Under the Internal Revenue Code, JPMorgan Chase must report as income the value of any company-provided basic life insurance in excess of $50,000. This value is called "imputed income," and it 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 insurance amount to $50,000 to avoid imputed income. If you do that, your coverage amount will remain fixed at $50,000 even if your TACC increases. Please contact HR Answers if this applies to you.

Please Note: If you choose to limit the amount of your basic life insurance, you will need to satisfy evidence of insurability (EOI) to increase coverage at a later date. Please see "Evidence of Insurability" for more information.