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 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.

 

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. 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
Reduction Schedule
  • Benefits reduce 33% at age 65
  • Benefits reduce additional 33% at age 70

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.

 

Voluntary Life and AD&D

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, initial eligibility and open enrollment only) Employee: $200,000  
Spouse/Domestic Partner: $50,000
Child: All guaranteed issue
Cost is per $1,000 of coverage.
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+ $3.972 N/A
40–44 $0.155 $0.156 75+ $13.351 N/A
Note: Spouse’s rate is based on spouse’s age.

Sample Voluntary Life Calculation

Below is an example to help you understand how to calculate your monthly Voluntary Life Insurance rate for coverage:

If a 30-year old employee wants to buy $100,000 in voluntary life coverage, the calculation is below:
100 x $.089 = $8.90/month

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 Benefits will reduce to 66% at 70 and 33% at age 75
Monthly rate per $1,000 of coverage Employee: $0.026
Spouse Accident Amount 50% of employee amount.
Child Accident Amount Coverage for all children up to age 26 is $10,000
 

Business Travel Accident

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.