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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 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. Additional information can be found in the Evidence of Coverage.

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.”

The employee may choose to waive any coverage over $50,000 at any time. However, if an employee waives coverage over $50,000, the employee may only increase to the one (1) times annual compensation during a life event or during open enrollment. An employee must be actively at work to increase this coverage.

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
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 Greater of $50,000 or one (1) times annul compensation, rounded to the next higher multiple of $1,000 if not already a multiple of $1,000,prior to calculating the amount of insurance, to a maximum of $1 million

*"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.

Other Information