Life Insurance
Life insurance
Chubb provides basic life and accidental death & dismemberment (AD&D) insurance to assist you and your family in the event of a death or dismemberment. These benefits are fully paid by Chubb and coverage is automatic when you become eligible—no need to enroll.
Your benefits are equal to:
Basic life insurance: 1x your eligible compensation up to $1,000,000. If you were hired before 2009 by ACE, you are eligible for coverage up to 2x your eligible compensation up to $1,000.000.
Basic AD&D insurance: 2x your eligible compensation up to $500,000 up to age 70 and ½ times your annual eligible earnings to a maximum of $500,000 from age 70
Note: Legacy ACE employees hired prior to 2009 have 2X annual salary up to $1,000,000 for life and AD&D coverage.
Due to IRS tax rules, life insurance premium amounts in excess of $50,000 are considered imputed taxable income. Employees can choose Basic life insurance in the amount of $50,000 to avoid imputed income. Please note if you do change your Basic coverage from 1X your salary to $50,000 and want to increase to 1X at a later date, you will be required to complete Evidence of Insurability (EOI).
Life insurance reduction after age 65
If you work past age 65, benefits for basic life and AD&D insurance, supplemental employee life and AD&D insurance, and supplemental spouse/partner life and AD&D insurance will be reduced* as follows:
| Once you reach age | Your beneficiary receives |
|---|---|
65 |
65% |
70 |
40% |
75 |
25% |
*This reduction happens on the first of the month after you reach the ages listed above.
Designate your beneficiaries
It’s important to name a beneficiary to receive your life insurance benefit. As your life circumstances changes, be sure to keep that information up to date through the Chubb Benefits Portal.
Supplemental life
If you want additional financial protection beyond the basic coverage that Chubb provides, you can buy supplemental life insurance. You pay the full cost of this coverage.
You can elect up to 8X your eligible compensation up to a maximum of $3,000,000
If you enroll within 30 days after your date of hire or becoming eligible, you can elect up to 5x your annual base salary up to $1,000,000 (the guaranteed issue amount) without providing EOI
After your initial eligibility, any increase to your supplement life coverage amount will require EOI
To learn more, see your costs and enroll in supplemental coverage, visit the Chubb Benefits Portal.
Supplemental AD&D
You can also purchase up additional supplemental AD&D coverage in increments of $10,000 up to a maximum of $500,000 if your annual eligible earnings are more than $50,000, you can elect a coverage maximum amount of $750,000.
To learn more, see your costs and enroll in supplemental coverage, visit the Chubb Benefits Portal.
Get Started
To learn more, see your costs and enroll in supplemental coverage, visit the Chubb Benefits Portal.