All benefits-eligible executives will receive Basic Life Insurance coverage of 2 times your annual benefits base pay (minimum of $50,000 to a maximum of $3 million).
Prudential administers Life Insurance plans.
In addition to the company-provided Basic Life insurance coverage, you may choose to elect Perquisite Life insurance coverage:
Yes. You can purchase additional coverage for yourself, your spouse, and your child(ren):
More information about Supplemental Life Insurance is available here.
Accidental Death & Dismemberment (AD&D) insurance provides you and your family financial protection in the event of an accidental injury or death. It pays a benefit in the event that death or dismemberment occurs as the direct result of a covered accident.
You have the option to purchase a Perquisite AD&D benefit from 1x to 3x your benefits base pay, rounded to the next higher $1,000 if not already a multiple thereof, up to $3 million ($6 million combined maximum with Basic AD&D insurance). This benefit is paid in addition to the Basic AD&D benefit.
Chubb administers our AD&D plan.
On January 1, 2025, the plan administrator for the Accidental Death & Dismemberment (AD&D) plans is changing from Chubb to Prudential. If you are enrolled in voluntary and/or perquisite AD&D there is nothing you need to do. Your existing coverage and beneficiary designations will automatically transfer to Prudential.
Basic AD&D coverage is 1 times your annual benefits base pay, up to $500,000.
Yes. You can purchase up to five times (5x) your annual benefits base pay up to a maximum of $4 million. You can find more information here.
Beneficiaries should contact the Baker Hughes Benefits Center at 1-866-244-3539 and press option 4. Upon speaking with an Advocate, a case will be created, and a designated Advocate will be assigned to support the family throughout the claims process. The surviving beneficiary may contact the designated Advocate at any time throughout the claim process to address concerns or to obtain the status of their claim.
Proof of good health, also known as Evidence of Insurability (EOI), is an application process in which you provide information on the condition of your health or your dependent's health to get certain types of insurance coverage. EOI is required for amounts above guaranteed issue for Supplemental Life. It is not required for Accident Death & Dismemberment coverage.
Benefits base pay is your pay excluding incentive pay, overtime, bonuses and any other form of special compensation. Benefits base pay is frozen each September to be applied to the next year's benefits coverages.