As much as we might hate to think about it, it’s always best to plan for the unexpected. Memorial Hermann offers some protections at no cost to you and, if you are eligible, gives you options to increase your coverage based on your family’s needs.
Life and AD&D Insurance offers full-time employees and their families financial protection if the unthinkable happens, and you or a covered family member is injured or dies. The following programs are offered through Securian Financial.
You Can Update Your Beneficiary Information Any Time
Visit Workday to review and update your beneficiary information to make sure your accounts are distributed according to your wishes.
Basic life insurance provides your beneficiaries with one times your annual base salary rounded up to the nearest $1,000 (maximum coverage limitations apply) in the event of your death. For example, if your annual base salary is $50,800, your basic life insurance coverage is $51,000.
Memorial Hermann pays 100% of the premiums for basic life insurance. Full-time employees are enrolled automatically.
Your Basic Life Insurance Includes Travel Assistance
With your basic life insurance coverage, you also have access to Travel Assistance, which covers:
Learn more about the Travel Assistance benefits.
When you’re eligible to enroll, you can buy additional life insurance up to eight times your annual base salary (maximum coverage limitations apply). The annual cost for supplemental life insurance is your annual base salary rounded up to the next $1,000, multiplied by your chosen coverage level (up to eight times) and divided by 1,000.*
You can also purchase dependent life insurance for your spouse* and/or your child(ren).
|
Options |
Annual Cost (See Below for Rates) |
|
|---|---|---|
|
1x your annual base salary |
Annual base salary (rounded up to next $1,000) x rate divided by 1,000 |
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2x your annual base salary |
Annual base salary x 2 (rounded up to next $1,000) x rate divided by 1,000 |
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3x your annual base salary |
Annual base salary x 3 (rounded up to next $1,000) x rate divided by 1,000 |
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4x your annual base salary |
Annual base salary x 4 (rounded up to next $1,000) x rate divided by 1,000 |
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5x your annual base salary |
Annual base salary x 5 (rounded up to next $1,000) x rate divided by 1,000 |
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6x your annual base salary |
Annual base salary x 6 (rounded up to next $1,000) x rate divided by 1,000 |
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7x your annual base salary |
Annual base salary x 7 (rounded up to next $1,000) x rate divided by 1,000 |
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8x your annual base salary |
Annual base salary x 8 (rounded up to next $1,000) x rate divided by 1,000 |
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Non-Smoker |
Smoker |
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|---|---|---|
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For Every $1,000 Age Band (Age as of 7/1/2024) |
FY25 Annual |
FY25 Annual |
|
<25 |
$0.336 |
$0.660 |
|
25-29 |
$0.444 |
$0.828 |
|
30-34 |
$0.660 |
$1.104 |
|
35-39 |
$0.708 |
$1.248 |
|
40-44 |
$0.792 |
$1.380 |
|
45-49 |
$1.188 |
$2.076 |
|
50-54 |
$1.812 |
$3.180 |
|
55-59 |
$3.384 |
$5.940 |
|
60-64 |
$5.184 |
$9.108 |
|
65-69 |
$9.996 |
$17.532 |
|
70+ |
$16.200 |
$28.428 |
Choose What’s Right for You!
To choose how much life insurance makes sense for your family, consider:
Calculate your income replacement needs:
Multiply how much annual income your family would need to maintain their current standard of living by the numbers of years you anticipate they’d need it.
Subtract your existing resources from your financial obligations and the difference between that amount of your income replacement needs is what you should consider, adjusting for inflation.
|
Spouse Dependent Life |
Child Dependent Life |
|||
|---|---|---|---|---|
|
Options |
FY25 Annual |
FY25 Biweekly |
FY25 Annual |
FY25 Biweekly |
|
$5,000 |
N/A |
N/A |
$4.80 |
$0.19 |
|
$10,000 |
$41.52 |
$1.60 |
$9.60 |
$0.37 |
|
$20,000 |
$83.04 |
$3.19 |
N/A |
N/A |
|
$30,000 |
$124.56 |
$4.79 |
N/A |
N/A |
|
$40,000 |
$166.08 |
$6.39 |
N/A |
N/A |
|
$50,000 |
$207.60 |
$7.98 |
N/A |
N/A |
When you’re eligible to enroll, you can elect this optional insurance, which pays a benefit to you or your loved ones in the event you or a covered dependent suffers accidental injuries that result in death or dismemberment.
|
Employee Only |
Employee + Family |
|||
|---|---|---|---|---|
|
Options |
FY25 Annual |
FY25 Biweekly |
FY25 Annual |
FY25 Biweekly |
|
$50,000 |
$7.20 |
$0.28 |
$12.60 |
$0.48 |
|
$100,000 |
$14.40 |
$0.55 |
$25.20 |
$0.97 |
|
$200,000 |
$28.80 |
$1.11 |
$50.40 |
$1.94 |
|
$300,000 |
$43.20 |
$1.66 |
$75.60 |
$2.91 |
|
$400,000 |
$57.60 |
$2.22 |
$100.80 |
$3.88 |
|
$500,000 |
$72.00 |
$2.77 |
$126.00 |
$4.85 |