Group Term Life Insurance (GTL)

The Core Insurance package includes Group Term Life Insurance (GTL). This coverage is automatically provided for every full-time employee and their family without any medical questionnaires or exams. Coverage amounts are as follows:

• Employee: Equal to your previous year's annual salary, rounded up to the next highest $10,000 increment or $50,000, whichever is greater. This amount is updated each year on April 1st.
• Spouse: $10,000
• Eligible dependent: $10,000 each
• Eligible dependent younger than 15 days: $2,000

The premium for employee, spouse, and eligible dependent children will be paid by the employer.

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:

If the value of your employee benefit is over $50,000, the IRS requires the premiums for the portion above 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.