Life Insurance (GTL)
Included in the Core Insurance package is Group Term Life Insurance (GTL). This is automatic coverage for every employee and their family without any medical questionnaires or exams. The coverage amounts are as follows:
- Employee - Equal to your annual salary of the previous year rounded up to the next highest $10,000 increment or $50,000, whichever is greater. This amount is updated on April 1st every year.
- Spouse - $10,000
- Children - $10,000 each
- Children younger than 15 days- $2,000
The premium for this coverage is included in the medical plan premium.
For active employees, coverage reduces at age 65. For more information on this, please refer to the GTL Summary Plan Document.
Here is an example for an employee that currently makes $62,000 a year:
| Employee | $70,000 |
| Spouse | $10,000 |
| Two Children | $10,000 per child |
If the value of your employee benefit is over $50,000, the IRS requires the premiums for the portion over that amount be included in your taxable income. This taxable, or imputed, income is reported on your IRS Form W-2. For more information about imputed income, visit www.dmba.com/sc/forms/imputedIncomeExplanation.pdf.
Existing age benefit reductions and IRS annual compensation limit applies.
For more information and to see how much imputed income will be added to your paycheck, you can sign into your DMBA account and click on the “Life Benefits” tile on your dashboard or contact Benefit Services at 801-422-4716.
Return to the Employee Benefits page.