COP Benefits Annual Enrollment
As stated in your COP SPD (4), Annual enrollment for your COP benefits usually occurs each fall (Ex. Oct. 24 - Nov. 15, 2019.). Before it begins, you will be mailed enrollment materials and an upfront confirmation statement reflecting your benefit coverage to the address on file.
You’ll find enrollment instructions and information about your benefit options and contribution amounts. You will have the option to keep the benefit coverage shown on your upfront confirmation statement or select benefits that better support your needs. You can choose to enroll in eBenefits and receive this information via email instead.
Watch for your annual enrollment information in the September/November time frame. Review your benefits information and utilize the tools and resources available on the COP Benefits Center website.
ConocoPhillips pays for basic life insurance coverage, insured by The Hartford, equal to one times your annual pay up to $3 million (rounded up to the nearest $100). Basic life insurance pays a benefit to your designated beneficiary(ies) if you pass away. You are automatically enrolled in this coverage. For more information, please refer to your Employee Benefits Handbook.
Occupational Accidental Death (OAD)
OAD pays a benefit of $500,000 to your designated beneficiary(ies) if you die as a result of a covered occupational accident while on the job. This is a company-paid benefit, and you are automatically enrolled in this coverage. For more information, please refer to your Employee Benefits Handbook.
Accidental Death and Dismemberment
Accidental death and dismemberment (AD&D) benefits offered under the ConocoPhillips Life Insurance Plan (the Plan) provide your family with valuable financial protection in the event of your death, dismemberment, or other covered loss due to a covered accident. You can elect this coverage at any time during the year.
|"Review your benefits information and utilize the tools and resources available on the COP Benefits Center website."|
Supplemental Life Insurance
In addition to the company-paid basic life insurance coverage, you can purchase supplemental life insurance; insured by The Hartford. You can elect supplemental life insurance in an amount equal to one to eight times your annual pay.
This coverage can be elected or increased anytime during the year. However, you will be required to complete evidence of insurability (EOI) for any increase in coverage, including an increase requested during the Annual Benefits Enrollment period. For more information, please refer to your Employee Benefits Handbook.
You pay the entire cost of your supplemental and dependent life coverage with after-tax dollars deducted from your pay each month. The cost of supplemental life coverage is based on your age and coverage amount. The cost of supplemental and dependent life coverage may change from year to year. When you enroll, you will receive information about how to access the current costs.
Dependent Life Insurance
You can purchase dependent life insurance for your spouse and eligible dependent children. Dependent life insurance, insured by The Hartford, pays a benefit to you upon the death of your spouse or child(ren). Once enrolled, all of your eligible dependents are automatically covered.
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Group Variable Universal Life
Group Variable Universal Life (GVUL) insurance coverage provides your family with valuable financial protection in the event of your death. GVUL includes an optional cash accumulation feature, which may generate earnings for you on a tax-deferred basis. Eligibility to participate in GVUL begins in salary grade 19 and if you choose to enroll, will replace supplemental life insurance coverage.
When you retire, make sure that you update your beneficiaries. COP has an Online Beneficiary Designation form for life events such as death, marriage, divorce, child birth, adoptions, etc.
Our advisors at The Retirement Group can help you understand how your retirement 401(k) fits into your overall financial picture and how to make that plan work for you. Get in contact with us by clicking the button below.
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