Do You Have Enough Life Insurance?

NetApp’s life and accident insurance plans offer financial protection for you and your family.

Basic Life and AD&D Insurance

To protect you and your family, NetApp automatically offers basic life and AD&D insurance through MetLife at no cost to you. This insurance offers a basic level of financial protection if you die or are seriously injured in an accident.

You have one opportunity as a new hire to purchase supplemental life insurance of up to 8 times your pay (up to $4 million) with no questions asked. Otherwise, you may elect to purchase coverage during our annual open enrollment period (or with a qualified life event such as marriage or the birth or adoption of a child), but you’ll be required to provide a statement of health and your coverage could be denied.

How Life and AD&D Work

The chart below describes your coverage for both types of insurance.

  Basic Life Insurance Basic AD&D Insurance
Description Pays benefits to your beneficiaries if you die. Pays benefits to your beneficiaries if you die in an accident. This benefit is provided in addition to the basic life insurance. AD&D insurance also pays a benefit to you if you are seriously injured in an accident (for example, you become paralyzed, lose your hearing or vision, or lose a limb).
Benefit** 2 times your pay, up to $1.5 million* 2 times your pay, up to $1.5 million

* As required by the IRS, you will be taxed on any company-provided life insurance coverage that exceeds $50,000. (Coverage amounts over $50,000 are considered imputed income.)
** Benefits for Life and AD&D start to reduce at age 65.

Use the MetLife modeler to calculate your life insurance needs.

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Supplemental Life Insurance

For added security, NetApp gives you the option to purchase supplemental life insurance for yourself and your family. This is in addition to the basic coverage provided by the company. NetApp offers a supplemental life insurance benefit that allows you to purchase up to 8 times your pay, up to $4 million, plus you enjoy lower rates through NetApp than buying on your own.

How Supplemental Life Insurance Works

Life insurance pays a benefit if you or a loved one dies.

Coverage For… You Spouse Children
Who Receives Benefit Your beneficiary receives any benefits Any benefits are paid to you Any benefits are paid to you
Benefit Amount 1 to 8 times your pay, up to $4 million $10,000 to $500,000 (in increments of $10,000), maximum of 100% of your basic plus supplemental insurance amount or $500,000, whichever is less $20,000/child to age 26; children can be covered by only one employee in the plan
EOI Requirement Applies if you elect more than 3 times pay. At initial enrollment, you may elect up to 3x pay without completing a Statement of Health Applies if you elect $60,000 or more. At initial enrollment, you may enroll for $10,000, $20,000, $30,000, $40,000 or $50,000 without completing a Statement of Health Does not apply

EOI Requirement

You have one opportunity as a new hire to purchase supplemental life insurance of up to 3 times your pay with no questions asked. Otherwise, you may elect to purchase coverage during our annual open enrollment period (or with a qualified life event such as marriage or the birth or adoption of a child), but you’ll be required to provide a statement of health and your coverage could be denied.

How Much Coverage Do You Need?

According to a MetLife study, nearly half of employees nationwide are underinsured, and 36% of survey participants reported being financially vulnerable four to five years after the death of a loved one. To determine how much coverage you might need, think about what would happen to your family’s finances if something happened to you or your spouse.

Per-Pay-Period Cost of Coverage

The amount you pay for your coverage and your spouse’s coverage depends on your age and the level of coverage you buy. The chart below shows the discounted group rate per-pay-period cost for each $1,000 of coverage you buy.

Your Age Supplemental Life Insurance for You Supplemental Life Insurance for Your Spouse
<25 $0.02 $0.02
25–29 $0.02 $0.02
30–34 $0.02 $0.03
35–39 $0.03 $0.03
40–44 $0.03 $0.04
45–49 $0.05 $0.06
50–54 $0.08 $0.10
55–59 $0.14 $0.17
60–64 $0.21 $0.26
65–69 $0.40 $0.49
70+ $0.64 $0.79

Your per-pay-period cost for child coverage is $0.19 for $20,000 of coverage and covers all of your children.

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Supplemental AD&D Insurance

For extra financial protection, you can purchase supplemental AD&D insurance for yourself and your family. This is in addition to your life insurance and the basic AD&D coverage provided by the company.

How Supplemental AD&D Insurance Works

Supplemental AD&D insurance pays benefits if an accident leads to serious injury (for example, loss of limb, hearing or vision loss, paralysis) or death. You can purchase supplemental AD&D coverage for yourself, your spouse and/or your children.

Use the MetLife modeler to calculate your life insurance needs.

Coverage For… You Spouse Children
Who Receives Benefit Pays benefits to your beneficiaries if you die in an accident. Pays a benefit to you if you are seriously injured in an accident. Pays benefits to you if your spouse dies in an accident. Pays a benefit to your spouse if seriously injured in an accident. Pays benefits to you if your child dies or is seriously injured in an accident.
Benefit Amount 1 to 8 times your pay, up to $4 million $10,000 to $500,000 (in increments of $10,000), maximum of 100% of your basic plus supplemental insurance amount or $500,000, whichever is less. $20,000/child to age 26; children can be covered by only one employee in the plan

Per-Pay-Period Cost of Coverage

Your cost for supplemental AD&D insurance is based on how much coverage you buy for you, your spouse and/or your children.

  You Spouse
Monthly cost per each $1,000 of coverage $0.016 $0.008

Your per-pay-period cost for child coverage is $0.02 for $20,000 of coverage and covers all of your children.

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Business Travel Accident Insurance

NetApp automatically provides you additional life insurance benefits when you travel for business. The Business Travel Accident Insurance program provided by AIG provides coverage equal to three times your annual base salary (including OTE for commissioned employees) up to a maximum benefit of $750,000 (subject to the terms of the master policy).

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Grief Counseling

Coping with the loss of a loved one or a major illness is never easy. To help make a difficult time a little easier, your life insurance benefits include no-cost, one-on-one grief counseling and other services [PDF]. Learn more or speak with a professional counselor (user name: metlifeassist; password: support) or call 1 855 609 9989.

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