Overview
To help protect the financial well-being of your loved ones, Vontier provides basic life insurance, accidental death and dismemberment (AD&D) insurance, and business travel accident insurance for employees — at no cost to you. You also have the opportunity to purchase supplemental coverage.
Securian life and AD&D insurance plans
Basic life and AD&D insurance
Vontier provides company-paid Basic life insurance coverage of a specific amount that lasts throughout your employment.
Supplemental life and AD&D insurance
If you want additional coverage, you can buy supplemental life and AD&D insurance for yourself and your family.
Be sure to name a beneficiary
Designate a beneficiary (and keep it up-to-date) in order to receive the benefit paid by a life insurance policy. Visit the bswift website to add or change a beneficiary.
Basic Life and AD&D Insurance
Vontier provides basic life and 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 and coverage is automatic — you do not need to enroll.
Depending on your Operating Company, you may select one of these company paid options for basic life insurance:
- Basic life insurance:
- Option 1: $50,000 or
- Option 2: 1.5x annual pay up to $2,000,000.
Note that if you select Option 2, you may pay imputed income tax on the value of the life insurance above $50,000.
What is AD&D insurance?
If 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.
How company-paid life insurance is taxed
The IRS requires you to pay taxes on the value of any company-paid life insurance coverage over $50,000. This is called imputed income; you’ll notice it on your pay statements and your W-2.
Supplemental Life and AD&D Insurance
For more financial protection beyond Vontier’s basic coverage, you can buy supplemental life and AD&D insurance for yourself and your family members. You can enroll on the bswift website as a new hire, during Open Enrollment, or if you have a qualifying life event. You pay the full cost of this coverage, which is provided through Securian. You do not need to be insured for supplemental life insurance in order to be enroll in dependent life insurance.
Supplemental life and AD&D insurance options
| Who are you covering: | Life insurance | AD&D insurance |
|---|---|---|
| You | Available in $10,000 increments, up to 8 times your salary (maximum of $3,000,000 combined with Basic coverage). | Available in $10,000 increments, up to 5 times your salary (maximum of $500,000). |
| You and your spouse/partner | Available in $10,000 increments, up to a maximum of $250,000 (not to exceed your coverage). | Benefit will be 50% of your coverage if you cover just your spouse, or 40% of your coverage if you cover your spouse and child(ren). |
| You and your children | Class 1 - $10,000. Available in a flat coverage amount of $5,000 for first eligible newborn children for the first 31 days of the child’s live birth. To continue coverage, election must be made in the first 31 days; otherwise the coverage shall terminate at the end of the 31-day period. | Benefit will be 40% of your coverage if you cover just your child(ren), or 30% of your coverage if you cover your child(ren) and spouse. |
Evidence of insurability
Supplemental life insurance for you and your spouse/partner over a certain benefit amount may require evidence of insurability (EOI), or proof of good health. You will receive more information after electing coverage if EOI is required.
Business Travel Accident Insurance
When traveling on behalf of the company, you are protected under a company-paid business travel accident insurance policy. This policy through AIG Travel Guard provides coverage for certain injuries or death resulting from an accident during business travel.
You are covered for five times your annual base salary, up to a maximum benefit of $500,000. Coverage is automatic — you do not need to enroll, and there is no cost to you. For AIG Accident & Health out-of-country medical coverage claims can be made through MTAClaimsSubmissions@aig.com or Call: +1 913-495-6520 Collect/Reverse Charge (outside the U.S., Canada and Puerto Rico) or 800-551-0824 Toll-Free (within the U.S., Canada and Puerto Rico).