Life & AD&D

Basic Life and AD&D Insurance

Michaels provides free Basic Life Insurance and Accidental Death & Dismemberment (AD&D) of one times your eligible annual earnings, up to $150,000, paid by Michaels for all eligible full-time Team Members.

Note: Basic Life Insurance and AD&D coverage terminates when you turn age 70.

Optional Life and AD&D Insurance

If you are a full-time Team Member and want additional financial protection, you may buy optional life and AD&D insurance, up to $250,000, for yourself and/or your spouse. You pay the full cost of this coverage if you elect it.

If you are a new hire, you can elect optional life coverage up to $30,000 without answering any health questions. Coverage amounts more than $30,000 and all spousal optional life amounts require proof of good health, and you will need to complete a Statement of Health. Coverage will not be effective until your Statement of Health is approved by Sun Life Financial.

Note: Optional life insurance coverage terminates at age 65.

What the Plans Cost (Monthly)

Optional Life Insurance Premium Cost

AgeMale Non-Smoker Rate per $10,000 of CoverageMale Smoker Rate per $10,000 of CoverageFemale Non-Smoker Rate per $10,000 of CoverageFemale Smoker Rate per $10,000 of Coverage
Age18-29Male Non-Smoker Rate per $10,000 of Coverage$.70Male Smoker Rate per $10,000 of Coverage$1.30Female Non-Smoker Rate per $10,000 of Coverage$.50Female Smoker Rate per $10,000 of Coverage$.70
Age30-34Male Non-Smoker Rate per $10,000 of Coverage$.80Male Smoker Rate per $10,000 of Coverage$1.40Female Non-Smoker Rate per $10,000 of Coverage$.60Female Smoker Rate per $10,000 of Coverage$.80
Age35-39Male Non-Smoker Rate per $10,000 of Coverage$.90Male Smoker Rate per $10,000 of Coverage$1.70Female Non-Smoker Rate per $10,000 of Coverage$.90Female Smoker Rate per $10,000 of Coverage$1.10
Age40-44Male Non-Smoker Rate per $10,000 of Coverage$1.50Male Smoker Rate per $10,000 of Coverage$2.90Female Non-Smoker Rate per $10,000 of Coverage$1.40Female Smoker Rate per $10,000 of Coverage$1.70
Age45-49Male Non-Smoker Rate per $10,000 of Coverage$2.50Male Smoker Rate per $10,000 of Coverage$5.40Female Non-Smoker Rate per $10,000 of Coverage$2.20Female Smoker Rate per $10,000 of Coverage$2.70
Age50-54Male Non-Smoker Rate per $10,000 of Coverage$4.40Male Smoker Rate per $10,000 of Coverage$9.00Female Non-Smoker Rate per $10,000 of Coverage$3.40Female Smoker Rate per $10,000 of Coverage$4.10
Age55-59Male Non-Smoker Rate per $10,000 of Coverage$7.50Male Smoker Rate per $10,000 of Coverage$14.30Female Non-Smoker Rate per $10,000 of Coverage$5.40Female Smoker Rate per $10,000 of Coverage$6.40
Age60-64Male Non-Smoker Rate per $10,000 of Coverage$11.00Male Smoker Rate per $10,000 of Coverage$19.20Female Non-Smoker Rate per $10,000 of Coverage$7.60Female Smoker Rate per $10,000 of Coverage$9.20

Optional AD&D Insurance Premium Cost

Coverage is $.31 per $10,000 of coverage. For example, your monthly deduction for $50,000 of coverage would be $1.55.