Basic AD&D insurance pays a benefit equal to one times (1x) your benefits base pay up to a maximum of $500,000, in the event of your death or certain types of injuries resulting from an accident. You are enrolled automatically for this coverage and Baker Hughes pays the full cost.
You have the option to purchase a Perquisite AD&D benefit from 1x to 3x your benefits base pay, rounded to the next higher $1,000 if not already a multiple thereof, up to $3 million ($6 million combined maximum with Basic AD&D insurance). This benefit is paid in addition to the Basic AD&D benefit.
Voluntary AD&D insurance pays a benefit amount that you choose when you enroll. There are two categories to choose from. Benefits are paid if you, your spouse or your child(ren) die or suffer certain types of injuries as the direct result of an accident. The maximum benefit is up to five times (5x) your annual benefits base pay up to a maximum of $4 million.
Based on the coverage levels above, if you elect dependent coverage, the benefits will be:
If both you and your spouse are Baker Hughes employees, each of you and any of your dependents can be covered only once under the Voluntary AD&D coverage. Coverage can be through you or your spouse or a combination of the two of you, so long as no person is covered more than once, including your dependents.
Benefits base pay means your base annual earnings, including any before-tax contributions you make through the benefits program. This does not include any overtime pay or bonuses. For certain benefit rate calculations, your benefits base pay is determined in either September, your date of hire or your transfer date, whichever is later.