Overview
It’s important to plan for your family’s financial security in case the unexpected happens. That’s why we provide basic life insurance and accidental death and dismemberment (AD&D) insurance — at no cost to you. During annual enrollment (or a qualifying life event), you also have the option of buying supplemental life insurance — as well as spouse/domestic partner and child life insurance — through easy payroll deductions.
How is my life insurance coverage level determined?
We use the benefit salary that you see on enroll.stryker.com to estimate how much your beneficiary would be paid in the event a life insurance claim was filed. This estimate is used to calculate how much Stryker pays for your life and AD&D coverage. It is also used to calculate how much you will pay for supplemental life insurance if you elect it.
Annual calculation
Your benefit salary is your annualized pay as of August 31 of each year, including overtime and commission. Bonuses are then added into the annualized amount. Your benefit salary is set once per year and remains in place throughout the plan year.
New hire calculation
If you were hired after January 1 of the current year, your benefit salary will be equivalent to what was assigned to you at your date of hire/acquisition or transfer to the U.S. and is based on your expected annual salary and/or expected commissions. This benefit salary will carry over into the next year. Following this, your benefit salary will be calculated using the annual calculation described above for the next plan year.
Your benefit salary is not the actual amount of the payment your beneficiary would receive if a life insurance claim were paid. The life insurance benefit that would be paid is based on your actual earnings as defined in the terms of the life insurance policy. Please see the Summary Plan Description or the life insurance certificate for more details.
Basic life and AD&D insurance
Stryker provides basic term life and accidental death and dismemberment (AD&D) insurance to assist you and your family in the event of a death or dismemberment. These benefits are fully paid by the company.
Benefits are equal to:
- Coverage of one times your eligible annual earnings, up to $500,000
What is AD&D insurance?
Should you lose your life, sight, hearing, speech, or use of your limb(s) in an accident, AD&D insurance provides additional benefits to help keep your family financially secure. AD&D benefits are paid as a percentage of your coverage amount — from 50% to 100% — depending on the type of loss.
Supplemental life insurance
Full-time employees can purchase additional life insurance for themselves, as well as spouse/domestic partner and child life insurance. You pay the full cost of this coverage.
- Supplemental life insurance – You may elect up to 5 times your eligible annual earnings with a maximum of $1,500,000.
- Spouse/domestic partner life insurance – You may elect up to $100,000 for spouse/domestic partner life insurance in $10,000 increments.
- Child life insurance – You may elect $10,000 worth of child life insurance for your child(ren)/domestic partner's child(ren).
For more information, see the Summary Plan Description.
Evidence of insurability
Life insurance over a certain amount may require evidence of insurability (EOI). After electing coverage, you will receive more information if EOI is required.
Have you named a beneficiary?
It’s important to designate a beneficiary to receive the benefit paid by a life insurance policy. As personal circumstances change, be sure to keep that information up to date. Visit enroll.stryker.com to add or change a beneficiary.