Transocean offers life insurance coverage for you and your eligible dependents through New York Life. You are automatically enrolled for Basic Life Insurance coverage. You’ll need to enroll for any Voluntary Life coverage you want to purchase for yourself and/or your dependents.
Electing coverage over $250,000 may require you to provide Evidence of Insurability.
Basic Life Insurance
Basic Life Insurance provides coverage equal to two times your annual base salary rounded up to the next $1,000, up to a maximum of $750,000.
Transocean pays the full cost of this benefit and you are automatically enrolled for this coverage.
Voluntary Life Insurance
You can supplement your Company-paid Basic Life Insurance coverage through Voluntary Life Insurance. You can purchase coverage of one to five times your annual base salary, rounded up to the next $1,000, up to a maximum of $750,000.
Your combined Basic and Voluntary coverage may not exceed $1,250,000.
Dependent Life Insurance
If you buy Voluntary Life Insurance for yourself, you can buy Life Insurance for your family as well.
You can buy Voluntary Spouse Insurance of $10,000, $25,000, $50,000, $75,000 or $100,000. Your spouse’s coverage cannot be more than 50% of your Voluntary Life Insurance.
You can buy Child Life Insurance of $5,000, $10,000, or $20,000. The coverage you select applies to all your eligible children.
Guaranteed Issue Coverage and Evidence of Insurability
The Guaranteed Issue (GI) amounts are:
- Up to $250,000 of Voluntary Life coverage for you
- Up to $50,000 of Dependent Life coverage for your spouse
- Up to $20,000 of Dependent Life coverage for each of your dependent children
During annual enrollment, you may enroll or increase your coverage by one times your annual base salary, up to $250,000 without providing Evidence of Insurability. In addition you can enroll or increase your spouse life insurance by one increment up to $50,000 without providing Evidence of Insurability.
If you select Voluntary or Dependent Life coverage that requires EOI, after you submit your enrollment, there will be an Evidence of Insurability link on the homepage of your Benefits Center account. You will have 14 days to click this link and submit your answers to the questions, which will complete your Evidence of Insurability request to New York Life. If do not submit your answers within 14 days, New York Life will send you a letter with further instructions on completing your EOI. If you select Voluntary or Dependent Life coverage that requires EOI, the insurance carrier will ask for additional information after enrollment. New York Life will approve or deny your request for excess coverage based on this information.
While your request for extra coverage is being processed by New York Life, you will be covered for the maximum GI amount for which you are eligible. If your request for excess coverage is approved by New York Life, your coverage will become effective on the first of the month following the date of approval.
Who is your beneficiary?
Make sure your loved ones are protected. Be sure to keep your beneficiary information up-to-date and accurate. You can do this as part of the online enrollment process.
