You can elect life insurance for yourself, your spouse or domestic partner, and your dependent children.
Employee Life Insurance
Alcoa provides you with term life insurance coverage equal to one times your annual base pay (up to a maximum of $200,000).You may elect additional coverage up to eight times your pay (rounded to the next higher $5,000).
For benefit calculation purposes only, the total life insurance coverage you elect includes the company-paid life insurance coverage. The minimum coverage amount for full-time employees is $30,000; there is no minimum for part-time employees. The maximum coverage amount for any employee is $3 million.
You may be asked to provide evidence of insurability by completing the MetLife "Statement of Health" form. You can complete this form online during the enrollment period. If you don't have access to the Internet, you'll receive the form in the mail.
Your Cost for Coverage
Alcoa pays for one times your pay, which is considered a pre-tax benefit. You pay for any additional coverage with after-tax dollars. The price tags are based on:
- your current base pay
- your age on December 31 of the coverage year
- whether you use tobacco products
If your company-paid life insurance amount is over $50,000, you'll pay taxes on the cost of coverage for the benefit amount over $50,000.The amount of tax is based on IRS tax tables and will be reported on your W-2 form each year.
Spouse, Domestic Partner, and Child Life Insurance Term life insurance for your spouse or domestic partner and eligible children is offered at group rates. When you leave Alcoa or retire, you may convert your life insurance through MetLife.
Spouse or Domestic Partner Life Insurance
You have three coverage options for your spouse or domestic partner, or you may elect "no coverage."
Your three options are:
- $25,000 option - no evidence of insurability is required
- $50,000 option - during enrollment, you'll be asked if your spouse or domestic partner has been hospitalized during the last 90 days; if so, evidence of insurability is required the first time you elect this option.
- $100,000 option - evidence of insurability is required the first time you elect this option. You can provide evidence of insurability by completing the MetLife "Statement of Health" form. If it is required, you'll receive the form in the mail.
Cost is based on your spouse's or domestic partner's age on December 31 of the coverage year. Your cost is paid on an after-tax basis.
Child Life Insurance
You have two coverage options for your child(ren), or you may elect "no coverage." Your two options are:
- $5,000 per child
- $10,000 per child
You may choose either option without having to provide evidence of insurability. The coverage amount you choose applies to each of your eligible children. The cost for child life insurance is a flat dollar amount, regardless of how many children you enroll. Your cost is paid on an after-tax basis.