Life insurance is an important source of financial protection for your family. Recognizing the immediate need for financial protection to your family that will arise in the event you die, KPMG is ensuring that every employee has Mandatory Life Insurance (1 x base pay). Curious about which benefits are mandatory and which are optional? Click here.
In the unfortunate event that you pass away, Life insurance will provide your chosen beneficiary with a one-time tax-free payment equal to a multiple of your annual salary. Details are shown in the Life tab while you're enrolling in your Total Rewards program:
Optional Life Insurance
Optional Life insurance is, you guessed it, optional! Manulife Optional Life Coverage supplements your mandatory basic Life coverage to further reduce the impact that the loss of your income could have on your family. In the Life tab shown above, you can choose to waive this coverage or opt-in, selecting a multiple of your annual salary as the coverage amount. Therefore, in the unfortunate event that you pass away, your beneficiary would receive a one-time tax-free payment for the sum of your life and optional life coverage.
Unlike your mandatory Life insurance, optional life insurance requires you to provide Evidence of Insurability (EOI) in your application process. You will need to complete and submit an EOI Form (which includes a health questionnaire) for approval by Manulife before your selected coverage amount takes effect. Further medical information may also be required, which will be obtained by a third party vendor by requesting an in-person appointment with you. Charges will not apply for this benefit until the underwriting process is complete, and Manulife has approved you for the additional Life coverage.
Note: Life Insurance, Long-Term Disability (LTD), and Accident Insurance (AD&D) are required to be paid through You Pay to avoid a taxable benefit to you at the time a benefit is paid.