Life Insurance
VMware provides Life Insurance through Gothaer Lebensversicherung AG. All regular employees of VMware are eligible for Life Insurance.
Benefits
If you should die while in the service of VMware due to illness or injury, your beneficiaries will receive a lump sum payment of two (2) times annual base salary.
Free Cover Limit
You automatically qualify for Life Insurance up to € 693,155.00, if you are healthy and able to work. If your annual salary is above € 346,578.00, you will need to complete a health declaration to qualify for insurance amounts above the free cover limit.
Enrolment
You are automatically enrolled in the Life Insurance plan and insured for amounts under the free cover limit listed above. In some cases, the default coverage might exceed the free cover limit, based on your salary. In such case, you will be asked to complete a health declaration in ‘MyLife’ in order to qualify for insurance amounts exceeding the free cover limit.
Should you wish to elect other beneficiaries than the default ones, please complete the ‘Gothaer Beneficiary Election Form’ which can be found in the Resources section of this page. Please return the completed form to HR Source and they will assist to action your request.
Contributions
VMware pays 100% of the premium costs for Life Insurance, however, you will pay benefit tax on the paid premium.
When Coverage Begins
If your start date as a VMware employee falls on the first of the month, your coverage will start on this date. If your start date as a VMware employee falls on a date during the month, your coverage will start on the first of the following month.
When Coverage Ends
You may be able to continue the insurance at Gothaer upon leaving VMware, subject to meeting vesting criteria. This is done directly between you and Gothaer. Please contact Mercer for more information.
Retirement age
the last entry of the benefit period is aged 66 years and the end of the end of the benefit period is the actuarial age of 67.
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Last Updated: 11 Jan 2023, 5:36 PM