Overview
It’s important to plan for your family’s financial security in case the unexpected happens. That’s why Sonos provides employees with company-paid life and accident insurance — at no cost to you.
You can also purchase additional coverage through optional life and/or optional AD&D insurance for yourself and your family through easy payroll deductions. Paycheck deductions will be available during the enrollment process in Workday.
In addition, you have the protection of company-paid business travel accident insurance when traveling for work.
Company-Paid Life & AD&D
Sonos provides company-paid life and accident insurance coverage to assist you and your family in the event of an unexpected death or serious accidental injury. These benefits are fully paid by the company. Note: Company-paid coverage is automatic; you do not need to enroll.
Basic term life insurance coverage that is greater than $50,000 is considered “imputed income” according to IRS guidelines. This is taxable income you receive in the form of benefits rather than cash. You will see the additional imputed income on your paycheck and on your Form W-2 for life insurance amounts over $50,000.
| Administered by Lincoln Financial Group | |
|---|---|
| Life Benefit Amount | 1 x salary to a maximum of $500,000 |
| Accident Benefit Amount | 1 x salary to a maximum of $500,000 |
| Benefit Reduction Schedule |
|
Important!
Be sure to keep your life and accident beneficiary information current. You are always the beneficiary for any dependent coverage. Go to Workday to confirm or update your beneficiaries.
Support for Beneficiaries
For life insurance beneficiaries in the U.S., Lincoln Financial Group offers a complimentary service through Empathy. From settling an estate to dealing with grief, Empathy's personalized assistance helps beneficiaries handle the practical, logistical, and emotional challenges that loss brings. Access your complimentary account or call 720.699.7267.
Optional Life and AD&D
You can purchase additional life and AD&D insurance for yourself, spouse/domestic partner, and/or child(ren). You pay for the full cost of this coverage. Note: If you want coverage for your dependents, you must also purchase coverage for yourself. To enroll, go to Workday.
Optional Life
| Administered by Lincoln Financial Group | |
|---|---|
| Employee Life Amount | $10,000 increments up to the lesser of 5 x salary or $500,000 |
| Spouse / Domestic Partner Benefit | Increments of $5,000 to $250,000 (cannot exceed 50% of employee amount) |
| Child Benefit | 6 months to 26 years: $10,000 |
| Guaranteed Issue Amount (no health questions asked, applies to initial eligibility and open enrollment only) | Employee: $300,000 Spouse/Domestic Partner: $50,000 Child: All amounts are guaranteed issue |
| Benefit Reduction Schedule | Benefit reduces to 66% at age 70, then reduces to 33% at age 75 |
| Age | Employee Rate | Spouse/Domestic Partner Rate | Age | Employee Rate | Spouse/Domestic Partner Rate |
|---|---|---|---|---|---|
| Child | $0.182 | N/A | 45–49 | $0.242 | $0.234 |
| <20 | $0.066 | $0.052 | 50–54 | $0.463 | $0.442 |
| 20–24 | $0.066 | $0.052 | 55–59 | $0.881 | $0.858 |
| 25–29 | $0.066 | $0.052 | 60–64 | $1.302 | $1.245 |
| 30–34 | $0.089 | $0.078 | 65–69 | $2.141 | $2.132 |
| 35–39 | $0.110 | $0.104 | 70–74 | $3.972 | $2.132 |
| 40–44 | $0.155 | $0.156 | 75+ | $13.351 | $2.132 |
| Note: Spouse’s cost is based on spouse’s age. | |||||
Sample Optional Life Calculation
Here is an example about how to calculate the monthly cost for optional life coverage (your actual premium will be displayed in Workday during the enrollment process):
- A 30-year-old employee wants to buy $100,000 in optional coverage
- Multiply 100 x $0.089 to determine the monthly cost of $8.90
Medical Underwriting
If you elect optional life insurance for yourself or a spouse that's greater than the guaranteed amount as a new hire, during Open Enrollment, or after a qualifying life event, your election will be subject to medical underwriting. Medical underwriting also applies if you increase your previously approved coverage.
If required, you'll receive a notification from Workday with a link to complete the Evidence of Insurability (EOI) form directly through Lincoln Financial Group. Be sure to submit this form before the specified deadline:
- If enrolling during Open Enrollment: By December 31
- If enrolling as a new hire or following a qualifying life event: Within 60 days of enrollment
Until medical underwriting is approved, optional life insurance elections will be limited to the guaranteed issue amounts.
Optional Accidental Death & Dismemberment
The Optional Accidental Death & Dismemberment (AD&D) Insurance Plan provides a benefit if you or a covered family member die or suffer a significant physical loss as a result of an accident. You may elect Optional AD&D only or in addition to Optional Life, and are able to cover yourself and eligible family members.
| Administered by Lincoln Financial Group | |
|---|---|
| Employee Accident Amount | $10,000 increments up to $500,000 |
| Benefit Reduction Schedule | Benefit reduces to 66% at age 70, then reduces to 33% at age 75 |
| Spouse Accident Amount | 50% of voluntary employee accident coverage, up to $250,000 |
| Child Accident Amount | 50% of voluntary employee accident coverage for each dependent child to age 26, up to $10,000 |
| Monthly Cost (per $1,000 of coverage) |
|
Business Travel Accident
When traveling on Sonos business, you're protected under a company-paid business travel accident (BTA) insurance policy through CHUBB. This policy provides coverage for certain injuries or death resulting from an accident during business travel. Coverage is automatic and there's no cost to you as a Sonos employee.
In the case of death, BTA insurance pays a benefit to your beneficiary. A benefit may also be payable if you are disabled as a result of an accident. Additional benefits through BTA insurance include home and vehicle modification, coma coverage, international assistance services, emergency medical evacuation, and more.
For more information, contact people-help@sonos.com.