Life, AD&D and Business Travel Accident Insurances

2024 Plan Information

Life Insurance | AD&D | Business Travel Accident InsuranceSupplemental Life and AD&D Insurances

The Firm provides active employees with the following three coverages – at no cost to you. MetLife administers the Life and AD&D Insurance Plans and makes all decisions as to eligibility and benefits. Cigna insures and administers the Business Travel Accident Plan:

  • Basic Employee Life Insurance helps safeguard you against the unexpected. You have $50,000 of basic coverage. Employees may also purchase Supplemental Life Insurance for themselves, their spouse/domestic partner and dependent children. Note: The Firm also offers three supplemental income-protection insurances if you are injured, have a serious illness or plan to have a baby or inpatient surgery.
  • Accidental Death & Dismemberment (AD&D) Insurance provides $50,000 of financial protection, per person, if you or a covered family member dies or suffers dismemberment, loss of sight, speech or hearing, or paralysis because of and within 365 days of a covered accident. Note: Employees may also purchase Supplemental AD&D Insurance for themselves, their spouse/domestic partner and dependent children.
  • Business Travel Accident Insurance pays your named beneficiaries a cash payment of five times your Benefits Eligible Earnings, up to a maximum of $3 million, if you are injured while traveling on approved business for the Firm. Your spouse or domestic partner, and eligible dependent children who accompany you on an approved business trip are also covered; to learn more about their levels of coverage, see the Health Benefits and Insurance SPD.

Death Benefit and Continuation of Benefits

In the event of an employee’s death, a death benefit of $4,000 will be paid to the beneficiary designated under the Morgan Stanley Basic Life Insurance Plan. The Firm provides the death benefit at no cost to full-time employees and part-time employees regularly scheduled to work 50% or more of the standard 40-hour work week. No enrollment is required and the benefit is paid in addition to the Basic Life Insurance Plan benefit.

If at the time of an employee’s death, his/her eligible dependents are enrolled in Morgan Stanley Medical, Dental and/or Vision Plans, their coverage at the time of the employee’s death will continue for 12 months following the employee’s death at no cost to the dependents.

Employees’ eligible dependents may continue to access mental health services administered by Lyra Health (including, therapists, coaches and self-help tools), at no cost, through the last day of the month in which the employee died. Thereafter, eligible dependents may elect to continue this benefit for up to 3 years through COBRA for a fee.

After the 12-month period, qualified beneficiaries not eligible for Morgan Stanley Retiree Medical Plan benefits may elect to continue coverage at their own cost under COBRA. If the employee was eligible for Retiree Medical benefits on the date of his or her death, his/her dependents may be eligible to participate in the Morgan Stanley Retiree Medical Plan under the provisions of the plan then in effect.

In the event of the death of an employee’s spouse or domestic partner, the employee will receive a death benefit of $2,000. In the event of the death of an employee’s dependent child (aged 14 days through the end of the month after they reach age 26 years) or the dependent child of an employee’s spouse or domestic partner, the employee will receive $2,000; if both parents are employees (or both the parent and spouse or domestic partner are employees), $2,000 will be issued to each employee.

Life and AD&D Insurance Providers

MetLife administers the Life Insurance and AD&D Plans and makes all decisions as to eligibility and benefits.

Supplemental Life and AD&D Insurances

In addition to the Basic Life and Accidental, Death & Dismemberment (AD&D) Insurance the Firm provides at no cost to you, you may purchase Supplemental Life and AD&D Insurances for yourself, your spouse or domestic partner and your children up to age 26. Coverage for a spouse or domestic partner is available only if you elect Supplemental Life or AD&D coverage for yourself. You pay the full cost of these two insurances at group rates, and your contributions are deducted from your pay on an after-tax basis.

Supplemental Life InsuranceSupplemental AD&D Insurance
Employee

Up to 10x benefits eligible earnings (in set increments) or $5 million maximum

Up to 10x benefits eligible earnings (in set increments), subject to $5 million maximum; this is your Principal Sum

Spouse/Domestic Partner

Up to the lesser of the employee supplemental life elected for yourself or $250,000*

100% of your elected Principal Sum, up to $1 million

Children

Up to $20,000 per child in $5,000 increments

25% of the elected Principal Sum for each dependent child, up to $250,000

Family

N/A

  • 75% of the elected Principal Sum for spouse or domestic partner, up to $750,000
  • 25% of the elected Principal Sum for each dependent child, up to $250,000

* In the event of the death of an employee’s spouse or domestic partner, the employee will receive a death benefit of $2,000. In the event of the death of an employee’s dependent child (aged 14 days through the end of the month after they reach age 26 years) or the dependent child of an employee’s spouse or domestic partner, the employee will receive a death benefit of $2,000; if both parents are employees (or both the parent and spouse or domestic partner are employees), $2,000 will be issued to each employee. These death benefits will be paid to the employee whether or not they have elected supplemental life insurance for their spouse/partner and or children.

Evidence of Insurability Requirements

Employee Supplemental Life InsuranceSpouse or Domestic Partner Life InsuranceChild Life Insurance
New Hire or Newly Benefits Eligible

Required if electing over $1 million (if eligible)

Required if electing over $30,000

Not required

Annual Enrollment or Qualified Life Event

Required if:

  • Previously eligible but enrolling for the first time
  • Increasing more than one level of coverage or over $1 million

Required if:

  • Previously eligible but enrolling for the first time
  • Increasing more than one level of coverage or over $30,000

Not required

Cost of Coverage

Semi-monthly rates for supplemental life and accidental insurance are based on your age, beneficiary(ies), coverage amount and your tobacco-use status.

Costs should be doubled to reflect monthly amounts for international employees paid monthly and employees on unpaid leave.

Find complete cost information in the Summary Plan Description.