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Basic Life Insurance Plan | |
The Basic Life Insurance Plan pays a benefit in a lump sum to the named beneficiary in the event of the insured's death.
Benefits for You
The amount of your Basic Life benefit depends on your employee classification and years of service with Costco. If you are a salaried or full-time employee with two or more years of service at the end of 2003, your Basic Life benefit is equal to three (3) times your base annual earnings. If you had less than two years of service, your benefit is as shown below:
|
Employee class |
Years of service |
Basic Life benefits equal |
| Salaried or full-time hourly | 0 -2 2 -5 5 or more |
1 x base annual earnings 2 x base annual earnings 3 x base annual earnings |
| Part-time | Any number of years | $15,000 |
Base Annual Earnings
Life and AD&D benefit amounts are based on your base annual earnings, which are:
- For hourly employees, current hourly wage times 2,080 hours
- For salaried employees, current annual pay
Base annual earnings do not include any extra compensation such as overtime pay or bonuses.
Benefits for Your Family
If your family members are enrolled for Costco medical coverage, they are automatically enrolled for Basic Life insurance. Their benefits are $1,500 for spouses, domestic partners and children.
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