Thermo Fisher automatically provides basic life insurance and accidental death and dismemberment (AD&D) coverage equal to 1.5x of your annual salary up to $1 million (includes commission) at no cost to you. You can also purchase additional coverage for yourself or your family. Visit the MyBenefits portal for complete details.
The IRS requires you to pay taxes each year on the cost of coverage (Thermo Fisher’s monthly premium) for your employer-provided basic life insurance that exceeds $50,000. The cost of this coverage, called imputed income, is automatically included in your wages.
Executive Life Insurance
To provide a competitive life insurance benefit to our executives, Thermo Fisher not only automatically covers you for a Basic Life Insurance benefit of 1.5x annual base salary, but offers an additional 1.5x annual base salary, for a total of 3x annual base salary (includes commission but does not include bonus or other earnings). This benefit has a maximum combined value not to exceed $2,000,000. Thermo Fisher also automatically provides basic accidental death and dismemberment (AD&D) coverage equal to 1.5x annual salary.
Plan Summary
- Basic Life Benefit – 1.5x annual base salary
- Executive Life Benefit – 1.5x annual base salary
- Total Life Benefit – 3x annual base salary; combined maximum of $2,000,000
The IRS requires you to pay taxes each year on the cost of coverage (Thermo Fisher’s monthly premium) for your employer-provided basic life insurance that exceeds $50,000. The cost of this coverage, called imputed income, is automatically included in your wages.
Executive Life Insurance Beneficiary
Your Executive Life Insurance beneficiary is the same as your Basic Life Insurance beneficiary.
Coverage Options
If you want to purchase optional life insurance or AD&D for yourself or a family member, you must do so as a new hire or during Open Enrollment.
| COVERAGE DETAILS | |
|---|---|
|
Colleague Optional Life Insurance |
Up to 8x your annual salary (in one-half increments), up to $2 million with a Guaranteed Issue (GI) of $1 million |
|
Spouse/Domestic Partner Optional Life Insurance |
$10,000, or any amount from $25,000-$500,000, in $25,000 increments; the GI is $50,000 Amount of insurance may not exceed 100% of the colleague’s combined amount of Basic and Optional Term Life Insurance |
|
Child Life Insurance |
$5,000, $10,000 or $20,000 |
|
Colleague Optional AD&D Insurance |
Up to 8x your annual salary (in one-half increments), up to $2 million |
|
Colleague + Family Optional AD&D Insurance |
Dependent AD&D is based on a percentage of the colleague’s amount of AD&D coverage:
Maximum spouse/domestic partner coverage: $500,000 |
Colleague Contributions: To better understand and compare costs, view full-time colleague contributions for 2025 here.
Benefit Scout
Not sure how much life coverage you need? The Benefit Scout, a decision support tool from Securian, is built into the enrollment system to help you decide. The Benefit Scout tool takes about 10 minutes to complete.
Age Reductions
Benefits reduce as you reach certain ages. The age reduction schedule for certain types of colleague coverage is as follows:
Basic Life, Optional Life and Basic AD&D
Age 65 – 69: the benefit is reduced to 65%
Age 70+: the benefit is reduced to 50%
Optional AD&D
Age 70-74: the benefit is reduced to 65%
Age 75-79: the benefit is reduced to 45%
Age 80-84: the benefit is reduced to 30%
Age 85+: the benefit is reduced to 15%
Note: There is no age reduction schedule for spouse or child life policies.
