Life & Accident

 

To give you and your family protection and extra peace of mind, Caterpillar provides Regular full-time employees with life and accident insurance coverage.

Contacts

MetLife
MetLife.com/mybenefits
1-888-228-1811

Business Travel Accident Insurance
American International Group, Inc. (AIG)
1-800-388-1243

Basic Life Insurance

 

In the event that something were to happen to you, Caterpillar offers basic life insurance at no cost to you (if you’re a tobacco user, you’ll be required to pay some of the premium). See your Benefit Summary for the coverage amount.

Imputed income
The IRS requires that you pay taxes on the value of the life insurance premium that Caterpillar pays on your behalf in excess of $50,000 — called imputed income. The taxes you pay are based on tables established by the IRS and are small for most employees. This ensures benefits won’t be taxable if paid out to a beneficiary. If your coverage amount exceeds $50,000, you’ll see an “Imputed Income” line item on your paystub — you’ll pay taxes on the amount shown.

Designating a beneficiary
It’s important to designate a beneficiary in the event that something happens to you. You can change your beneficiary elections at any time.

Optional Life Insurance

 

If you would like additional coverage, you can purchase Optional Life Insurance on yourself. You’ll pay the premiums through payroll deduction. Your coverage will go into effect on the first day of the month following when your application is approved.

Evidence of Insurability requirements
If you elect Optional Life Insurance during your new hire enrollment period, you can enroll for certain coverage amounts (called guaranteed issue) without providing proof of good health. However, you will be required to complete a health questionnaire and/or statement of health form — called Evidence of Insurability (EOI) — in these circumstances:

  • If you elect a coverage amount for yourself in excess of the guaranteed issue amount during your new hire enrollment period.
  • If you enroll in Optional Life Insurance outside of your new hire enrollment period.

Cost
Visit MetLife.com/mybenefits or call MetLife at 1-888-228-1811 for details. 

Dependent Life Insurance

 

If you choose, you may purchase life insurance for your spouse/same-sex domestic partner and eligible children. Their coverage will go into effect on the first day of the month following when their application is approved.

Evidence of Insurability requirements
Your spouse/same-sex domestic partner will be required to complete a health questionnaire and/or statement of health form — called Evidence of Insurability (EOI) — regardless of when they enroll. Dependent child life insurance never requires EOI.

Cost
Visit MetLife.com/mybenefits or call MetLife at 1-888-228-1811 for details. 

Business Travel Accident Insurance

 

Caterpillar provides you with added protection in the event that you die or become disabled while traveling on company business. You or your beneficiary will receive up to three times your annual salary in coverage, to a maximum of $250,000.

If you are eligible, you are automatically enrolled in this coverage.

Cost
Caterpillar pays the cost of coverage for this plan.

Designating a beneficiary
Your Business Travel Accident Insurance beneficiary will mirror your elections for Basic Life Insurance. Be sure to keep your Basic Life Insurance beneficiaries up to date; you can change your elections at any time.