Life and Accident Insurance Highlights
If you're an eligible employee, you are automatically covered with basic life insurance that pays benefits to your designated beneficiary(ies) if you die while actively employed and business travel accident insurance if you die or are injured while traveling on business for JPMorgan Chase. You don't need to enroll or provide evidence of insurability (EOI), and JPMorgan Chase pays the full cost of this coverage.
You can elect to purchase supplemental term life and accidental death and dismemberment insurance for yourself and/or your eligible dependents through MetLife, the insurance carrier on an after-tax basis. You may have to provide EOI before certain levels of life insurance become effective.* Your choices for supplemental life and accident insurance include:
- Employee supplemental term life insurance. You can purchase coverage in $10,000 increments up to 10 times your Total Annual Cash Compensation (TACC) (rounded to the next $10,000) to a maximum of $3 million. Please Note: If your TACC decreases in the future, your maximum insurance amount of 10 times your TACC will be likewise reduced. Also please note that you cannot waive the company-provided basic life and enroll for employee supplemental term life coverage — you must have the basic coverage to purchase the supplemental coverage.
- Dependent supplemental term life insurance. Generally, you can purchase coverage in $10,000 increments up to a maximum of $300,000 for your spouse/domestic partner and/or $5,000, $10,000, $15,000 or $20,000 in coverage for each child. Please Note: You do not have to elect supplemental coverage for yourself in order to purchase dependent supplemental term life insurance.
- Employee accidental death and dismemberment (AD&D) insurance. You can purchase AD&D insurance for financial protection in case of accidental death or certain accidental injuries. Coverage is available in $10,000 increments up to 10 times your Eligible Compensation (rounded to the next $10,000) to a maximum of $3 million. Please Note: If your Eligible Compensation decreases in the future, your maximum insurance amount of 10 times your Eligible Compensation will be likewise reduced.
- Dependent accidental death and dismemberment (AD&D) insurance. You can purchase coverage between $10,000 and $600,000 (in increments of $10,000) for your spouse/domestic partner and/or $10,000 increments up to a maximum of $100,000 for each child. To purchase AD&D insurance for your dependent child(ren), you must elect either employee coverage or spouse/domestic partner AD&D coverage, or both.
Your employee coverage is based on your compensation, but there are two different definitions used – Total Annual Cash Compensation (TACC) and Eligible Compensation:
See the definitions in "Defined Terms."
The Online Beneficiary Designations site provides a convenient way to name, review and update your beneficiary information for your life and accident coverage, You can access the site:
- From work: My Health > Designate Beneficiaries
- From home: beneficiary.jpmorganchase.com
JPMorgan Chase pays the full cost of your basic life insurance and business travel accident insurance.
In addition to life insurance coverage, the company-provided basic life insurance includes the Identity Theft (ID) Assistance Program, Travel Assistance and Emergency Evacuation services, funeral concierge services, and SurvivorSupport® Financial Counseling Services. See "Additional Benefits" for more information.
If you leave JPMorgan Chase, generally employee and dependent supplemental term life and AD&D insurance coverage is generally convertible, portable, or both — meaning you can continue coverage through a direct billing arrangement with MetLife at a higher rate. More details are found within each insurance section.
* Certain states have additional, specific requirements. Please refer to MetLife for state-specific rules.