logo

Life Insurance

Page Header

Protect your family’s financial security from life’s unexpected hurdles.

Overview

To help protect the financial well-being of your loved ones, Myriad Genetics provides basic life insurance and accidental death and dismemberment (AD&D) insurance for teammates — at no cost to you. You also have the opportunity to purchase supplemental coverage.

2024 life and AD&D insurance plans

Basic life and AD&D insurance

Myriad Genetics provides company-paid teammate life insurance coverage of a specific amount that lasts throughout your employment.

Supplemental life insurance

If you want additional coverage, you can buy supplemental life insurance for yourself and your family.

Be sure to name a beneficiary

Designate a beneficiary (and keep it up-to-date) in order to receive the benefit paid by a life insurance policy. Visit the Oracle Self Service website to add or change a beneficiary.

Basic Life and AD&D Insurance

Myriad Genetics provides basic life and AD&D insurance to assist you and your family in the event of a death or dismemberment. These benefits are fully paid by the company and coverage is automatic — you do not need to enroll.

Benefits are equal to:

  • Basic life insurance: 1x your base salary from a $50,000 minimum up to a $500,000 maximum.
  • Basic AD&D insurance: Provided as part of your basic life insurance. Basic AD&D coverage equals the amount of your basic life insurance coverage.

What is AD&D insurance?

If you lose your life, sight, hearing, speech, or use of your limb(s) in an accident, AD&D insurance provides additional benefits to help keep your family financially secure. AD&D benefits are paid as a percentage of your coverage amount depending on the type of loss.

How company-paid life insurance is taxed

The IRS requires you to pay taxes on the value of any company-paid life insurance coverage over $50,000. This is called imputed income; you’ll notice it on your pay statements and your W-2.

Supplemental Life Insurance

For more financial protection beyond Myriad Genetics’ basic coverage, you can buy supplemental life insurance for yourself and your family members. You can enroll on the Oracle Self Service website as a new hire, during Open Enrollment, or if you have a qualifying life event. You pay the full cost of this coverage, which is provided through The Hartford. You must purchase coverage for yourself in order to purchase it for your dependents.

Supplemental life insurance

Who are you covering: Life insurance
You Available in $10,000 increments, up to 5 times your salary (maximum of $500,000).
Your spouse/partner Available in $5,000 increments, up to the lesser of $500,000 or 100% of your election (not to exceed your coverage).
Your children Available in a flat coverage amount of $1,000 for newborn children through 14 days old or increments of $2,000 up to a $10,000 maximum for children age 15 days to age 26.

Evidence of insurability

Supplemental life insurance for you and your spouse/partner over a certain benefit amount may require evidence of insurability (EOI), or proof of good health. You will receive more information after electing coverage if EOI is required.