Life and AD&D (accidental death and dismemberment) insurance is through Reliance Standard. Liberty gives every full-time employee a basic policy for free, and you can buy more for yourself and your family.
Basic Life and AD&D (paid by Liberty)
You get a flat $50,000 of term life insurance and a matching $50,000 of AD&D coverage at no cost. You’re enrolled automatically, but you do need to name your beneficiaries in Paycom. If you don’t, benefits are paid according to the policy’s rules. The coverage amount drops to 65% at age 70 and 50% at age 75.
The policy also comes with free bereavement counseling, legal and financial help through ACI Specialty Benefits, plus travel assistance whenever you’re more than 100 miles from home. See the coverage documents below for what’s included.
Optional Life and AD&D (you pay)
Optional life and optional AD&D are separate elections. You don’t need one to get the other, and the amounts don’t have to match.
- You: $10,000 increments, up to 5 times your annual earnings or $750,000, whichever is less
- Your spouse or domestic partner: $5,000 increments up to $500,000, but no more than your own amount
- Your children: $2,000 increments up to $10,000 per child, until age 26
To cover your spouse or children, you need to enroll in optional coverage yourself. You’re automatically the beneficiary on their coverage.
When you need to prove good health
Up to $200,000 for you, $50,000 for your spouse and $10,000 for your children is approved without health questions when you first become eligible. If you sign up later or ask for more than that, you’ll fill out an Evidence of Insurability (EOI) form and Reliance Standard decides whether to approve it.
During open enrollment, if you already have coverage, you can increase it by up to $50,000 for yourself and $10,000 for your spouse, up to the guaranteed amounts above, without filling out an EOI form.
What it costs
Optional coverage is paid after taxes. Rates are based on your age, and the full rate tables are in the Voluntary Life and Voluntary AD&D documents below. As an example, $100,000 of optional life costs $4.75 per paycheck for an employee age 35 to 39, and $100,000 of optional AD&D costs $1.25 per paycheck at any age.
