Click to Home
RSSEmailPrint
Go To Search
Life Insurance
Life Insurance Coverage - Lincoln Financial

Basic Life Insurance for Employees

The City of DeSoto provides Basic Life Insurance coverage at three times an employee's annual salary up to $150,000 at no cost.

Additional Life Insurance for You

Employees may add to the life insurance provided by the City by electing coverage in $10,000 increments up to but not more than $500,000. Premiums are paid on an after tax basis, so any insurance benefits paid are not taxable when a beneficiary receives them.

Dependent Life Insurance 

This coverage will pay benefits to you in the event your covered spouse or child(ren) die. You may elect coverage for your spouse with a min­imum coverage amount of $5,000, up to 50 per­cent of your Employee Supplemental coverage, but no more than $250,000. You may also elect coverage up to $10,000 in $2,000 increments for each child.  

If coverage is selected for children, all eligible children are covered from the age of 14 days to age 25. The same premium payment is due amount regardless of the number of children. Note: Employees must elect additional employee coverage to have Dependent Life Insurance. Increases in voluntary life insurance policy  coverage or first time coverage will require a health ques­tionnaire and underwriting approval.

Accidental Death and Dismemberment (AD&D) Insurance Coverage

If an employee is injured or dies as a result of an accident, the employee or their beneficiary will receive a benefit based on the extent of the injury. AD&D pays benefits if death or dismemberment occurs as a result of and within 365 days following the covered accident.

AD&D insurance pays benefits in addi­tion to any other benefits an employee receives under their life insurance coverage if he/she dies as a result of an accident. The City of DeSoto provides basic AD&D Insur­ance coverage at three times your annual salary, up to $150,000 at no cost. Employees can add to this coverage by electing Voluntary AD&D Insur­ance coverage.

Long-Term Disability Insurance Benefits

Disability coverage helps employees and their families to meet financial obligations if injury or illness prevents them from working. This coverage is an important element in financial planning because it provides a continuing source of income if an employee is unable to work because of a disability.

The City of DeSoto provides Long-term Disability insurance coverage at 40% of an employee's annual base pay up to age 65. The maximum monthly benefit is $8,000 per month. The plan begins to pay benefits after a 180 calendar day waiting period (approximately six months).

Employees are also able to purchase additional vol­untary coverage.