To help protect the financial wellbeing of your loved ones, Conga provides basic life insurance and accidental death and dismemberment (AD&D) insurance for you — at no cost to you — along with the opportunity to purchase supplemental coverage. In addition, you have the protection of Company-paid business travel accident insurance.
Be sure to name a beneficiary
It’s important to designate a beneficiary to receive the benefit paid by a life insurance policy. As personal circumstances change, take the time to keep that information up to date. Visit Workday to add or change a beneficiary.
Note: Your beneficiary designation for life insurance doesn’t apply to your 401(k) — please log in to Fidelity to add/update your 401(k) beneficiary(ies).
Conga provides basic life and AD&D insurance to assist you and your family in the event of a death or dismemberment. These benefits are fully paid by the Company. Coverage is automatic — you do not need to enroll, but if you do not want to pay the imputed income on your benefit then you would need to elect to limit coverage at $50,000.
| Plan | Coverage |
|---|---|
| Basic Life Insurance |
Two times your base annual earnings rounded to the next highest $1,000, to a maximum of $600,000 OR $50,000 limit The IRS requires that you be taxed on the premium for coverage above $50,000. This is called imputed income. |
| Basic AD&D Insurance | Two times your base annual earnings rounded to the next highest $1,000, to a maximum of $600,000 |
Imputed Income
Here’s an example of how your life insurance benefit may be taxed, assuming your annual salary is $50,000, your life coverage is $100,000, and you are 43 years old:
Please refer to the table below for the cost of life insurance per $1,000 of coverage
| Age | 35-39 | 40-44 | 45-49 |
|---|---|---|---|
| Cost per $1,000 in coverage | $0.09 | $0.10 | $0.15 |
Excess coverage: $100,000 - $50,000= $50,000
Coverage volume: $50,000/$1,000 = 50
Calculating your monthly imputed income: 50 * $0.10 = $5.00
If you do not want to pay imputed income, you can limit your basic life insurance benefit to $50,000. (Note: Accidental Death & Dismemberment (AD&D) coverage is not subject to imputed income.) AD&D remains as 2x annual salary for those electing $50,000 life benefit.
What is AD&D insurance?
Should you lose your life, sight, hearing, speech, or use of your limb(s) in an accident, AD&D insurance provides additional benefits to help keep your family financially secure. AD&D benefits are paid as a percentage of your coverage amount — from 50% to 100% — depending on the type of loss.
Supplemental Life Insurance
If you want more financial protection beyond the basic coverage that Conga provides, you can buy supplemental life insurance for yourself and your family members. You can enroll in Workday as a new hire, during Open Enrollment*, or if you have a qualifying life event. You pay the full cost of this coverage, which is provided through Lincoln Financial (One-time registration code: CONGA). You must purchase coverage for yourself in order to purchase it for your dependents.
| Supplemental Employee Life Insurance | Supplemental Spouse / Domestic Partner Life Insurance | Supplemental Child Life Insurance | |
|---|---|---|---|
| Coverage amounts available | $10,000 increments, up to $750,000 or 5x your base annual earnings | $5,000 increments, up to $250,000 or 50% of employee’s supplemental life insurance coverage | $10,000, up to 50% of employee’s supplemental life insurance coverage |
| Guarantee issue amounts | $300,000 | $25,000 | N/A |
| Age reductions | Coverage reduces to 50% of original coverage when you reach age 70. | ||
*Supplemental life insurance for you and your spouse/domestic partner over the guarantee issue amount will require evidence of insurability (EOI), as well as electing coverage after your initial open enrollment period on the Conga plans. After electing coverage, you will receive more information if EOI is required.
Guarantee Issue Amounts
If you elect supplemental life insurance when you’re first eligible, you’ll need to complete a Statement of Health, also known as Evidence of Insurability (EOI), only for amounts above the guarantee issue amounts. Any future increases in coverage will require EOI.
If you (and/or your dependents) don’t elect coverage when first eligible but elect at a later date, you’ll be required to provide EOI for any amount.
Coverage won’t be effective until the insurance company approves it in writing.
Supplemental AD&D Insurance
AD&D insurance provides coverage if you die or are injured as the result of an accident. You may choose to purchase additional accident protection on top of the basic coverage that Conga provides. Supplemental AD&D insurance is available to you and your family members.
You can enroll for supplemental AD&D insurance in Workday as a new hire, during Open Enrollment, or if you have a qualifying life event. You pay the full cost of this coverage, which is provided through Lincoln Financial (One-time registration code: CONGA). You must purchase coverage for yourself in order to purchase it for your dependents.
| Supplemental Employee AD&D Insurance | Supplemental Spouse / Domestic Partner AD&D Insurance | Supplemental Child AD&D Insurance | |
|---|---|---|---|
| Coverage amounts available | $10,000 increments, up to $750,000 or 5x your base annual earnings | 50% of employee’s coverage or 40% of employee’s coverage if children are also covered, to a maximum of $250,000 | 15% of employee’s coverage or 10% of employee’s coverage if spouse is also covered, to a maximum of $10,000 |
| Guarantee issue amounts | N/A | N/A | N/A |
| Age reductions | Coverage reduces to 50% of original coverage when you reach age 70. | ||
Important!
If you elect or update supplemental life insurance for yourself and/or your spouse/domestic partner, you may be required to submit an Evidence of Insurability (EOI) form if your coverage is over a certain amount. Learn more about your supplemental coverage options and the EOI form.