Life and AD&D Insurance
Life insurance
Life insurance offers your family financial peace of mind in the form of a cash benefit in the event of your death. UMG offers both Basic and Voluntary Life Insurance:
Basic Life insurance
UMG provides you life insurance of 1x your salary up to a maximum of $1,000,000.* This policy is provided at no cost to you.
Voluntary Life insurance
In addition to Basic Life Insurance, you have the option to purchase Voluntary Life Insurance. Voluntary life insurance for employees is up to 6x your salary, up to a maximum of $3M. Spouse life insurance is up to $100,000; child life insurance up to $25,000.
Choosing a beneficiary
Don’t forget to assign a beneficiary at umusicbenefits.com.
Evidence of insurability
Evidence of Insurability, or EOI, is the process of providing health information to verify that you qualify for coverage. When enrolling in this coverage, you may be required to complete an EOI questionnaire.
*The IRS requires that any employer-paid life insurance over $50,000 is treated as taxable income to you.”
UMG’s added death benefits
UMG provides comprehensive support to loved ones in the event of an employee’s death, including:
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Two-month payout of base salary
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100% payout of the annualized target bonus
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Contribution toward final expenses of up to $5,000 (fewer than 20 years of service) or $10,000 (for 20 or more years of service)
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Up to one year of no-cost continued medical, dental, and vision insurance for dependents enrolled at the time of the employee’s death
Please note that salary and bonus payments can only be paid to the estate of the employee. Contributions towards final expenses can only be paid directly to the vendor providing eligible services (funeral homes, florists, etc.) with an approved invoice.
AD&D insurance
Accidental Death & Dismemberment (AD&D) insurance offers you financial protection in the form of a cash benefit should you experience a covered condition or injury. The funds you receive can be used at your discretion to help you and your family. UMG provides you coverage of 1x your salary up to $1,000,000 at no cost to you. You also have the option to purchase additional coverage.
Life and AD&D Rates
Life and AD&D Rates are based on age and salary. For more information, reach out to the Benefit Service Center.
Have questions about your benefits?
Contact the UMG Benefits Service Center at (888) 526-2794 from Monday to Friday 8 am – 5 pm PT.