Your Life Insurance and Disability Benefits
Life, Accidental Death & Dismemberment (AD&D), Disability Insurance, and Business Travel Accident Insurance are offered to protect you and your loved ones if the unexpected occurs. Pfizer provides a fixed amount of coverage at no cost to you and you may elect additional coverage for you and your family. If you’re not sure what coverage you need, visit our Financial Education page to contact a Fidelity planning consultant who is familiar with Pfizer’s benefit plans and programs.
Life Insurance
Pfizer automatically provides Basic Life insurance coverage equal to 1x your annual pay at no cost to you. If that coverage is greater than $50,000, the value of the coverage above $50,000 is considered income and taxed in your pay. You may elect supplemental life insurance for yourself, as well as coverage for your eligible dependents; you pay the full cost for any additional coverage you elect.
Beneficiary Designations
Be sure to designate someone to receive your life and accident insurance benefits in the event of your death. If you elect dependent insurance, benefits will be paid to you automatically in the event of your dependent’s death or accidental injury. To designate a beneficiary, go to netbenefits.com and select Profile.
Accidental Death & Dismemberment (AD&D) Insurance
You can elect AD&D insurance, which pays benefits to you in the event of a loss of limb or other covered loss, or to your beneficiary in the event of your accidental death. You pay the full cost for this coverage. This coverage is also available for your dependents.
Short-Term and Long-Term Disability Insurance
Pfizer automatically provides short-term disability (STD) coverage for qualifying conditions at no cost. The Pfizer STD Policy provides base pay salary continuation for a period of time, while disabled, as follows:
Long-term disability (LTD) coverage equal to 50% of annual pay (before-tax) is also provided at no cost. You have the option to elect a higher level of LTD coverage and pay the full cost difference for any additional coverage you elect. If you become disabled, LTD benefits are subject to offset by certain payments, including retirement benefits. Additionally, your benefit is generally taxable if enrolled in one of the before-tax options and partially taxable if enrolled in the after-tax option.
If you are unable to return to work after your short-term disability ends due to an approved disability, learn more about Pfizer’s benefits package for colleagues who become disabled.
Pre-Existing Conditions for Pfizer LTD Coverage
Any new coverage you elect is subject to a pre-existing condition requirement. Refer to the plan’s Summary Plan Description on netbenefits.com for details.
Business Travel Accident Insurance (BTA)
Pfizer automatically provides BTA insurance coverage at no cost. BTA provides a benefit of up to six times your annual pay — capped at $2.5 million — if you die or are seriously injured in an accident while traveling on company business. This benefit is paid in addition to any benefits you’re eligible for and receive under any other Pfizer-sponsored life or AD&D insurance.
Extra Perks with Your Pfizer Life Insurance — Travel Assistance and Will Prep Services
Pfizer’s basic life insurance coverage includes no cost, emergency travel benefits through AXA for colleagues and their eligible dependents. Additionally, your basic life insurance coverage includes free online will prep services, and through your Supplemental Life Insurance coverage (if elected), free in-person will services are available through MetLife.