Overview

To help protect the financial wellbeing of your loved ones, Nutanix provides basic life insurance and accidental death and dismemberment (AD&D) insurance—at no cost to you. You also have the opportunity to purchase additional coverage for yourself, your spouse or domestic partner, and your children.

Basic Life and AD&D Insurance | Optional Life and AD&D Insurance
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Is your beneficiary current?

It’s important to designate a beneficiary to receive the benefit paid by a life insurance policy. As personal circumstances change, be sure to keep this information up to date. Visit Workday to add or change a beneficiary by going to “Benefits”, then “Change Beneficiaries.”

Basic Life and AD&D Insurance

Nutanix provides coverage at no cost to you. Life insurance pays your beneficiary a set amount if you pass away. AD&D insurance pays a benefit if you’re dismembered or pass away in an accident and provides benefits should you lose your life, sight, hearing, speech, or use of your limb(s) due to an accident. AD&D benefits are paid as a percentage of your coverage amount—from 50% to 100%—depending on the type of loss.

Coverage for both Basic Life Insurance and Basic AD&D Insurance is automatic—you don’t need to enroll.

Plan Coverage
Basic Life Insurance 3 times your annual base pay, up to $1 million
Basic AD&D Insurance 3 times your annual base pay, up to $1 million

Note: Federal tax law requires Nutanix to report the cost of company-paid life insurance in excess of $50,000 as imputed income.

Imputed Income

Due to IRS tax regulations, if your company-paid life insurance coverage is over $50,000, any value of the benefit over $50,000 is added to your taxable income. This money is known as “imputed income” and is subject to federal and state income and payroll taxes.

You will see the unearned income value of the premium rate of your coverage added then removed from your pay slip in order to pay taxes from your pay slip on the benefit. The imputed income will be shown on your W-2.

Optional Life and AD&D Insurance

Purchasing additional financial protection above what the basic coverage Nutanix provides allows for peace of mind that you and your family are better protected. You can elect Optional Life and/or AD&D insurance for yourself and your family members up to a maximum amount. You pay the full premium cost of this coverage, which is provided through Prudential. You do not need to purchase coverage for yourself in order to purchase it for your dependents.

Optional Employee Life and/or AD&D Optional Spouse Life and/or AD&D Optional Child Life and/or AD&D
Coverage amounts $10,000 increments, up to $1 million or 6 times your annual base pay (whichever is less) $5,000 increments, up to $100,000 or 100% of your own optional employee life insurance (whichever is less) $2,000 increments, up to $20,000 or 100% of your own optional employee life insurance (whichever is less)
Guarantee issue amounts for new hires Optional Life: $500,000 Optional AD&D: Doesn’t apply Optional Life: $100,000 Optional AD&D: Doesn’t apply Optional Life: Not required Optional AD&D: Doesn’t apply

 

Evidence of insurability*

If you elect optional life insurance when you’re first eligible, you only need to provide Evidence of Insurability (EOI) for coverage amounts above the guaranteed issue amounts.

When making increases in your or your spouse’s or domestic partner’s coverage after your new hire election, any increase will require EOI.

Coverage above the guaranteed issue amounts won’t be effective until the insurance company approves it in writing. After approval is received by Nutanix, your premiums will be adjusted and reflected in your paycheck.

*Doesn’t apply to optional AD&D coverage.