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Basic Life Insurance

Voluntary Life and AD&D Insurance

KEG 1 provides employees with Basic Life Insurance through Guardian Life Insurance Co. This guarantees that loved ones, such as a spouse or other designated survivor(s), continue to receive part of an employee’s benefits after death. Your Basic Life insurance benefit is $50,000. If you are a full-time employee, you automatically receive Company-paid Basic Life Insurance and Accidental Death and Dismemberment (AD&D) even if you elect to waive other coverage.

The basic benefits provided to you by KEG 1 may not be enough to cover expenses in a time of need You may wish for extra coverage for more peace of mind. Eligible employees may purchase additional Voluntary Life and AD&D Insurance.

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Why Do You Need a Life Plan?

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Naming a Beneficiary

Naming a beneficiary is one of the most important parts of getting life

insurance coverage, but it’s frequently treated as an afterthought. It

shouldn’t be. The entire purpose of getting life insurance is to help take

care of the people and causes you love—your beneficiaries—if something

happens to you. In fact, the purchase process isn’t complete until you name

one or more people who you want to receive the life insurance benefit. 

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  • What is a beneficiary? A beneficiary is someone designated in your life                                                                  insurance coverage to receive all or part of your death benefit. A                                                                                beneficiary doesn’t have to be a person — it can also be an entity, such                                                                                  as a church, charity, or family trust. 

  • How do I choose my beneficiaries? This is an entirely personal                                                                                question, and there is no wrong answer. But if for whatever reason, your                                                                          beneficiary choice isn’t immediately clear, it may help to answer these                                                                        questions:

    • What stage of life are you at? 

    • What is your purpose for getting life insurance? 

    • Do you trust the person to use the proceeds appropriately? 

    • Are there any charitable causes or organizations that you want to support with your life insurance benefit?

  • Can I have more than one beneficiary? Yes, you can choose to have more than one beneficiary. If you plan to have more than one, you will need to determine how your death benefit will be allocated among the beneficiaries. 

  • What are the types of beneficiaries? 

    • Primary beneficiaries: The person or people who are first in line to receive life insurance proceeds when the insured passes away.

    • Secondary/Tertiary beneficiaries: The person or people next in line to receive the benefit if—and only if—the primary beneficiary dies.  

  • What if you don’t name a beneficiary? If you don’t designate a beneficiary, it may be unclear who is entitled to the funds, which can delay payment. In the absence of a named beneficiary, the life insurance proceeds will be distributed according to the terms of the policy, which could include your estate. 

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If you need assistance, contact Human Resources or your own legal counsel.

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