Life & AD&D Insurance

To safeguard the financial well-being of your loved ones, SPARC provides basic life insurance and accidental death and dismemberment (AD&D) insurance to you at no cost. These benefits provide your loved ones with a monetary safety net in case of a tragedy, ensuring they don’t have to struggle financially. Emotionally, life and AD&D insurance gives you one less thing to worry about. You can sleep better at night knowing that your family will be able to pay the bills if you’re no longer here or physically able to assist.

SPARC provides basic life insurance and accidental death and dismemberment (AD&D) insurance to full-time employees at an amount equal to one times your annual salary up to a maximum of $1 million. These benefits are fully paid for by the company and full-time employees are automatically enrolled on the first of the month following the first month of employment.

 Your basic life insurance and AD&D insurance come with the following additional features:

• Receive a Portion of Your Benefit Early - The life and AD&D benefit provided by SPARC is an accelerated death benefit, which means if you have a medical condition that requires permanent continuous confinement in an institution or are diagnosed with a terminal illness with a limited life expectancy, you may receive a portion of your death benefit while still living. This benefit may be taxable or may adversely affect your eligibility for Medicaid or other government benefits. Consult your personal tax advisor to assess the impact of this benefit.
• Keep Coverage if Employment Ends - If your employment ends or you no longer meet your employer’s eligibility criteria, you may have the option to continue coverage by paying premiums directly to the insurance company. You may also have the option to convert coverage into an individual Whole Life Insurance policy. Coverage for your spouse/domestic partner or children is also available.
• Funeral Planning and Concierge Services - Funeral Planning and Concierge Services connect you with professionals who can help with funeral planning for yourself and eligible family members, helping ease the burden on you and your family.
• Will Preparation - Will Prep is an online tool that helps individuals create a basic Will and other essential legal documents such as a Power of Attorney, Health Care Directive, Elder Care Agreement, HIPPA Authorization, and more. This service is included as part of the Funeral Planning and Concierge Services.

If you want more life insurance and AD&D insurance than what is provided by the Company, you may elect an additional amount of 1 to 5 times your annual salary up to $1 million in voluntary life insurance and voluntary AD&D insurance.

Each coverage may be subject to providing Evidence of Insurability (EOI) if an amount over the Guaranteed Issue is elected. Guaranteed Issue amounts are three (3) times your annual salary or $400,000, whichever is less. EOI is required if you increase the requested coverage. If EOI is required, Voya will reach out to you with instructions on how to complete it.

SPARC also offer life and AD&D insurance for your spouse, domestic partner, and children.

Life Insurance

• Spouse/domestic partner life insurance coverage can be elected in amounts of $10,000 up to a maximum of $100,000. The employee is the named beneficiary for this insurance. Any amount of $20,000 or more is subject to Evidence of Insurability (EOI).
• Child life insurance, for children up to 26-years-old, can be elected in amounts of $2,500 up to a maximum of $10,000. These policies will cover multiple children. No EOI is required for child life insurance.

AD&D Insurance

• If the employee elects only spouse/domestic partner coverage, the AD&D benefit is 60% of the employee’s salary.  If the employee elects spouse/domestic partner and child coverage, the AD&D benefit is 55% of the employee’s salary.
• If the employee elects only child coverage, the child AD&D benefit is 20% of the employee’s salary.  If the employee elects spouse/domestic partner and child coverage, the child AD&D benefit is 15% of the employee’s salary. 

Employee Salary Percentage Allowances