Lockheed Martin offers a variety of Life and Accident insurance options for you and your dependents.
Life and Special Accident Insurance Plans
Life and Special Accident insurance plans are important additions to your financial security package. Lockheed Martin offers Employee Term Life, Group Universal Life and Special Accident insurance for you as well as Dependent Optional Life and Special Accident insurance for your dependents (including your spouse or and eligible dependent children), with a variety of coverage levels and features. Depending on the option you choose, benefit amounts may be a multiple of your annual base pay or a choice of coverage tiers. Group Universal Life insurance provides benefits above the Employee Term Life coverage. Special Accident insurance is additional coverage that pays a benefit if a covered individual dies or suffers certain losses in an accident. Note: Coverage in excess of $50,000 is taxable.
Remember, you may be eligible for a discount on Group Universal Life (GUL) insurance if you qualify as a tobacco non-user during your initial enrollment in the plan or during a subsequent Annual Enrollment period. If you are a tobacco user and later stop using tobacco you can qualify for the discount during a future Annual Enrollment once you are able to certify that you’ve been tobacco free for at least 12 months. Trying to quit? Try the Quit for Life program.
Refer to your enrollment materials and Summary Plan Descriptions for more information about Life and Special Accident insurance, including eligibility requirements. These documents provide details about how the coverage works and the options available to you. You will find Life and Special Accident insurance SPDs in the Other Resources> Documents & Forms area of your Service Center/enrollment web site.
Please note that plan provisions and eligibility for union represented employees are based on the terms of the collective bargaining agreement.