Cost of Coverage
You must pay income taxes on the value of your company-provided basic life insurance above $50,000. This value is called "imputed income" and becomes part of your taxable income reported on your W-2. If your Total Annual Cash Compensation (TACC) is greater than $50,000, you can choose to limit your basic life coverage to $50,000. However, if you later wish to increase your coverage, evidence of insurability (EOI) rules will apply. Contact HR Answers for more information.
JPMorgan Chase pays the full cost of your coverage under the Basic Life Insurance Plan and the Business Travel Accident Insurance Plan.
You pay the full cost of any employee and dependent coverage you elected on an after-tax basis under the Supplemental Term Life Insurance Plan and the Accidental Death and Dismemberment (AD&D) Insurance Plan.
Your cost for coverage for supplemental term life insurance for a plan year depends on your and/or your spouse's/domestic partner's age as of December 31 of that plan year, tobacco user status, and elected amount of coverage. The cost you pay for your children is the same, regardless of the number of children you have. The cost you pay for AD&D insurance for yourself and/or your dependents, including your spouse/domestic partner or children, depends on the amount of coverage you elect.
If you have coverage but are away from work because of an unpaid leave of absence, you will be directly billed for any required contributions on an after-tax basis.
From time to time, refunds or adjustments of contributions and proceeds from demutualizations are received, which are associated with these and other plans and prior plans of heritage companies. These funds will be placed in trust and will be used solely for the employee plan purposes for which employees pay the costs, including the reduction of contributions for life, AD&D, disability, or other employee-paid insurance. Or, these funds will be used to provide benefits under such plans or prior plans.