Life & AD&D Insurance
Life insurance
At no cost to you, Chubb automatically provides you basic life and accidental death & dismemberment (AD&D) insurance to assist you and your family in the event of an accidental death or dismemberment.
If you want additional financial protection beyond the basic coverage that Chubb provides, you can buy supplemental life and AD&D insurance. If you purchase this coverage for yourself, you can also purchase coverage for your spouse/partner. You can also elect life insurance that coverages your eligible children. You pay the full cost of this coverage. You can enroll and change this coverage at any time.
Supplemental life and AD&D rates are based on coverage amount, age and tobacco usage. If you and/or your spouse/partner move to a different age bracket during the year, the premium will increase. Please see rate chart for details.
| Company-paid basic life and AD&D | Employee-paid supplemental life and AD&D |
|---|---|
|
|
1 If you were hired before 2009 by ACE, you are eligible for coverage up to 2x pay, up to $1,000,000.
2 You must purchase supplemental coverage for yourself to purchase it for your spouse/partner.
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.
If you and your spouse/partner are both Chubb employees
You cannot both purchase supplemental spouse/partner coverage. You should each enroll separately in supplemental employee life and AD&D insurance if you want extra coverage. Also, you cannot both cover the same dependent child(ren) under this plan.
Were you recently hired?
If you enroll in supplemental life and AD&D within 30 days of your date of hire or becoming eligible, you can elect up to 5x annual salary, up to $1,000,000 (the guaranteed issue amount) without providing Evidence of Insurability (EOI). EOI is evidence of good health.
If you enroll or increase your supplemental life and AD&D coverage after your first 30 days with Chubb, you will be required to complete EOI.
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.
Get Started
To learn more, see your costs and enroll in supplemental coverage, visit the Chubb Benefits Portal.
Retiree Life Insurance
Upon retirement, you will be automatically enrolled in the appropriate life insurance benefit, if eligible. To learn more and designate a beneficiary for your life insurance, please visit the Chubb Benefits Portal.
Chubb is phasing out retiree life insurance through Prudential. As the chart below shows, the benefit will be reduced by 25% each year until it is fully eliminated by 2026. Beginning in 2025, your coverage will be reduced to 25% of your original benefit amount.
| Retiree life insurance | Coverage amount (% of coverage) |
|---|---|
| Pre-2023 | 100% |
| 2023 | 75% |
| 2024 | 50% |
| 2025 | 25% |
| 2026 | 0% |
For example, if you currently have $5,000 in retiree life insurance coverage, that amount will be $2,500 in 2025. There will be no coverage beginning in 2026.