Life and AD&D insurance
Western Union provides Basic Life and AD&D insurance at no cost to you. If you are actively working, you are automatically enrolled in this coverage.
Basic Life and AD&D insurance
Your coverage includes:
- Basic Life insurance: Your annual benefits salary amount, to a maximum of $1,000,000
- Basic AD&D insurance: Your annual benefits salary amount, to a maximum of $1,000,000
Premiums paid by Western Union for Basic Life insurance coverage amounts over $50,000 are considered non-monetary compensation, or “imputed income,” and per IRS guidelines, must be included as taxable income to you since imputed income is the value of a benefit you are receiving. The IRS establishes the cost per month for each additional $1,000 of coverage (above $50,000) based on age.
If you want more coverage, you have the option of electing voluntary life insurance coverage for you and your eligible dependents.
Voluntary Life and AD&D insurance
You have the option of electing Voluntary Life and AD&D insurance coverage for you and your eligible dependents. You can choose coverage of one to five times your annual salary, up to $1,000,000.
For any Voluntary Life insurance coverage that you elect, you pay the full premium amounts.
Have you named a beneficiary?
This is important because if you die, your beneficiaries will receive your insurance benefit payments. Be sure to name (or change) your life and AD&D insurance beneficiaries while enrolling on the Mercer site. You can access your Mercer account by going to Okta and clicking on the Mercer tile.
New York Life Insurance Company recently acquired Cigna Group Insurance (CGI).
As part of this transition, CGI has changed its name to New York Life Group Benefit Solutions. This transition does not impact your current service team, coverage, or access to claims information. Please continue to manage your coverage and claims information on myCigna®.