Protect your loved ones. Choose the amount of life insurance coverage that’s right for you and your family.
Life insurance protects your family financially in the event of a death. FTI Consulting automatically provides basic life insurance for you free of charge.* And, if you decide your family needs more protection, you can buy supplemental coverage for yourself, your spouse/domestic partner and your children.
Life insurance is administered by Lincoln Financial Group.
* Federal tax law requires you to pay taxes on the cost of basic life insurance coverage over $50,000. This is called “imputed income” and will be added to your gross taxable income. It will be included on your paychecks and on your Form W-2 each year. The amount of imputed income is based on your age and coverage amount.
Basic Life
You will automatically be enrolled in basic life insurance. The basic life insurance benefit equals 1.5 times your annual eligible earnings rounded to the next highest $1,000, up to a maximum benefit of $300,000. To avoid paying imputed income, you may elect a reduced coverage amount of $50,000. Your payroll contribution is withheld on a pre-tax basis.
Benefit Reduction Schedule: Benefits will reduce to 65% at age 70, 45% at age 75, and 30% at age 80. The reduction will take effect on January 1 of the year following your birthday, unless your birthday is January 1, then the reduction takes effect the same year as your birthday.
Supplemental Life
You may elect to purchase additional supplemental life insurance coverage. Coverage is elected as a specified dollar amount in $10,000 increments up to a maximum of five times your annual eligible earnings or $1.7 million, whichever is less. When you are first eligible for FTI’s group benefits, you may elect up to $800,000 of supplemental life insurance without having to provide evidence of insurability (EOI) while the amount elected over $800,000 will require that you submit EOI to the insurance carrier, Lincoln Financial Group. After your initial benefits eligibility, new coverage elections or increases of more than $100,000 to your current coverage election will require that you provide EOI.
The cost of coverage is based on your age and eligible earnings and as these factors change, the cost of coverage changes. Your payroll deduction for the supplemental life insurance is withheld on a post-tax basis.
Benefit Reduction Schedule: Benefits will reduce to 65% at age 70, 45% at age 75, and 30% at age 80. The reduction will take effect on January 1 or the year following or coincident with the applicable birthday.
Spouse Life
You may purchase life insurance on your spouse/domestic partner in increments of $10,000 up to a maximum benefit of $250,000. Evidence of insurability (EOI) is required for amounts of coverage over $50,000. If you opt out of spouse/domestic partner life insurance at the time of initial eligibility and elect coverage at a later date, EOI will be required.
The premium for the coverage is based on your spouse’s/domestic partner's age. Your payroll deduction for spouse life insurance is withheld on a post-tax basis.
Child Life
You may purchase life insurance 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 child life insurance 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 that should receive your life insurance benefit if you die. 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 life insurance through the FTI Benefits Center website, you’ll be prompted to designate your beneficiaries.
You can change beneficiaries at any time. 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.
Things to Consider
When deciding whether to enroll in supplemental life insurance coverage, be sure to consider the following:
Cost per Paycheck
The cost of supplemental life insurance coverage is based on your and your spouse’s/domestic partner's age and level of coverage. You’ll be able to see the cost per paycheck for your options when you enroll through the FTI Benefits Center website.
Your Family’s Needs
Remember that life insurance is intended to help protect your family financially if a covered family member dies. Would you have enough money to pay funeral expenses? Would you need to replace an income?
Every situation is different, so consider your family situation carefully.
EOI requirements
EOI is not required for basic life and child life insurance. In order to buy certain levels of supplemental life insurance coverage, you’ll need to prove that you are in good physical health. This is called providing evidence of insurability (EOI).
If EOI is required, you will get instructions on how to access the form as you complete your enrollment online. Please fill out the form and submit it promptly. Full coverage won’t take effect until the carrier approves your coverage. If you don’t submit the EOI form or it doesn’t get approved, you’ll get the highest level of coverage that doesn’t require EOI, if any.