Life and AD&D insurance

New plan administrator in 2026

New York Life now manages our life and AD&D insurance plans. The basic coverage and supplemental insurance options will remain the same.

• At no cost to you, Lam provides basic coverage of 2x your annual salary.
  • The IRS considers the cost of company-paid basic life insurance coverage over $50,000 to be taxable income, otherwise known as imputed income. If your basic life insurance coverage is more than $50,000, the cost of the excess coverage will appear as imputed income on your pay statements and your W-2.
  • The maximum coverage amount is reduced beginning at age 70.
• For more protection, you can purchase additional (supplemental) coverage for yourself of 1x to 6x your salary.
  • New hires can purchase coverage up to 3x salary without evidence of insurability (EOI).
  • Current employees can purchase new coverage of 1x salary without EOI—up to a maximum of 3x salary total—only during Open Enrollment or if you experience a qualified family status change.
  • For all employees, coverage of 4x or more requires EOI.
  • The total of your combined basic and supplemental life insurance cannot be more than $2 million.
• You can purchase supplemental coverage for your spouse or domestic partner in increments of $5,000 up to the lesser of $500,000 or 100% of your combined employee basic and employee supplemental coverage.
  • As a new employee, you can purchase coverage for your spouse or domestic partner up to $200,000 without EOI.
  • If you already have coverage for yourself, you can purchase or increase coverage for your spouse or domestic partner up to a total of $200,000 without EOI during Open Enrollment or following a qualifying life event.
  • If you are not currently enrolled in supplemental coverage for yourself, any new coverage for your spouse or domestic partner requires EOI.
  • Any spouse or domestic partner coverage over $200,000 requires EOI.
• You can purchase up to $30,000 of coverage for your children up to age 26 (supplemental coverage) with no evidence of insurability (EOI) required.
• See the life insurance rates.

How much life insurance do you need?

Check out New York Life’s modeling tool to make an informed decision.

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• At no cost to you, Lam provides basic coverage of 2x your annual salary.
• For more protection, you can purchase additional (supplemental) coverage for yourself of 1x to 6x your salary, up to a combined limit (basic and supplemental) of $2 million.
• You can purchase coverage for your spouse/domestic partner (supplemental coverage) in increments of $5,000 up to a maximum of $500,000 (not to exceed the combined total of your employee basic and employee supplemental coverage).
• You can purchase up to $30,000 of coverage for your dependent children up to age 26.
• See the AD&D insurance rates.

Note: You must buy supplemental AD&D coverage for yourself to cover your spouse, domestic partner, and/or children. 

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New York Life provides several services to support you and your family members following the loss of a loved one, including:

• Insight into the insurance claim process
• Guidance with handling financial and estate matters
• Resources for funeral arrangements
• Grief and bereavement resources
• Survivor support services [PDF] for immediate and ongoing needs following a loss