Life insurance benefits are provided to regular employees assigned a 0.5 FTE or greater, at no cost. Coverage begins one year from date of hire*. If you die while employed by LG Health, life insurance proceeds will be paid to your surviving beneficiaries in a lump-sum benefit equal to one times** your annual earnings (rounded to the next higher $1,000).
*Eligibility may differ for certain positions.
**Multiples may differ for certain positions.
All eligible employees must name a beneficiary for their life insurance benefit. We want to ensure that their wishes are carried out and make the process easier for their survivors. After an employee becomes eligible for the Group Term Life Insurance, he or she will be able to log into Workday to make beneficiary designations.
Beneficiaries are designated as: Primary Beneficiary, which is the primary person or persons you name to receive your life insurance proceeds in the event of your death. Contingent Beneficiary, which is a secondary person or persons that would receive proceeds, only if all the primary beneficiaries are not living at the time of the employee’s death.
To name a beneficiary, log in to Workday and click on the Benefits worklet. You will want to enter your Beneficiary’s name and contact information under Change, Beneficiaries. Then, return to the Benefit page and click Change, Benefits and submit a Change Benefit request using the Add/Change Beneficiary Event Type. This is where you will be able to specify the beneficiary type and percentage.