Boston Scientific (“BSC”) offers employer paid Basic Life and Accidental Death & Dismemberment (“AD&D”) coverage, as well as a group discount on employee-paid Voluntary Employee Life, Dependent Life and Accidental Death and Dismemberment Insurance.
Purchasing additional life or AD&D insurance, over and above the Boston Scientific employer paid 1x basic life and AD&D coverage can help lend greater financial security and peace of mind. Without enough life insurance coverage, a premature death is more likely to exert a major or devastating impact on financial security, lifestyle and savings.
It’s important to consider life events that could cause you to need more protection as your financial commitments and lifestyle change. Getting married, having children, buying a home — these are all events that could call for adding more life insurance protection to your portfolio. You are also given the opportunity to elect or increase your voluntary life insurance plans annually during BSC’s open enrollment period.
| MetLife Voluntary Life Insurance | ||
|---|---|---|
| Who’s Eligible | Coverage Choices | Options for this Enrollment Period |
| Employee | 1 to 6 times your base annual earnings up to a maximum of $1,000,000 |
If your currently enrolled you can increase your coverage by 1x base annual salary up to the guaranteed issue of $400,000 or 3x base annual earnings (whichever is less) without answering any medical questions. If you do not have coverage, have been denied or want to increase your amount above the guaranteed issue, you can apply by answering just five health questions. |
| Spouse/Domestic Partner | $10,000 up to $250,000 in $10,000 increments |
A spouse or domestic partner currently enrolled can elect one increment of $10,000 up to $100,000 without answering any medical questions. If your spouse/domestic partner does not have coverage or wants to increase their amount over the guaranteed issue, they can apply by answering just five health questions. Total amount of Spouse or Domestic Partner coverage cannot exceed 100% of employee coverage amount. |
| Dependent Children | $5,000 up to $20,000 in $5,000 increments |
No health questions required. |
| Employee & Spouse/Domestic Partner Monthly Cost Per $1,000 of Coverage: | ||
|---|---|---|
| Age as of 12/31/2018 | Employee | Spouse/Domestic Partner |
| Age | Rate | Rate |
| Under 25 | $0.034 | $0.034 |
| 25-29 | $0.034 | $0.034 |
| 30-34 | $0.040 | $0.040 |
| 35-39 | $0.060 | $0.060 |
| 40-44 | $0.074 | $0.074 |
| 45-49 | $0.112 | $0.112 |
| 50-54 | $0.172 | $0.172 |
| 55-59 | $0.322 | $0.322 |
| 60-64 | $0.474 | $0.474 |
| 65-69 | $0.753 | $0.753 |
| 70-74 | $1.330 | $1.330 |
| 75 & Above | $1.330 | $1.330 |
| Dependent Child(ren) Flat Monthly Cost of Coverage: | |
|---|---|
| $5,000 | $0.17 |
| $10,000 | $0.34 |
| $15,000 | $0.51 |
| $20,000 | $0.68 |
| Example: 40-year-old applying for $200,000 of coverage. | ||
|---|---|---|
| A. Find your age-based rate in the chart above: | $ 0.074 | $________ |
| B. Choose how much coverage you are applying for: | $200,000 | $________ |
| C. Divide that coverage amount by 1,000 | 200 ($200,000 ÷ 1,000) |
_________ |
| D. Multiply A x C for estimated Monthly Cost: | $14.80 ($0.074 x 200) |
$________ |
You may contact MetLife directly at 800-638-6420 Option #1 to check on your EOI status. Call center hours are 8:00 am - 6:00 pm ET (Mon-Thur) and 8:00am-5:00pm ET (Fri).
Voluntary Accidental Death & Dismemberment Insurance (VAD&D) complements your Voluntary Life Insurance with coverage for severe accidents or loss of life on or off the job. VAD&D insurance pays benefits if you suffer a covered accident that results in paralysis or the loss of a limb, speech, hearing or sight, or if you suffer a covered fatal accident.
| MetLife Voluntary Accidental Death & Dismemberment Insurance (VAD&D) | |
|---|---|
| Employee | 1 to 6 times your base annual earnings up to $1,000,000 |
| Employee & Family Plan | Spouse/Domestic partner: 60% of your coverage amount Child(ren): 20% of your coverage amount |
| VAD&D Monthly Cost Per $1,000 of Coverage | |
|---|---|
| Employee Only | $0.018 |
| Employee & Family | $0.023 |
MetLife AdvantagesSM
Offers you and your spouse/domestic partner unlimited face-to-face or telephone meetings with an attorney, from Hyatt Legal Plans’ network of over 14,000 participating attorneys, to prepare or update a will, living will, and Power of Attorney.
Estate representatives and beneficiaries may receive unlimited face-to-face legal assistance with probating your and your spouse’s/domestic partner’s estates. Beneficiaries can also consult an attorney, from Hyatt Legal Plans’ network of more than 14,000 participating attorneys, for general questions about the probate process.
Helps you or your spouse/domestic partner prepare a will, living will, Power of Attorney and HIPAA Authorization form on your own, at your own pace, 24 hours a day, 7 days a week.
Helps you create a digital legacy for your beneficiaries, estate administrators and others who play important roles in your major life events. MetLife Infinity offers a unique way to capture and securely store your important documents including deeds, wills and life stage planning documents, as well as photos and videos. You can also share important life events, milestones and other memorable activities for future use.
Services designed to simplify the funeral planning process for your loved ones and beneficiaries to assist them with organizing an event that will honor a loved one’s life from a self-paced funeral planning guide to services such as locating funeral homes, florists and local support groups.
Provides you and your dependents up to five private counseling sessions with a professional grief counselor—per event—to help cope with a loss, no matter the circumstances, whether it’s a death, an illness or divorce. Sessions may also be held over the phone.
The Total Control Account (TCA) is a settlement option that provides your loved ones with a safe and convenient way to manage life insurance proceeds. They’ll have the convenience of immediate access to any or all of their proceeds through an interest bearing account with unlimited check-writing privileges. The Total Control Account also allows beneficiaries time to decide what to do with their proceeds.
This service is designed to help beneficiaries sort through the details and serious questions about claims and financial needs during a difficult time. MetLife has arranged for Massachusetts Mutual Life Insurance Company (Mass Mutual) financial professionals to be available for assistance in person or by telephone to help with filing life insurance claims, government benefits and help with financial questions.
Focuses on guidance and services around insurance and other financial products to help you and your family better prepare for your future in response to benefit changing events.
Gives you an opportunity to continue your Group Life insurance coverage with MetLife should you leave Boston Scientific for any reason. Competitive rates apply but will likely be higher than your current rates. MetLife will bill you directly. To take advantage of this feature, you must have coverage of at least $10,000 up to a maximum of $2,000,000. Generally, there is no minimum time for you to be covered by the plan before you can take advantage of the portability feature. Please see your plan administrator for specific details. Portability is also available on coverage you’ve selected for your spouse/domestic partner and dependent child(ren). Dependents’ amounts are contingent on the employee’s amount. Increases, decreases and maximums are subject to state availability.
You can receive up to 80% of your Voluntary Life Insurance proceeds to a maximum of $500,000 in the event that you become terminally ill and are diagnosed with less than 24 months to live. This can go a long way toward helping your family meet medical and other related expenses at this difficult time.
You can generally convert your Group Term Life Insurance benefits to an Individual Whole Life Insurance policy if your coverage terminates in whole or in part due to your retirement, termination of employment, or a change in your employee class. Please note that conversion is not available on AD&D coverages.
If you have any questions about the MetLife Advantages Program you may call 1 800 GET-MET8.
Your Basic, Voluntary Life, Basic AD&D and Voluntary AD&D coverage amounts automatically reduce to the amounts shown in the following chart if you continue to work beyond age 69.
| Basic, Voluntary Life, Basic AD&D, Voluntary AD&D Insurance Age-Based Benefit Reductions |
|---|
| Your Coverage Amounts Reduce To |
| 65% at age 65 50% at age 70 35% at age 75 |