Overview

It’s important to plan for your family’s financial security in case the unexpected happens. That’s why LPL Financial provides employees with basic life insurance and basic accidental death and dismemberment (AD&D) insurance in the amount of 2.5X your annual salary (includes commissions but not bonuses) — at no cost to you.

As a new hire, you will have the option of buying voluntary life and/or supplemental AD&D insurance (in guaranteed issue amounts) for yourself and your family through easy payroll deductions. During Open Enrollment, you may add voluntary coverage, but any addition will require Evidence of Insurability.

Basic Life and AD&D (LPL-Paid)

LPL Financial provides basic life and AD&D insurance through Lincoln Financial Group to assist you and your family in the event of a death or dismemberment. These benefits are fully paid by the company. Note: Company-paid coverage is automatic; you do not need to enroll.

Benefits are equal to:
Life insurance is provided in the amount of 2.5 times your annual earnings (including commissions but not bonuses) up to a maximum benefit of $500,000.

Supplemental Life and AD&D (Voluntary)

You can purchase additional life and AD&D insurance for yourself, as well as coverage for your spouse/domestic partner and your child(ren). You pay the full cost of any supplemental life insurance and/or supplemental AD&D insurance coverage. You must purchase coverage for yourself in order to purchase it for your dependents. If you would like to enroll in supplemental coverage, you must enroll using the ADP My Pay and Benefits website.

  • Supplemental employee life and AD&D
    Coverage is available in increments of $10,000 (for life only; not to exceed 6 times your annual earnings as defined by LPL) up to $650,000.
    Spouse/domestic partner life and AD&D
    Your spouse (or Domestic Partner) is eligible for a benefit amount in increments of $10,000 up to a maximum amount not to exceed $250,000. The life benefit cannot exceed 100% of your combined basic and voluntary life insurance.
  • Child life insurance
    All your eligible children may be insured for coverage in amounts of $2,000, $5,000 or $10,000. All amounts are guarantee issue. The child life benefit from birth to 6 months is $500. From 6 months up to age 26 years, the benefit is either $2,000, $5,000 or $10,000.
iconEvidence of insurability

Life insurance over a certain amount may require evidence of insurability (EOI). After electing coverage, you will receive more information if EOI is required.

iconHave you named a beneficiary?

It's important to designate a beneficiary to receive the benefit paid by a life insurance policy. As personal circumstances change, be sure to keep that information up-to-date. Visit ADP My Pay and Benefits, which you may access via SSO link from the Home page of LPL@Work or call 855.894.7752 to add or change a beneficiary.