Life Insurance Coverage Chart
Your life insurance options are summarized below. To help you determine your coverage election, use the MetLife LifeNeeds Calculator.
Generally, not required. However, if you elect to reduce your coverage to $50,000 during an Annual Enrollment period and then in a subsequent Annual Enrollment period elect to increase this to 1x annual pay, you will be required to provide Proof of Good Health.
Supplemental life insurance is portable, meaning you can take your coverage with you if you leave Pfizer for any reason, including a disability.
You pay the full cost on an after-tax basis for any supplemental life insurance you elect.
Contributions are based on a variety of factors and may include your annual pay, age (as of December 31 of the plan year), tobacco/smoker status, and/or the amount of coverage you elect.
If you are a new hire or newly eligible: Required if you are electing coverage greater than 3x annual pay or coverage greater than $1 million;
- If you have a qualified life event and you:
- Are electing coverage for the first time: Required if you elect coverage greater than 1x annual pay or coverage greater than $1 million;
- Are increasing your coverage: Required for any increase; or
- Previously failed to provide satisfactory Proof of Good Health: Required for any election; or
- If you are enrolling during Annual Enrollment and you:
- Have no coverage: Required for any election;
- Are increasing your coverage: Required for any increase in coverage of more than 1x annual pay, up to $1 million. Required if you are electing coverage greater than $1 million, regardless of your current coverage amount; or
- Previously failed to provide satisfactory Proof of Good Health:3 Required for any election; your current coverage will remain in place until approved for the new coverage amount.
Spouse/Domestic Partner Coverage
Seven levels of life insurance to choose from, including 1x annual pay and several flat-dollar coverage amounts. If you elect 1x annual pay, the maximum coverage amount is the lesser of $250,000 or the amount of basic life insurance.
Child Coverage
Three levels of life insurance to choose from, up to $20,000. When you elect child coverage, all eligible dependent children are covered, even if they are not listed as a dependent child with Pfizer’s enrollment administrator.
You pay the full cost on an after-tax basis for any dependent life insurance you elect.
Contributions are based on a variety of factors and, for your spouse/partner, may include your annual pay, your spouse’s/partner’s age (as of December 31 of the plan year) and tobacco/smoker status, and/or the amount of coverage you elect.
Spouse/Domestic Partner Coverage
- If you are newly eligible or adding a new spouse/domestic partner as a result of a qualified life event: Required if you elect coverage greater than $10,000;
- If you have a qualified life event (other than adding a new spouse/domestic partner): Required for any increase; or
- During Annual Enrollment: Required for any increase.
1 As required by the IRS, Pfizer will report the cost of the Pfizer-provided basic life insurance coverage that exceeds $50,000 as imputed income, which is taxable to you. This is reflected on your pay statement as “Excess Life Ins”. If your annual pay is greater than $50,000 and you wish to avoid this taxable income, you can elect that your Pfizer-provided basic life insurance be reduced to a flat $50,000. This election is only available when you’re newly eligible or during Annual Enrollment.
2 If you’re a part-time colleague working between 40 and 60 percent of a standard work week, you and Pfizer share the cost of coverage.
3 You will be prompted at the time of your enrollment to complete the process through MetLife, (if necessary.)
Annual Pay
Annual pay is your total pay, which includes regular base pay plus any performance bonuses (including the Global Performance Plan and sales bonuses), premium pay, shift differential, and overtime during the previous 12-month period. This excludes equity payments, contest awards, or other non-performance-related payments or bonuses.
