If you’re a full-time employee or a part-time employee working at least 20 hours per week, you’re automatically covered at a basic level for life and accidental death and dismemberment (AD&D) insurance. You may purchase additional optional coverage for yourself and your dependents at competitive rates. Intuit’s life insurance plans are offered through Minnesota Life Insurance Company.
Watch! This video for an overview of your life insurance options.
Intuit automatically provides basic life insurance coverage in the amount of two times your base earnings, with a minimum coverage of $50,000. You can purchase additional optional coverage for yourself, your spouse or domestic partner and/or your dependent children.
You can purchase optional life insurance coverage as a new hire and at annual enrollment. If the amount you request is at 6 or 7 times your coverage, or more than $1 million, you’ll be required to provide evidence of insurability (EOI), or “proof of good health” on Your Benefits Resources. Otherwise, Minnesota Life will send you an EOI form in the mail for completion. While your application is being processed, you’ll be insured for the highest amount that does not require EOI.
You can choose optional life insurance from one to seven times your base earnings (up to $2 million).
You can also enroll your spouse or domestic partner in coverage ranging from $25,000 to $250,000. After your new hire elections, you can increase your spouse or domestic partner coverage by one level each year, without EOI (some exceptions apply*). Any coverage above $150,000 requires EOI.
*Your spouse or domestic partner must provide EOI for any amount of life insurance coverage if:
- Your spouse or domestic partner is receiving or entitled to sick pay or disability benefits due to illness or injury.
- Your spouse or domestic partner is confined at home or in a facility under the care of a physician for illness or injury.
- Your spouse or domestic partner is in a chemotherapy, radiation therapy or dialysis treatment program.
You can cover your eligible child, as well, for $25,000.
You must name one or more beneficiaries for your basic life insurance and optional life insurance when you enroll through Your Benefits Resources. If you die while covered by the plan, the beneficiaries you name will receive payment from the plan. You are the beneficiary of the life insurance you purchase for your spouse or domestic partner.
Accidental death and dismemberment (AD&D) insurance pays benefits to you or your beneficiaries if you die or are seriously injured in an accident. Intuit provides you with basic coverage of two times your base earnings, with a minimum coverage of $50,000 and a maximum coverage of $2 million. Your premiums are based on the amount of coverage you choose.
Our plan pays 100 percent of your base earnings if you die or lose both hands, both feet, sight in both eyes, or any combination of these. It pays 50 percent of your earnings if you lose one hand, one foot, or sight in one eye.
In addition to the basic coverage that Intuit provides, you can choose from these additional levels of coverage:
- For yourself—1, 2, 3, 4, 5, 6 or 7 times your base earnings, up to $2 million, including your basic AD&D
- For your family—50 percent of your total coverage amount, including $10,000 of coverage for each of your dependent children