Basic Life Insurance

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Basic Life Insurance

Postby Locobill » Wed Jun 19, 2019 1:12 pm

After turning 70 this month, I discovered that my supplemental life insurance premium went up 62%!! So I called MetLife and found that I can reduce the coverage amount by increments of $1000, down to a minimum of $20,000. The rep gave me a phone number to call for info on our basic life insurance coverage, but when I called, the number is no longer available at ADP.
My first question is do we still have basic life insurance of one year’s salary? I thought we were still paying income tax on this benefit?
Who do we contact to find out about it?

Thanks,
Bill
Locobill
 
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Re: Basic Life Insurance

Postby Davevt1 » Wed Jun 19, 2019 2:52 pm

Yes we still have the basic life insurance. I've used 800-526-8056 to get to ADP record keeping for basic life insurance, for insurance amount, dependents, and beneficiaries. Or you can get it online at:
https://my.adp.com/static/redbox/login.html

Your basic life insurance reduces 10% when you turn 66 and 10% every year thru age 70 when it will be worth 50% of the original amount and stay at 50% there after.
Davevt1
 
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