Life Insurance
Intel Life Insurance includes:
• Basic Life Insurance • Supplemental Life Insurance • Spousal/Domestic Partner Life Insurance • Child Life Insurance • Basic Accidental Death & Dismemberment (AD&D) Insurance • Supplemental AD&D Insurance • Dependent AD&D Insurance • Business Travel Accident Insurance
If you are a general full-time employee (GFT), part-time employee (PTE), Intel Contract Employee (ICE) or an intern, your basic life, accidental death and dismemberment and business travel accident insurance is automatic and fully paid by Intel. GFT, PTE and ICE may purchase additional insurance.
Basic Life Insurance:
Basic Life Insurance is automatic and fully paid by Intel. There are three basic life insurance options available to you.
Your default basic life insurance coverage is equal to twice your eligible annual earnings rounded to the next highest $1,000*. (See definition for eligible annual earnings below.) Part-time employee coverage is prorated—you are eligible for up to 62.5% of the full-time equivalent of your eligible annual earnings, rounded to the next highest $1,000. The maximum basic life insurance coverage amount is $2,000,000.
Instead of the default coverage amount of twice your eligible annual earnings, you may elect to reduce your basic life insurance coverage from 2X eligible annual earnings to either 1X eligible annual earnings or $50,000. Before decreasing your basic life insurance, please be sure your family is financially protected.
If you are a full-time, part-time, or Intel Contract employee, you may purchase dependent Life insurance for your spouse/domestic partner and eligible children. If your spouse/domestic partner or child has coverage as an Intel employee, he or she may not be enrolled as a dependent on your coverage. A dependent child may not be covered by more than one employee in the plan.
Eligible Annual Earnings - Eligible annual earnings include base salary plus commission or Annual Performance Bonus (APB) goal. They do not include overtime, bonuses, shift premiums, or other adjustments to base pay. Any change to your basic life coverage or your supplemental life coverage due to a change in eligible annual earnings becomes effective on the date your eligible annual earnings change.
*Once you have reached age 70, coverage under the basic life option is reduced. See “Age-Based Coverage Reduction” in the Summary Plan Detail (SPD).
Supplemental Life Insurance:
If you would like additional coverage above and beyond what we provide, GFT, PTE and ICE have the option of purchasing supplemental life insurance.
You may elect supplemental life coverage in increments up to seven times the amount of your eligible annual earnings. Part-time employee coverage is prorated—you are eligible for up to 62.5% of the full-time equivalent of your salary. The maximum supplemental life insurance coverage amount is $2,000,000.
Coverage elections may be subject to Evidence of Insurability (EOI) approval±.
You pay the entire cost of supplemental life insurance. Premiums are based on your age and they are calculated per $1,000 of coverage.
Spousal/Domestic Partner Life Insurance:
This is insurance to cover your spouse or domestic partner in the unfortunate case of their death. GFT, PTE and ICE may purchase this additional insurance.
You may purchase life insurance coverage for your spouse or domestic partner in $50,000 increments now up to $500,000 for 2025 (previously $250,000). Coverage elections may be subject to Evidence of Insurability (EOI) approval±.
Spouse or domestic partner life coverage cannot exceed 100 percent of your combined basic and supplemental life coverage.
Child Life Insurance:
This is insurance to cover your child(ren) in the unfortunate case of their death. GFT, PTE and ICE may purchase this additional insurance.
You may purchase life insurance coverage for your eligible child(ren) in the following increments: $20,000, $25,000, $30,000 or $35,000. The monthly premium for the child life insurance covers all eligible dependent children. Child life insurance coverage does not require Evidence of Insurability (EOI)±.
Basic Accidental Death & Dismemberment Insurance:
Basic Accidental Death & Dismemberment (AD&D) Insurance is provided by Intel. You will be automatically enrolled, and it is fully paid by Intel.
If you are a GFT, PTE or ICE, you may purchase dependent AD&D insurance for your spouse/domestic partner and eligible children. If your spouse/domestic partner or child has coverage as an Intel employee, he or she may not be enrolled as a dependent on your coverage. A dependent child may not be covered by more than one employee in the plan.
You can buy Dependent AD&D for your spouse in $50,000 increments, from $50,000 to $250,000. For dependent children, you can purchase in $10,000 increments, from $10,000 to $50,000.
Supplemental Accidental Death & Dismemberment Insurance:
If you would like additional coverage above and beyond what we provide, you have the option of purchasing supplemental AD&D. GFT, PTE and ICE may purchase this additional insurance.
You can elect supplemental AD&D coverage in increments of the amount of your eligible annual earnings up to seven times the amount of your eligible annual earnings rounded to the next highest $1,000. Part-time employee coverage is prorated—you are eligible for up to 62.5% of the full-time equivalent of your eligible annual earnings, rounded to the next highest $1,000. The maximum supplemental AD&D insurance coverage amount is $1,000,000.
Business Travel Accident Insurance:
This coverage is in addition to basic life and basic AD&D insurance. A benefit is payable for losses resulting from bodily injuries sustained through accidental means while on Intel business travel or work-related errands. This coverage is automatic and fully paid by Intel.
Business Travel Accident Insurance (BTA) is equal to five times your eligible annual earnings rounded to the next highest $1,000. BTA insurance is subject to a $1 million maximum. Part-time employee coverage is prorated—you are eligible for up to 62.5% of the full-time equivalent of your eligible annual earnings.
Your spouse or domestic partner are eligible for up to $50,000 if they accompany you on eligible travel. Children are eligible for up to $20,000.
The maximum amount payable to all Intel employees involved in an accident is $50 million (the aggregate limit per covered accident). This amount is distributed proportionately among the persons entitled to receive benefits.
±Evidence of Insurability (EOI)
Evidence of Insurability (EOI) is a statement of your medical history that the insurance carrier uses to determine whether you are approved for coverage. The need for EOI depends on the amount of coverage you request, when you add or increase coverage or the coverage options you elect.•