ConocoPhillips

Life Insurance

Life Insurance
Life insurance protects your family’s finances if you or a dependent passes away. You can also elect an Accidental Death and Dismemberment policy for added coverage.
Basic and Supplemental Basic Life
The company pays for basic life insurance coverage, insured by The Hartford, equal to one times your annual pay up to $3 million (rounded up to the nearest $100). Basic life insurance pays a benefit to your designated beneficiary(ies) if you pass away. You are automatically enrolled in this coverage. For more information, please refer to your Employee Benefits Handbook.
Occupational Accidental Death (OAD)
OAD pays a benefit of $500,000 to your designated beneficiary(ies) if you die as a result of a covered occupational accident while on the job. This is a company-paid benefit, and you are automatically enrolled in this coverage. For more information, please refer to your Employee Benefits Handbook.
Supplemental Life Insurance

In addition to the company-paid basic life insurance coverage, you can purchase supplemental life insurance; insured by The Hartford. You can elect supplemental life insurance in an amount equal to one to eight times your annual pay.

This coverage can be elected or increased anytime during the year. However, you will be required to complete evidence of insurability (EOI) for any increase in coverage, including an increase requested during the Annual Benefits Enrollment period. For more information, please refer to your Employee Benefits Handbook.

You pay the entire cost of your supplemental and dependent life coverage with after-tax dollars deducted from your pay each month. The cost of supplemental life coverage is based on your age and coverage amount. The cost of supplemental and dependent life coverage may change from year to year. When you enroll, you will receive information about how to access the current costs.

Accelerated Benefit Option

Your life insurance coverage includes an accelerated benefit option, available if you or your spouse (if enrolled) is diagnosed as terminally ill with 24 months or less to live.

  • This option enables you to receive an immediate lump-sum payment of up to 80% of your basic life and/or supplemental life coverage. You or your spouse must have a minimum of $10,000 basic and/or supplemental life coverage in order to apply for this benefit.
  • The minimum payout is $8,000, and the maximum payout for a covered employee is 80% of your total life coverage, up to a maximum of $1,000,000. The maximum payout for a spouse is $60,000.

For example: If you have Basic and/or supplemental Life coverage in the amount of $100,000, you can request a payout ranging from $8,000 to $80,000. However, if you decide to request only $8,000 now, you cannot request an additional $72,000 in the future.

Your life insurance benefits are paid to your designated beneficiary(ies). You can name as many as you wish, and they can be individual persons, your estate, a trust, church or charitable organizations.