IBM Life Insurance Claims
IBM offers a rich selection of life insurance for its employees. The coverage includes several different offerings: “free” life insurance, Optional life insurance, Travel and Accidental life insurance.
Many life insurers make a habit of denying life insurance claims without having all the facts they need to make an informed decision. If you’re a victim of an unfair claim denial contact us to get your claim paid.
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About IMB Life Insurance Coverage:
“Free” IBM Employee Life Insurance Coverage:
IBM provides company-paid life Group Life Insurance (GLI) of one times salary, up to a maximum of $1 million. The GLI plan is offered to all IBM employees at no cost, but the value of the premiums for coverage above $50,000 is subject to tax as income.
Terminal Illness Unlocks the Death Benefit Before Death:
The IBM GLI plan includes a feature that allows terminally ill employees to have access to one-half of their benefits (up to $50,000), with the remaining benefit paid to the beneficiary either as a lump sum or in annuity payments.
Additional Life Insurance:
Employees also have the option to purchase more coverage, that each employee pays for from their wages. This employee-paid life insurance is known at IBM as Group Universal Life (GUL). The acronym is wrong, but none-the-less, your spouse or loved-one may have been covered under this additional plan. IBM’s GUL offers up to eight times your base salary.
GLI and GUL Coverages Combined:
As an example of coverage, an IBM employee with a salary of $100,000, could have coverage of as much as $900,000 by using both coverages (GLI and GUL). They would have $100,000 of death benefit automatically paid for by IBM, and they may have also purchased as much as 8 times their salary (8 times $100,000): $800,000. The combined coverages would be $900,000.
But, in this example, only the GLI policy would be guaranteed to pay a benefit. The GUL policy may pay 100% or 25% or 0% of the policy amount. It’s important you understand this before you file your claim.
Spouses & Children Life Insurance:
Coverage for spouses up to $200,000 and child rider coverage for $10,000 for each eligible child are available. The GUL program includes optional accidental death and dismemberment insurance, which triples basic coverage in the event of accidental death. For financial planning purposes, GUL offers a capital accumulation feature that allows participants to earn tax-deferred interest on cash contributions made while insured.
Accidental Death or Partial Dismemberment coverage:
IBM also provides company-paid Business Travel Accident Insurance to those who are traveling away from their job locations or homes on authorized company business. The plan pays up to five times your annual compensation for death or loss of limb, sight, hearing or speech. You are eligible for this insurance on your first day of IBM employment.
The GUL program is administered and underwritten by The Prudential Insurance Company of America. This program is not endorsed by IBM. “Not endorsed by” means that IBM is limiting its responsibility in the event you have a dispute over the claim or whether the employee was covered at all. Ironically, Prudential also limits its liability when there is a dispute over coverage or if it denies a claim.
The Center for Life Insurance Disputes offers free consultations when you have a dispute over an IBM life insurance claim. If your claim was denied we can investigate, gather the needed facts, appeal for you. Because the IBM life insurance plan is an ERISA plan, the opportunity to appeal a denied claim is very limited. You only get a single appeal. Our advice; don’t waste it. And, don’t appeal without the aide of an expert.
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