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Income Protection: Life Insurance & Other Financial Protection

Benefits Basic Life Insurance

Basic Life Insurance is offered directly through MetLife and provides financial protection for your survivors if you die while you are an active employee of the Company. BorgWarner pays the full cost of this valuable benefit.

Coverage Amount

2 times your annual base pay - from a minimum of $50,000 to a maximum benefit of  
$1 million. Note: Your benefit will be reduced at age 65 and again at age 70.

Note: According to government rules, imputed income will be assessed on your paycheck and appropriate taxes will be deducted. You may choose to cap the benefit at $50,000 of  coverage. If you are interested in capping your benefit, please complete the required information on your online enrollment form. 

Contact MetLife directly to designate or change your beneficiary for Life Insurance. Log on to BorgWarnerBenefits.com to designate or change your beneficiary for Life Insurance.

www.borgwarnerbenefits.com

Optional Life Insurance

For those who feel they need added protection beyond what is provided under the Basic Life benefit, BorgWarner offers a number of Optional Life Insurance plans directly through MetLife that employees can purchase, including:

  • Employee Optional Life: Ranging from 1 times annual base pay to 8 times annual base pay
  • Spouse Optional Life: $5,000 - $10,000 - $25,000 - $50,000 - $75,000 - $100,000 - $150,000 - $200,000 - $250,000
  • Dependent Optional Life: $5,000 - $10,000 - $15,000 - $20,000 - $25,000

For details about your optional life insurance options, please refer to the MetLife documents on this page, or go to www.BorgWarnerBenefits.com

IMPORTANT: You must enroll for optional life insurance within 30 days of a qualifying benefit event to qualify for guaranteed coverage. Guaranteed coverage for employees is four times annual base pay and $25,000 for spouses. Contact MetLife for details.

Accelerated Benefit Option for Basic and Optional Life Insurance

In the unfortunate event that you or your covered spouse is diagnosed with a terminal illness with less than 24 months to live, the Accelerated Benefit Option (ABO) gives you access to the death benefits of your/your spouse’s policy before you die. You/your spouse may receive up to 80% of the face value of the  insurance coverage (not to exceed $500,000) in a  lump sum payment. Note: Not available for Dependent Life Insurance, the $5,000 level for Spouse Life  Insurance or AD&D and Business Travel Insurance.
 

Additional Benefits Available through Optional Life Insurance

By purchasing Optional Life Insurance, you gain financial security and peace of mind, but you also gain access to other valuable services:

Will Preparation Services: Having an up-to-date will is  one of the most important things you can do for your  family. With a will, you can define your most important  decisions, such as who will care for your children or inherit  your property. The Will Preparation Service also includes  the preparation of living wills and power of attorney. By  enrolling for Employee Optional Life coverage, you will  have access to Hyatt Legal Plans' network of more than  13,000 participating attorneys for preparing or updating  these documents at no additional cost to you if you use a  Hyatt Legal Plan's participating attorney.
Estate Resolution Services: In the event of loss, this  service (offered through Hyatt Legal Plans) provides  compassionate and personal service that reduces the  financial and administrative burden associated with  properly distributing one's assets - giving your loved ones  a sense of security in their time of need. This service fully  covers participating plan attorney fees for probating your  estate. The service also provides advice and face-to-face  and telephone consultations for beneficiaries.
 

Accidental Death and Dismemberment (AD&D) Insurance

BorgWarner automatically provides AD&D insurance through MetLife at no cost to you. This coverage provides assurance that you and your family are protected from financial hardship of unforeseen circumstances, such as a loss of limb due to an accident or death. The AD&D coverage is as follows:

Coverage Amount 

1 times your annual pay up to $500,000 
Note: Your benefit will be reduced at age 65 and again at age 70.

Optional AD&D Insurance

You may purchase Voluntary AD&D insurance or coverage for you, your spouse and/or your children. You pay the full cost of coverage, but have access to more favorable group rates than if you purchased outside of BorgWarner.

Voluntary AD&D pays benefits if you or a covered dependent suffer a covered accident that results in paralysis or the loss of a limb, speech, hearing, sight, brain damage or coma. If you suffer a fatal accident, benefits would be paid to your beneficiary.

Your Options

You can choose from among the following coverage options.
Click on image for larger display.
AD-D Optional Coverage

 

Additional AD&D Benefits

There are some standard benefits included in this coverage - such as air bag and seatbelt use - that may increase the amounts payable to you or help offset additional expenses that result from accidental injury or loss of life. See the Summary Plan description for details.

You may apply for Voluntary life insurance during your new hire event, annual enrollment or if you have a qualifying life event throughout the year through www.BorgWarnerBenefits.com.

www.borgwarnerbenefits.com

Be sure to designate a beneficiary when you enroll.

 

Getting Married or Having a Baby?
Be sure to let Benefits Link know of any changes to dependents or go online to www.BorgWarnerBenefits.com

 

Allstate Identity Protection

Allstate offers an Identity Protection plan that includes monitoring, immediate and proactive alerts and full-service restoration, with the option to choose individual or family coverage. A dependent is considered to be anyone that lives under the same roof or who is financially dependent upon you for this plan. The plan features deliver low-cost and proactive identity theft protection and defend your and family from cyber threats that cause data breaches and financial losses.

Some of these features include monitoring for:

  • Compromised credentials
  • Fund transfers
  • Children
  • Credit cards
  • Non-credit accounts
  • Sex offenders
  • Unauthorized account access

For more information on the Identity Protection benefit, contact Allstate at +1 800-789-2720. 

 

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