What Is Basic Life Insurance at Life

What Is Basic Life Insurance. Supplemental life insurance is when a rider is purchased to increase the value of the policy without taking out a new life insurance policy altogether. The basic life insurance benefit is paid in addition to any benefits payable through the ad&d benefit, group universal life (gul) insurance program and/or the occupational accidental death (oad) plan.

Anybody with financial dependents will find the benefits of buying life insurance attractive. There are two basic types of term life insurance policies—level term and decreasing term. Level term means that the death benefit stays the same throughout the duration of the policy.

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Your basic insurance amount (bia) is equal to the greater of (a) your salary rounded up to the next $1,000 plus $2,000, or (b) $10,000. If you are eligible, you are automatically covered under basic insurance, unless you waive this coverage. The premium is the same rate as that for active employees ($0.3250 monthly per $1,000). Basic life insurance is generally consider to be either whole life or term life insurance coverage.