Life and Accidental Death & Dismemberment (AD&D) Insurance

The Basic Life plan pays a cash benefit to your beneficiaries if you die. You can choose to go with the automatic Waters’ provided benefit of two times your benefit salary, or a flat $50,000 amount if you want to avoid imputed income tax on amounts greater than $50,000.

The Basic AD&D plan pays a cash benefit to your beneficiaries if you die in an accident. The plan also pays part or all of your Employee Basic AD&D coverage amount if you suffer dismemberment. You can choose a benefit amount of either two times your benefit salary, or a flat $50,000 amount. Employee Basic AD&D Insurance provides coverage 24 hours a day, 7 days a week, whether you are at home or traveling for business or pleasure.

Life insurance is a tax-free benefit in amounts up to $50,000. The Internal Revenue Service requires you to pay income tax on the value of any amount exceeding $50,000. The IRS-determined value is called “imputed income” and is calculated from the government’s “Uniform Premium Table I.”

You’ll be able to limit your company-provided Basic Life Insurance value at $50K, or 2X your benefit salary. Limiting your benefit salary to $50k will help you avoid the imputed income tax on any values greater than $50K. But, strongly consider your and your beneficiaries’ potential financial needs if you were to die. You might be far better off sticking with Waters’s provided Basic Life amount of 2X your benefit salary.

Waters provides basic coverage to you at no cost. But you have the option to increase your coverage with voluntary insurance. (You’ll pay out of pocket for it, but at lower rates than you might find on the open market.)

Basic Life and AD&D Insurance

Waters provides you with basic life and AD&D insurance, free of any charge.

 Benefit AmountPaid To
Loss of life2 x Benefit SalaryYour Beneficiary

Dismemberment(up to) 2 x Benefit SalaryYou

Optional (Voluntary) Life and AD&D Insurance

Voluntary Life Insurance

With optional life and AD&D insurance, you can purchase coverage for members of your family, or purchase extra coverage (beyond that provided for free by Waters) for yourself. While Waters does not pay for this coverage, Waters has negotiated special rates on your behalf.

If your spouse/partner, or child also work at Waters, you cannot purchase optional coverage for them, since they are already covered as an employee.

The cost of premiums is taken from your paycheck on an after-tax basis.

Policy TypeCoverage Levels Available for Purchase
Optional Lifeup to 3 x Benefit Salary (to a maximum of $1,000,000)
Optional Spouse/Partner LifeEmployees can elect one of the following coverage amounts:

  • $10,000 Guaranteed issue

  • $25,000 Guaranteed issue

  • $50,000

  • $100,000
Optional Dependent LifeEmployees can elect one of the following coverage amounts:

  • $5,000

  • $10,000

(the cost for dependent child life insurance is the same no matter how many children you are covering)

Optional AD&D (Individual)up to 5 x Benefit Salary (to a maximum of $1,000,000)
Optional AD&D (Family — Spouse/Partner Benefit)50% of employee's AD&D benefit (if no eligible child)


40% of employee's AD&D benefit (with eligible child)
Optional AD&D (Family — Child Benefit)10% for each child with spouse coverage

15% for each child with no spouse coverage

There are Guaranteed Issue amounts, meaning any optional life coverage amounts greater than the plan’s guaranteed issue amounts at the time of your enrollment will pend until you complete and are approved for Evidence of Insurability (EOI). You will automatically be approved for any amount below the Guaranteed Issue amount. Please see the plan details in the “Library” section of

For more details, visit the Library section of