no cost to you. You can supplement that coverage with additional insurance coverage through MetLife to ensure your family’s financial future.

Tips for Choosing a Life Insurance and/or AD&D Plan
  • Determine the optimal amount of protection for yourself and your family. If you die or become permanently disabled, what other sources of income would be available for your family? What are your family’s living expenses, and how are those likely to increase or decrease over time?
  • Compare the different options available to you and determine which plan or plans provide the protection you and your family need.
 

Basic Life Insurance

Basic Life Insurance is available at no cost to you. There are two coverage options available:

  • Option 1: One-and-a-half times your base pay,* rounded to the next higher $1,000 to a maximum of $750,000.
  • Option 2: Flat dollar coverage of $50,000 for employees who wish to avoid paying imputed income tax. This option is only available to employees earning more than $33,333.34 per year.

The Internal Revenue Service (IRS) requires your employer to include in your gross income each year the cost of your life insurance coverage in excess of $50,000 that is paid by your employer. Option 2, flat dollar coverage of $50,000, is offered to employees who wish to avoid paying imputed income on their Company-paid life insurance coverage.

* Base pay is your annualized base wage excluding bonuses, commissions, shift differentials, overtime or any other additional compensation.

Evidence of Insurability

Evidence of Insurability — a written, notarized acknowledgement that you meet the insurer’s conditions for coverage — is not required for your Basic Life Insurance election.

 

Supplemental Life Insurance

You may purchase supplemental coverage of up to eight times your base pay with after-tax paycheck deductions. The base pay used to determine your coverage is rounded to the next higher $1,000. The maximum amount of Supplemental Life Insurance coverage available is $2 million; the maximum coverage amount of Basic and Supplemental Life Insurance combined is $2.75 million.

All employee Basic and Supplemental Life Insurance reduces to 65% of the coverage amount at age 65 and 50% of the coverage amount at age 70.

Evidence of Insurability

If you elect Supplemental Life Insurance as a new hire, you do not need to provide Evidence of Insurability (EOI) for coverage that is the lesser of three times your base pay or $750,000. EOI will be required any time you wish to enroll for Supplemental Life Insurance coverage by a multiple of greater than one times your base pay. During Open Enrollment, employees who are not currently enrolled in Supplemental Life Insurance will be required to provide EOI.

 

Dependent Life Insurance

You may purchase Supplemental Life Insurance coverage for your spouse of up to five times your base pay with after-tax paycheck deductions. However, a flat-dollar benefit amount of $50,000 is available for election, for those who wish to avoid paying imputed income tax.

Dependent Insurance for Your Spouse

Your spouse’s coverage cannot exceed the lesser of $300,000 or your combined basic and supplemental coverages. Spouse coverage reduces to 65% of the coverage amount at age 65 and 50% of the coverage amount at age 70.

Dependent Insurance for Your Child(ren)

You can also purchase coverage of either $5,000, $10,000 or $25,000 for each dependent child with after-tax paycheck deductions. In order for the child to be eligible, the child must be under age 21 (or under age 25 if a full-time student), you must legally support the child, and he or she must permanently live in the home in which you are the head of the household.

Dual Coverage Restriction

If both you and your spouse both participate in Publicis benefits, a dual coverage restriction applies to dependent life coverage as follows:

  • An employee is not eligible to be insured as a spouse
  • A child is only eligible for coverage under one employee
 

Optional AD&D Insurance

Optional Accidental Death and Dismemberment (AD&D) Insurance provides income protection if you die or are seriously injured in an accident. You can elect Optional Accidental Death and Dismemberment (AD&D) Insurance for you and your family up to five times your base pay with after-tax paycheck deductions. You can choose any option up to a maximum of $2 million.

Optional AD&D Insurance benefits for family coverage are as follows:

  • If your family includes both a spouse and children, coverage is 50% of employee coverage for spouse and 10% of employee coverage for each child.
  • If your family includes a spouse only, coverage is 60% of employee coverage.
  • If your family includes children only, coverage is 15% of employee coverage for each child.

At age 65, your Optional AD&D coverage reduces to 65% of the coverage amount, and at age 70, it reduces to 50% of the coverage amount.

 

Accelerated Death Benefit

In the event that a covered family member is medically confirmed to have less than 12 months to live, an accelerated death benefit of 100% of the face amount of coverage to a maximum of $1 million (Basic and Supplemental Life combined for the employee) is available. The accelerated death benefit is payable in the period after the claim is approved and prior to the covered individual’s death. This benefit only applies to Basic, Supplemental, and Dependent Life Insurance coverage.

 

Continuing Your Coverage

If you are no longer eligible for life insurance as an active employee, you have the opportunity to continue your active group term life insurance coverage without evidence of insurability.

Coverage Continuation

Basic, Supplemental, Spouse and Child Life Group Term Life Insurance can continue for one year. No coverage or age maximums apply. In order to continue your Group Term Life Insurance coverage, you will need to contact MetLife and elect “Continuation” within 30 days of your termination date.

When your continued coverage terminates after one year, you have the option to either “port” your group term life insurance or “convert” your Group Term Life Insurance to an individual policy.

Portable Coverage

Under the portability option, coverage you have elected for yourself is portable up to $500,000 (to a maximum amount of $325,000 if age 65 and older). Spouse policies are portable up to $150,000 up to age 64 (to a maximum amount of $97,500 if age 65 and older), and child policies are portable up to age 21, or age 25 if your child is a full-time student. Coverage that exceeds portability limits can be converted.

Coverage Conversion

The conversion option allows you to convert your Group Term Life Insurance coverage to an individual life insurance policy without evidence of insurability.

To review your options on continuing your coverage, calculating the rates and obtaining the necessary forms to initiate the conversion, contact MetLife.