Life Insurance Cvs: What You Need To Know

CVS Health offers life insurance to its employees, including basic life insurance, basic AD&D coverage, and business travel accident insurance coverage at no cost to the employee, regardless of their age. Employees also have the option to purchase supplemental life insurance and AD&D coverage for themselves and their families. This insurance includes additional services such as beneficiary assistance, funeral concierge services, and estate guidance support.

Basic Life Insurance

CVS Health provides eligible employees with basic life insurance at no cost to them, regardless of their age. This basic life insurance is worth 1x annual base benefits rate (ABBR) to a maximum of $2,000,000. Employees can also opt for Supplemental Life Insurance & AD&D coverage for themselves and their families.

Basic AD&D

CVS Health offers a range of life insurance benefits to its employees, including basic life insurance, basic AD&D coverage, and business travel accident insurance coverage. Basic AD&D coverage is provided at no cost to eligible employees, regardless of their age. The coverage amount is equal to 1x the annual base benefits rate (ABBR), with a maximum limit of $2,000,000. This benefit provides financial protection in the event of accidental death or dismemberment, helping to ensure peace of mind for employees and their loved ones.

In addition to the basic AD&D coverage, CVS Health also offers supplemental life insurance and AD&D coverage options. For the 2024-2025 Annual Enrollment, employees can choose to enrol in or increase their coverage to up to three times their ABBR, up to a maximum of $750,000, without providing evidence of insurability. This flexibility allows employees to customise their coverage based on their individual needs and preferences.

The life insurance benefits provided by CVS Health also include additional valuable services such as beneficiary assistance, funeral concierge services, and estate guidance support. These services aim to provide comprehensive support to employees and their families during difficult times, ensuring that they have the necessary resources and assistance when needed.

It's important to note that eligibility requirements may apply for colleagues to participate in the life insurance and AD&D coverage offered by CVS Health. Additionally, CVS Health reserves the right to amend, modify, or terminate its benefits plans at any time. Overall, the life insurance and AD&D coverage offered by CVS Health provides a valuable safety net for employees, helping to protect them and their families in the event of unforeseen circumstances.

Business Travel Accident Insurance

If you’re eligible, CVS Health automatically provides basic life insurance, basic AD&D coverage, and business travel accident insurance coverage at no cost to you, regardless of your age.

In addition to the basic coverage, CVS Health offers Supplemental Life Insurance and AD&D Coverage Options. For the 2024-2025 Annual Enrollment, employees can enrol in or increase their coverage to up to three times their ABBR, up to a maximum of $750,000, without providing evidence of insurability, even if they previously waived coverage.

CVS Health's life insurance coverage also includes additional services such as beneficiary assistance, funeral concierge services, and estate guidance support. It is important to note that colleagues may need to meet certain eligibility requirements to participate in the life insurance plans offered by CVS Health.

Supplemental Life Insurance

CVS Health provides eligible employees with basic life insurance, basic AD&D coverage, and business travel accident insurance coverage at no cost to them, regardless of their age. Basic life insurance provides 1x annual base benefits rate (ABBR) to a maximum of $2,000,000, regardless of age.

In addition to the basic life insurance coverage, CVS Health offers Supplemental Life Insurance and AD&D Coverage Options. For the 2024-2025 Annual Enrollment, employees can enrol in or increase their coverage to up to three times their ABBR, up to a maximum of $750,000, without providing evidence of insurability, even if they previously waived coverage.

Employees should carefully review the terms and conditions of the Supplemental Life Insurance coverage to understand their specific benefits, limitations, and eligibility requirements. It is important to note that CVS Health reserves the right to amend, modify, or terminate its benefits plans at any time.

Funeral Concierge Services

CVS Health offers life insurance to its employees. This includes basic life insurance, basic AD&D coverage, and business travel accident insurance coverage at no cost to the employee, regardless of their age. The basic life insurance plan offers 1x annual base benefits rate (ABBR) to a maximum of $2,000,000. Employees also have the option to purchase supplemental life insurance for themselves and their families.

In addition to the above, CVS Health's life insurance coverage includes valuable services such as funeral concierge services. Funeral concierge services can help to ease the burden on grieving families by providing assistance with funeral arrangements and other related tasks. This may include helping to select a funeral home, organising transportation to and from the funeral, and providing support with estate guidance.

While funeral concierge services can be incredibly helpful, it is important to note that they may not be necessary for everyone. Some individuals may prefer to handle funeral arrangements themselves or may have specific cultural or religious traditions that they wish to follow. In such cases, it is essential to respect the wishes of the deceased and their family and adapt the services accordingly.

Overall, funeral concierge services offered as part of life insurance coverage can provide much-needed support and assistance during a difficult time. By helping to navigate the many decisions and arrangements that come with funeral planning, these services can bring peace of mind and allow families to focus on honouring the memory of their loved one.

Frequently asked questions