Life and AD&D Insurance

Life and accidental death and dismemberment (AD&D) insurance is another way Lam helps you protect people most important to you in the event something happens to you. Life insurance can provide financial security for your family in the event of your death. AD&D insurance provides additional financial security if you are dismembered or die within 365 days of an accident.

Lam offers basic coverage at no cost to you. You can buy additional coverage for your spouse/domestic partner and/or your children.

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Life Insurance Options

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  • At no cost to you, Lam provides basic coverage of 2x your annual salary up to a maximum of $2 million. The IRS requires you to pay income tax on the value of life insurance coverage over $50,000. To avoid this, you can elect coverage of $50,000 as a new employee or during Open Enrollment.
  • For more protection, you can purchase additional (supplemental) coverage for yourself of 1x to 6x your salary, up to $2 million.
    • New hires can purchase coverage up to 3x without evidence of insurability (EOI).
    • Existing employees can purchase coverage without EOI in salary increments up to 3x salary only during Open Enrollment or if you experience a qualified family status change.
    • For all employees, coverage of 4x or more requires EOI.
  • You can purchase coverage for your spouse/domestic partner (supplemental coverage) in increments of $5,000 up to the lesser of $300,000 or 100% of your combined employee basic and employee supplemental coverage. If you already have coverage for yourself, you can purchase coverage for your spouse/domestic partner without EOI during Open Enrollment. For new hires, no EOI is needed up to $100,000. Employees with a qualified family status change can purchase coverage up to $100,000 for your spouse/domestic partner without EOI if you already have supplemental life coverage for yourself.
  • You can purchase $2,500, $5,000, or $10,000 of coverage for your children up to age 26 (supplemental coverage) with no evidence of insurability (EOI) required.

AD&D Insurance Options

  • At no cost to you, Lam provides basic coverage of 2x your annual salary up to a maximum of $2 million. If you choose basic life insurance coverage of $50,000 instead of 2x your salary, then your basic AD&D coverage will also be $50,000.
  • 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 AD&D coverage for your spouse/domestic partner (supplemental coverage) in increments of $5,000 up to a maximum of $100,000 (not to exceed the combined total of your employee basic and employee supplemental coverage).
  • You can purchase $2,500, $5,000, or $10,000 of coverage for your dependent children.
Note: You must buy supplemental AD&D coverage for yourself to cover your spouse/domestic partner and/or children.