Basic Life Insurance for You
The City of DeSoto provides Basic Life Insurance coverage at three times your annual salary up to $150,000 at no cost to you.
Additional Life Insurance for You
You 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. You pay premiums on an after tax basis, so any insurance benefits paid are not taxable when your 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 you elect coverage for your children, all of your eligible children are covered from the age of 14 days to age 25. You pay the same premium amount regardless of the number of children. Note: You must elect additional employee coverage to have Dependent Life Insurance. Increases in your voluntary life insurance policy or first time coverage will require a health questionnaire and underwriting approval.
Disability coverage helps you and your family meet financial obligations if injury or illness prevents you
from working. This coverage is an important element in your financial planning because it provides a continuing source of income if you are unable to work because of a disability.
The City of DeSoto provides Long-term Disability insurance coverage at 40% of your 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.