Life Insurance Important Information

Things to Know:

1. Hourly employees must enroll in life insurance at Lowe’s to have life insurance coverage. Salaried employees will have basic life insurance provided by Lowe’s.

2. Hourly employees must be enrolled in basic employee or supplemental term life to enroll their spouse/domestic partner and/or children for dependent term life coverage. Because salaried employees receive basic employee term life insurance provided by Lowe’s, there is no additional employee coverage needed before a salaried employee can enroll a spouse/domestic partner or children in dependent term life coverage.

3. If you don’t enroll in coverage when first eligible or wait more than 60 days after becoming eligible, you must provide evidence of insurability to have employee basic life 1x salary, supplemental term, and/or dependent term life coverage.  If you don’t enroll in the employee term life $10,000 coverage option when first eligible, or wait more than 60 days after becoming eligible, you will not be able to elect this coverage option in the future.

4. There are no health questions when you apply for the employee term life insurance coverage option. The employee term life coverage option cannot be combined with basic employee, supplemental, and/or dependent term life insurance coverage.

5. Get free will-preparation services from MetLife when you enroll in the supplemental term life plan.

6. You cannot be covered both as an employee and a dependent under any of the life insurance coverage options.

7. Be sure to designate a beneficiary if you enroll in life insurance. Otherwise, the plan’s beneficiary rules will apply.

8. Deductions for life insurance coverage are made on an after-tax basis every pay period. If the deduction isn’t made because you don’t work enough hours, the cost of coverage will be deducted from your next available paycheck(s) unless you live in CA, CT, DE, MN, NV, or VA. If you live in one of these states or you are on an approved leave of absence, you will be billed at your home address on file. In addition, if you live in one of these states and your coverage was terminated for non-payment, you will be required to pay unpaid premiums before you re-enroll in the plan.

9. Lowe’s business travel accident insurance provides a death benefit if you die as a result of an accident while traveling on company business. If your base pay is $25,000 or less, your coverage amount is $50,000 or three times your annual base pay, whichever is greater. If your base pay is more than $25,000, your coverage amount is $100,000 or three times your base pay (up to $300,000), whichever is greater.

10. Your unmarried child qualifies for coverage if he or she meets the following requirements:

  • A child from live birth until the end of the month in which he or she turn 26 years old and primarily supported by you;
  • A child who is 26 or more years, primarily supported by you and incapable of self-sustaining employment by reason of mental or physical handicap.  Proof of the child’s condition and dependence must be submitted to us within 31 days after the date the child ceases to qualify as a Dependent for the reasons listed above.  During the next two years, we may, from time to time, require proof of the continuation of such condition and dependence.  After that, we may require proof no more than once a year.
  • Note: the following are some examples of what MetLife may use to verify child dependency and primarily supported by you: proof of coverage under the employee’s medical plan, payment of rent or other expenses, custody agreements, tax returns, tuition payments, etc.