Employee Life Insurance
St. Jude provides employees who work 50% or greater of full-time with basic life insurance coverage and accidental death insurance after 30 days of continuous employment at 1.5 times your annual base pay to a maximum of $600,000. This coverage is fully paid by St. Jude and is no cost to you.
Dependent Life Insurance
St. Jude provides employees who work 50% or greater of full-time with dependent life insurance coverage for their spouse and dependent children. Coverage for dependent children continues to age 26 or indefinitely for physically or mentally disabled dependents who rely on you for financial support. This coverage amount of $10,000 per eligible dependent is fully paid by St. Jude.
Additional Life Insurance
You may purchase up to 3.5 times your annual base pay (to a maximum of $400,000) in additional life insurance. This optional coverage is in addition to the basic life insurance St. Jude provides. Premiums for additional life insurance are taken on an after-tax basis. These premiums are calculated based on your current base pay and selected level of coverage. Your premium will change if your base pay changes throughout the year.
You may purchase additional life insurance coverage based on the following four options:
- .5 times annual base pay
- 1 times annual base pay
- 2 times annual base pay
- 3.5 times annual base pay
You can increase or decrease the amount of your additional life insurance coverage at any time.
Evidence of Insurability
If you enroll within 31 days of your eligibility date, you can apply for additional life insurance coverage up to 2 times your annual base pay (to a maximum of $400,000) without an evidence of insurability form. If you choose the “3.5 times” coverage level, this level of coverage always requires evidence of insurability. If you apply for additional life insurance coverage more than 31 days after your eligibility date, you will be required to provide an evidence of insurability form regardless of which coverage level you choose. Your additional life insurance coverage is not effective until the insurance company approves.
Additional Life Insurance for Spouses and Dependents
St. Jude offers an additional life insurance plan for eligible employees’ spouse and/or dependent children. Employees may purchase an additional life insurance policy for a flat rate:
- Spouse: $5.04/month for policy valued at $20,000; $7.56/month for policy valued at $30,000; $10.08/month for policy valued at $40,000.
- Dependent child(ren): flat rate of $.67 per month regardless of number of eligible children covered. Policies are valued at $10,000 per dependent child.
Long-Term Disability Insurance
St. Jude provides employees who work 90% or greater of full-time with long-term disability coverage after 90 days of continuous employment. The coverage is fully paid by St. Jude and is no cost to you. If you become disabled and cannot work, the long-term disability plan will continue a portion of your income while you are disabled. Your monthly benefit will equal 60% of your base salary, up to $15,000 a month, after you have been disabled for six months. Employees can increase coverage to 67.7% of base salary (up to $20,000/month) by paying premiums for the additional 7.7% coverage.
St. Jude is pleased to offer eligible employees Aflac, a supplemental health and life insurance company that pays cash benefits when a policyholder has a covered accident or sickness. Employees can purchase Aflac’s Personal Accident Insurance, Maximum Difference Cancer Insurance and Specified Health Event Insurance.
Long Term Care Insurance
St. Jude offers all employees and family members the opportunity to purchase long term care insurance. Long term care is the type of care you need when, for an extended period of time, you are no longer able to do the things you take for granted every day. It is needed when simple things, such as getting out of bed, eating, or even taking a shower, become too difficult to do on your own. This care can be provided at home or in an adult day care, assisted living facility or nursing home. This is a voluntary program, which means the participant pays 100% of the cost. Premiums are based on the participant’s age, health, marital status and level of coverage selected. The program is administered by Legacy Services.
If you would like more information on long term care insurance, please contact Legacy Services at: