Basic Life Insurance
Inovalon provides Basic Life and Accidental Death & Dismemberment (AD&D) insurance through Prudential to eligible associates at no cost.
- For sales associates, benefit amount generally includes base salary, sales bonuses, and commissions
- Base salary as of October 1, 2023
For more detailed information, see the Summary Plan Description.
Elect a Beneficiary
You will need to designate at least one beneficiary for your life insurance. Your beneficiary is your spouse, parent, guardian of your child(ren), trust, etc., who will receive the money from the insurance company in the event of your death. You may designate your life insurance beneficiary on the benefits enrollment website.
Imputed Income
Company-paid life insurance in excess of $50,000 is considered a taxable benefit per Section 79 of the Internal Revenue Code. Any premium that is paid by the company on the benefit amount above $50,000 is imputed income and will be reflected on your paystub.
Voluntary Life Insurance
You can purchase voluntary term life and AD&D insurance for you and your dependents through Prudential.
