Accidents happen. It’s a fact of life. But you can soften the financial impact of an accidental death or injury.
Accidental death and dismemberment (AD&D) benefits protect your family financially in the event of a tragic accident. FTI Consulting automatically provides basic AD&D coverage for you free of charge. And, if you decide your family needs more protection, you can buy supplemental AD&D coverage for yourself, your spouse/domestic partner, and your children.
AD&D is administered by Lincoln Financial Group.
Basic AD&D
You will automatically be enrolled in basic AD&D coverage. The basic AD&D benefit equals 1.5 times your annual eligible earnings rounded to the next highest $1,000, up to a maximum benefit of $300,000.
Supplemental AD&D
You may elect to purchase supplemental AD&D coverage at one to five times your annual eligible earnings up to $1.7 million. Your payroll deduction for the supplemental AD&D coverage is withheld on a pre-tax basis.
Spouse AD&D
You may purchase AD&D coverage on your spouse/domestic partner in increments of $10,000 up to a maximum benefit of $250,000. Your payroll deduction for spouse/domestic partner AD&D coverage is withheld on a post-tax basis.
Child AD&D
You may purchase AD&D coverage for your child(ren) in increments of $5,000 up to a maximum benefit of $25,000. Unmarried dependent children up to age 26 are eligible for this coverage. Your payroll deduction for dependent child AD&D coverage is withheld on a post-tax basis.
Choose Your Beneficiaries
Your family depends on you for all kinds of things—including your pay. Make sure to choose the people and/or estate who receive your AD&D benefit if you die as the result of an accident. It is important that you make your beneficiary elections on the FTI Benefits Center website.
First, gather the Social Security numbers and birth dates for each beneficiary. Then, when you’re enrolling in AD&D through the the FTI Benefits Center website, you’ll be prompted to designate your beneficiaries.
You can change beneficiaries at any time. But if you die and have no beneficiaries on file, the benefit may—or may not—eventually reach the individual(s) you would prefer. The result could be a significant delay in payment during an already challenging time for your loved ones.
Note: You are the beneficiary if you’re seriously injured as the result of an accident. The benefit paid is based on a percentage of your AD&D coverage amount, depending on your type of loss.
Things to Consider
When deciding whether to enroll in supplemental AD&D coverage, be sure to consider the following:
Cost per Paycheck
The cost of supplemental AD&D coverage is based on the level of coverage you elect. You’ll be able to see the cost per paycheck for your options when you enroll through the FTI Benefits Center website.
Your Life Insurance Election(s)
Remember that AD&D coverage is intended to help protect your family financially if you or a covered family member dies or suffers a serious injury resulting from an accident. Because AD&D coverage pays a benefit only in the event of an accident, it is not a substitute for life insurance.