Life and AD&D Insurance

You’re automatically enrolled in Basic Life Insurance coverage equal to 2 times your annual earnings, up to $1,000,000. Synopsys pays the full cost of this coverage.

If your Basic Life Insurance coverage exceeds $50,000, you’ll have imputed income, which means the cost of the company-provided life insurance over $50,000 is treated as taxable income. To learn more about group-term life insurance, visit the IRS website.

Because Basic Life Insurance of more than $50,000 is included in your taxable income, we also offer a $50,000 Basic Life Insurance coverage option. The IRS does not include Basic Life Insurance of $50,000 or less in your taxable income, so you won’t be responsible for any income taxes on this option.

If you’re enrolled in Basic Life Insurance coverage (equal to 2 times your annual earnings), you can purchase Supplemental Life Insurance for yourself in increments of $10,000, up to $1,000,000 (not to exceed 8 times your annual earnings).

Depending on how much insurance coverage you purchase, you may need to provide Evidence of Insurability (EOI), which is information on the condition of your health to be considered for insurance coverage. Here’s how much Supplemental Life Insurance you can purchase without providing EOI:

• As a new hire: You can purchase the lesser of 5 times your annual earnings or $500,000.
• During Open Enrollment or due to a qualified life event change: You can increase coverage up to $50,000 above your current benefit level (not to exceed the lesser of 5 times your annual earnings or $500,000).

For details about submitting EOI, see the Evidence of Insurability section below.

If you buy Supplemental Life Insurance for yourself, you can also buy life insurance coverage for your spouse or domestic partner in increments of $10,000, up to $250,000 (or 100% of your total employee life insurance amount, whichever is less).

Depending on how much insurance coverage you purchase, you may need to provide EOI, which is information on the condition of your spouse’s or domestic partner’s health to be considered for insurance coverage. Here’s how much spouse or domestic partner life insurance you can purchase without providing EOI:

• As a new hire: You can purchase up to $50,000.
• During Open Enrollment or due to a qualified life event change: You cannot elect or increase coverage by any amount without providing EOI.

For details about submitting EOI, see the Evidence of Insurability section below.

You can buy life insurance coverage for your child(ren) in the amount of $1,000, $5,000, or $10,000.

Basic Accidental Death and Dismemberment (AD&D) coverage of $50,000 is provided to you at no cost.

You may purchase up to $950,000 in additional Supplemental AD&D coverage for yourself and your family, up to a maximum of 10 times your earnings. Each family member’s coverage is a percentage of the benefit amount you elect.