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Life and AD&D Insurance

Life and Accidental Death & Dismemberment (AD&D) Insurance provide extra financial protection for you, your family and your children.

Basic Life and AD&D Insurance

  • Teva provides Basic Life and Accidental Death and Dismemberment (AD&D) Insurance coverage at no cost to employees who are regularly scheduled to work 30 or more hours per week.
  • The coverage is administered by Reliance Standard.
  • The plan will pay your beneficiaries up to 1.5 times your annual salary (rounded to the next $1,000), up to plan maximum limits.

Optional Life Insurance

Teva provides the opportunity to purchase Optional Life Insurance administered by Reliance Standard for yourself, your spouse or domestic partner and/or your child(ren).

  • You can purchase Optional Life Insurance for yourself beginning with $50,000, then in $100,000 increments, up to five times your annual salary, or $1 million, whichever is less, for additional protection.
  • Premiums for coverage will be deducted from your paycheck on an after-tax basis. Your combined Life Insurance coverage (Basic and Optional) cannot exceed $2 million.
  • The amount of your Life Insurance reduces over time due to age, but it will never be less than $5,000.
  • Evidence of Insurability (EOI) may be required if you’re purchasing Optional Life Insurance coverage for yourself.
  • The EOI form will be sent to you by Reliance Standard, if required.

  • If you elect Optional Life Insurance coverage for yourself, you may purchase between $25,000 and $300,000 in coverage for your spouse or domestic partner.
  • You may purchase up to $25,000 without Evidence of Insurability (EOI). If required, the EOI form will be sent to you by Reliance Standard.
  • Coverage for your spouse or domestic partner cannot be more than 50% of the coverage you purchase for yourself.

  • If you elect Optional Life Insurance for yourself, you may purchase either $5,000 or $10,000 in coverage per child.
  • All of your children from birth to age 25 years are covered at the amount you purchase.
  • You cannot purchase coverage for children of domestic partners.

Optional AD&D Insurance

Teva provides the opportunity to purchase Optional AD&D Insurance administered by Reliance Standard for yourself, your spouse or domestic partner and/or your child(ren).

  • You can purchase Optional AD&D Insurance for yourself beginning with $50,000, then in $100,000 increments, up to five times your annual salary, or $1 million, whichever is less.
  • Premiums for coverage will be deducted from your paycheck on an after-tax basis.
  • Evidence of Insurability (EOI) is never required.

  • If you elect Optional AD&D Insurance for yourself, you can purchase coverage for your family.
  • The coverage you purchase for your spouse or domestic partner cannot be more than 60% of your coverage amount (spouse only) or 50% of your coverage amount (spouse plus child).
  • The coverage you purchase for your child(ren) cannot be more than 25% of your coverage amount (child only) or 10% of your coverage amount (child plus spouse).
  • Evidence of Insurability (EOI) is never required.

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