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Basic Term Life Insurance

Basic Term Life Insurance may provide a benefit to employees and their eligible dependents if any were to die while the employee was working for SAIC.

How Basic Term Life Insurance Works

Eligible employees automatically receive Basic Term Life Insurance coverage for themselves and their eligible dependents, including their spouse or registered domestic partner* and their dependent children*

SAIC pays the full cost of Basic Term Life Insurance coverage.

* To qualify for this benefit, a stepchild or registered domestic partner's child must reside with the SAIC participant.

Employee Coverage

The amount of coverage that an employee may receive is based on his or her classification, as follows:

Evidence of Coverage (90k)

Employee Coverage
CLASS	BASIC TERM LIFE INSURANCE BENEFIT
Class 1 — All regular full-time employees working at least 30 hours per week and regular part-time employees working 12 – 29 hours per week and who are benefit eligible	2 times annual compensation, rounded to the next higher $1,000, to a maximum of $500,000 (Benefits for part-time employees will be based on their regularly scheduled hours.)
Class 2 — All regular full-time employees working at least 30 hours per week on special temporary assignment in a country described as a "War Risk" zone	3 times annual compensation, rounded to the next higher $1,000, to a maximum of $500,000
Class 5 — All eligible employees waiving Basic Term Life Insurance coverage amounts over $50,000	$50,000

Important: "Annual compensation" means an employee's annual wage or salary as reported by his or her employer for the work performed as of the date of loss. It does not include earnings received as bonuses, overtime pay or other extra compensation.

Employees Ages 70+

When an employee reaches age 70, the total amount of the employee's Basic Term Life Insurance benefit will be reduced by 35%. Once an employee reaches age 70, the Basic Term Life Insurance coverage for the employee's spouse or domestic partner will end.

Important: Basic Term Life Insurance benefit amounts over $50,000 are subject to income tax. The value of an employee's life insurance coverage over $50,000 will be added each year to his or her W-2 form as taxable income. This is called "imputed income."

The employee may choose to waive any coverage over $50,000 at any time. However, if he or she waives this excess coverage and later wants to reinstate it, the employee may have to provide evidence of insurability to CIGNA.

Dependent Coverage

Coverage for an employee's eligible dependents equals $2,000 per person. Under the Basic Term Life Insurance plan, eligible dependents may include the employee's spouse or registered domestic partner* and/or their dependent children**. See "Eligibility" in the Participating in the Plans section for more information about eligibility requirements.

*Life insurance eligibility for a spouse or registered domestic partner is based on the employee's age. Once an employee reaches age 70, coverage for the employee's spouse or domestic partner ends.

**To qualify for this benefit, a stepchild or registered domestic partner's child must reside with the SAIC participant.