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 also have the option of purchasing an additional voluntary life and/or voluntary accident insurance plan for yourself and your family through easy payroll deductions. For additional information regarding benefits, limitations, and exclusions, visit Backstage for Summary Plan Description documents for company-paid and voluntary Life and Accident Insurance.
In addition, you have the protection of company-paid business travel accident insurance.
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. When you enroll, you may elect to limit your coverage amount to $50,000 to avoid imputed income.
| Administered by New York Life | |
|---|---|
| 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.
You can purchase additional life and accident insurance for yourself, as well as coverage for your spouse/domestic partner and/or your child(ren). You pay the full cost of any voluntary life insurance and/or voluntary accident insurance coverage. You must purchase coverage for yourself in order to purchase it for your dependents. If you want coverage, you must enroll on Workday.
Voluntary Life
| Administered by New York Life | |
|---|---|
| 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 | 14 days to 6 months: $500
6 months to 26 years: Increments of $1,000 to $10,000 |
| Guaranteed Issue Amount (no health questions asked, applies to initial eligibility and open enrollment only) | Employee: $200,000 Spouse/Domestic Partner: $50,000 Child: All amounts are guaranteed issue |
| 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 | $0.045 | $0.026 | 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 | $1.248 |
| 30–34 | $0.089 | $0.078 | 65–69 | $2.141 | $2.132 |
| 35–39 | $0.110 | $0.104 | 70–74 | $3.972 | N/A |
| 40–44 | $0.155 | $0.156 | 75+ | $13.351 | N/A |
| Note: Spouse’s cost is based on spouse’s age. | |||||
Sample Voluntary Life Calculation
Here is an example about how to calculate the monthly cost for voluntary life coverage:
- A 30-year-old employee wants to buy $100,000 in voluntary coverage
- Multiply 100 x $0.089 to determine the monthly cost of $8.90
Medical Underwriting
You and your spouse/domestic partner may be subject to Medical Underwriting when you purchase voluntary life insurance. Medical Underwriting will apply in the following instances:
- You elect voluntary life insurance above the guaranteed issue amounts as a new hire, during Open Enrollment, or when newly eligible for voluntary life insurance.
- You experience a qualifying life event and you elect voluntary life coverage the first time, or you increase voluntary coverage.
If Medical Underwriting applies, a member of the Benefits Team will send you the necessary Evidence of Insurability (EOI) forms. The completed forms must be returned to the insurance carrier within 30 days of receipt. Voluntary life insurance coverage will be limited until Medical Underwriting is approved.
Voluntary Accidental Death & Dismemberment
The Voluntary 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 Voluntary AD&D only or in addition to Voluntary Life, and are able to cover yourself and eligible family members.
| Administered by New York Life | |
|---|---|
| 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 | $250,000 |
| Child Accident Amount | Coverage for all children up to age 26 is $10,000 |
| Monthly Cost (per $1,000 of coverage) |
|
When traveling on Sonos business, be assured you are 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 — you do not need to enroll, and there is 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, visit CHUBB or call 800.336.0627. Call 302.476.6194 when traveling outside the United States.
Contact people-help@sonos.com if you need to file a claim.