Life Insurance Benefits
It’s hard to think about, but it’s important to have a plan in place to provide for your family if something were to happen to you. Survivor benefits provide financial protection for your loved ones in the event of an unexpected event.
Basic Life and AD&D
FeatureCarrier
DetailsMetLife
FeaturePaid By
DetailsHormel Foods
FeatureEligibility
DetailsIf you are a full-time employee, you automatically receive Life and AD&D insurance even if you waive other coverage.
FeatureBasic Life Benefit
Detailsone times your annual salary, up to $50,000
FeatureBasic AD&D Benefit
Detailsone times your annual salary, up to $50,000
FeatureMaximum Benefit
Details$50,000
FeatureBasic Child Life
Details$2,000 — Dependents age 14 days to 26 years old
Voluntary Life Insurance
CoverageEmployee Life Insurance
Maximum8x salary upto $1,000,000, whichever is less
Guaranteed Issue / Increments
Guaranteed issue: $350,000Increments: 1x, 1.5x, 2x, 2.5x, 3x, 4x, 5x, 6x, 7x, 8x
CoverageChild Life Insurance
Maximum$20,000
Guaranteed Issue / Increments
CoverageSpouse Life Insurance
Maximum$100,000
Guaranteed Issue / Increments
Guaranteed issue: $50,000Increments: one plan increment
Naming a Beneficiary
Your beneficiary is the person you designate to receive your Life insurance benefits in the event of your death. This includes any benefits payable under Basic Life. You receive the benefit payment for a dependent’s death under the MetLife insurance.
Name a primary and contingent beneficiary to make your intentions clear. Indicate their full name, address, Social Security number, relationship, date of birth, and distribution percentage. Please note that in most states, benefit payments cannot be made to a minor. If you elect to designate a minor as beneficiary, all proceeds may be held under the beneficiary’s name and will earn interest until the minor reaches age 18. Contact the Horizon Solution Center or your own legal counsel with any questions.