Overview
To help protect the financial well-being of your loved ones, MarketAxess provides basic life and accidental death and dismemberment (AD&D) insurance at no cost to you. You also have the opportunity to purchase supplemental coverage. Our life and AD&D benefits are administered by Guardian.
2024 life and AD&D insurance plans
Basic life and AD&D insurance
MarketAxess provides company-paid employee life insurance coverage of a specific amount that lasts throughout your employment. Benefits are reduced at age 65 and 70.
Supplemental life and AD&D insurance
If you want additional coverage, you can buy supplemental life and AD&D 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. To add or change a beneficiary, log in to OKTA to access UKG. Select Myself > Contacts.
Basic Life and AD&D Insurance
MarketAxess 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: 2 times your base salary, up to a maximum of $500,000
- Basic AD&D insurance: 2 times your base salary, up to a maximum of $500,000
Benefits will be reduced by 35% at age 65 and 50% at age 70.
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 and AD&D Insurance
For financial protection beyond MarketAxess’s basic coverage, you can buy supplemental life and AD&D insurance for yourself and your family members. You pay the full cost of this coverage, which is provided through Guardian. You can enroll as a new hire, during Open Enrollment, or if you have a qualifying life event. To see your costs and enroll, log in to OKTA to access UKG.
Evidence of insurability
Supplemental life and AD&D insurance for you and your spouse/partner over the guaranteed issue (GI) amount may require a evidence of insurability (EOI), or proof of good health. You will receive more information after electing coverage if EOI is required.
Supplemental life and AD&D insurance options
| Coverage | Supplemental life | Supplemental AD&D |
|---|---|---|
| For yourself* |
Elect 1x, 2x or 3x your base salary up to a maximum of $800,000.
If you enroll within 30 days of your hire date, you can get coverage up to the GI amount (2x your base salary up to a maximum of $200,000) without providing EOI. |
Elect 1x, 2x or 3x your base salary up to a maximum of $800,000.
If you enroll within 30 days of your hire date, you can get coverage up to the GI amount (2x your base salary up to a maximum of $200,000) without providing EOI. |
| For your spouse/partner |
Elect an amount not to exceed 50% of your coverage amount. You can get spouse/partner coverage up to the GI amount ($50,000) without providing EOI. |
Elect an amount not to exceed 50% of your coverage amount. You can get spouse/partner coverage up to the GI amount ($50,000) without providing EOI. |
| For your child(ren) | Elect an amount up to $10,000. EOI is not required for children. | Elect an amount up to $10,000. EOI is not required for children. |
* Your supplemental AD&D election must match your supplemental life election.