Benefits Summary Plan Description

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Basic Term Life Insurance

Basic Term Life Insurance may provide a benefit to employees and their eligible dependents if any were to die while the employee was working for Leidos.

How it Works
       
Additional Benefits
       
Limitations and Exclusions




How Basic Term Life Insurance Works

Eligible employees automatically receive Basic Term Life Insurance coverage for themselves and their eligible dependents, including their spouse or registered domestic partner* and their dependent children*

Leidos pays the full cost of Basic Term Life Insurance coverage.

* To qualify for this benefit, a stepchild or registered domestic partner's child must reside with the Leidos participant.

Employee Coverage

The amount of coverage that an employee may receive is based on his or her classification.

CLASS BASIC TERM LIFE INSURANCE BENEFIT DETAILED PLAN INFORMATION

Class 1 — All regular full-time employees working at least 30 hours per week and regular part-time employees working 12 – 29 hours per week and who are benefit eligible

1 times annual compensation, rounded to the next higher $1,000, to a maximum of $1 million in 2018 (Benefits for part-time employees will be based on their regularly scheduled hours.) Employees may choose to waive any coverage over $50,000 during the enrollment period.

2018 Plan Summary

Class 5 — All eligible employees waiving Basic Term Life Insurance coverage amounts over $50,000

$50,000

2018 Plan Summary

 

Basic Term Life Insurance benefit amounts over $50,000 are subject to income tax. The value of an employee's life insurance coverage over $50,000 will be added each year to his or her W-2 form as taxable income. This is called "imputed income."

"Annual compensation" means an employee's annual wage or salary as reported by his or her employer for the work performed as of the date of loss. It does not include earnings received as bonuses, overtime pay or other extra compensation.

 

Employees Ages 70+

When an employee reaches age 70, the total amount of the employee's Basic Term Life Insurance benefit will be reduced by 35%. The amount lost due to age reduction is not eligible for port or conversion.

Dependent Basic Life Coverage

Coverage for an employee's eligible dependents equals $2,000 per person. Under the Basic Term Life Insurance plan, eligible dependents may include the employee's spouse or registered domestic partner* and/or their dependent children**. See Eligibility in the Participating in the Plans section for more information about eligibility requirements.

**To qualify for this benefit, a stepchild or registered domestic partner's child must reside with the Leidos participant.





Additional Benefits

Basic Term Life Insurance also pays additional benefits, including:

  • Accelerated Benefits — If an employee or his or her spouse or registered domestic partner becomes terminally ill and is not expected to live for more than 12 months, he or she may request an accelerated benefit equal to a maximum of 50% of his or her combined life insurance benefit under Prudential (Basic Life Term Insurance and Group Universal Life (GUL) Insurance. The maximum accelerated benefit amount is $250,000.

    Any remaining benefit amount will be paid to the employee's, spouse's or registered domestic partner's designated beneficiary upon his or her death. For a covered person to qualify for an accelerated benefit, two doctors must certify his or her condition.





Limitations and Exclusions

Benefits for part-time employees will be calculated using their pay for a standard number of hours worked per week.