Life and AD&D insurance

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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 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, up to $2 million.
  • 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.
• You can purchase coverage for your spouse/domestic partner (supplemental coverage) in increments of $5,000 up to the lesser of $500,000 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.
• 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.

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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.
• 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.

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

As Lam’s partner for employee life insurance, The Standard provides additional support for covered individuals and their beneficiaries.

You can access free online tools now for help with wills, estate planning, and other financial matters. Your beneficiaries will have access to counseling, funeral planning, legal support, and financial services, if needed.

Learn about the Life Services Toolkit [PDF] and will preparation [PDF].