Life Insurance
Life Insurance
CarMax offers different types of insurance plans through Prudential, which offer death benefits to you and your beneficiaries if a death occurs while you are employed with CarMax.
Basic Life Insurance and Business Travel Accident Insurance is automatically provided to all eligible Associates and is 100% Company-paid.
Voluntary Life Insurance is 100% paid by Associates who elect coverage, and includes Supplemental Life, Spouse/Domestic Partner Life, Child Life, and Voluntary Accidental Death and Dismemberment (AD&D).
Eligibility & Enrollment
Eligibility
Associate:
Full-Time: You are eligible on your thirtieth (30th) day of employment (this period is called the Waiting Period) if you are classified in Workday as a Full-Time Associate.
- If your status changes to Full-Time in Workday, you are eligible to join or re-enter the Plan as of the first of the month after the status change.
Part-Time:You are eligible on the first of the month following one year of continuous employment if you are classified in Workday as a Part-Time Associate.
Please note that an Associate must be Actively at Work (not on a leave) for coverage to begin.
Dependents:
- Eligible Associates may choose coverage for eligible dependents, including your Spouse/Domestic Partner and children. Children must be under age 26, and the biological, adopted, step, foster child, or legal guardianship of you, your Spouse, or your Domestic Partner.
Temporary Associates and Independent Contractors are not eligible to participate.
Enrollment
Basic Life Insurance – You are automatically enrolled in Basic Life Insurance once you meet the eligibility requirements (see above).
Voluntary Life Insurance– You may enroll in Voluntary Life Insurance at any time after you become eligible; you do not have to wait for Open Enrollment.
- To add Supplemental or Spouse/Domestic Partner Life Insurance without having to provide Evidence of Insurability (EOI), you must enroll at benefits.carmax.com within 30 days of becoming newly eligible for this coverage.
- Child Life and AD&D do not require Evidence of Insurability.
For eligibility and enrollment questions, call the CarMax Benefits Center.
Options
The Life Insurance Plan has 2 types of Insurance:
- Basic Life Insurance – Automatically provided to all eligible Associates and is 100% Company-paid.
- Voluntary Life Insurance – Supplemental Life, Spouse/Domestic Partner Life, Child Life, and Voluntary Accidental Death and Dismemberment (AD&D) are available to all eligible Associates and are 100% Associate-paid.
- Supplemental Life
- Spouse/Domestic Partner Life
- Child Life Voluntary Accidental Death and Dismemberment (AD&D)
In addition to Basic and Voluntary Life Insurance, CarMax offers Business Travel Accident at no cost to certain associates.
Determining Coverage
Below is a grid of the general offerings for the life plans offered by CarMax.
| Plan | Full-Time Salaried Associate | Full-Time Hourly/ Commissioned Associate | Part- Time Associate |
| Basic Life Coverage | 2x ABBR | 1x ABBR | $5,000 Flat Amount |
| Supplemental Life Coverage | 1x, 2x, 3x, 4x, 5x, 6x, 7x, or 8x ABBR | 1x, 2x, 3x, 4x, 5x, 6x, 7x, or 8x ABBR | $5,000 Flat Amount
$10,000 Flat Amount
$15,000 Flat Amount
|
| Spouse Life or Domestic Partner Life | 1x or 2x ABBR | 1x or 2x ABBR | $5,000 Flat Amount
$10,000 Flat Amount
|
| Child Life Coverage | $10,000 Per Child | $10,000 Per Child | $5,000 Per Child |
| Supplemental AD&D Coverage | 1x, 2x, 3x, 4x or 5x ABBR | 1x, 2x, 3x, 4x or 5x ABBR | Increments of $5,000 to a max of $25,000 |
Business Travel Accident
The Business Travel Accident Plan automatically covers Associates who are asked to travel on CarMax business. The Plan includes both death and dismemberment benefits along with related coverage.
