Life and Accidental Death & Dismemberment Insurance Overview

2021 Plan Year Information

Life and Accidental Death & Dismemberment (AD&D) Insurance

Life Insurance helps safeguard you against the unexpected. Accidental Death & Dismemberment (AD&D) Insurance provides financial protection if you or a covered family member dies or suffers dismemberment, loss of sight, speech or hearing, or paralysis as a result of and within 365 days of a covered accident.

At no cost to you, the Firm provides $50,000 of Basic Life Insurance coverage and $50,000 of Basic Accidental Death and Dismemberment (AD&D) Insurance to active employees. You also receive Business Travel Accident Insurance at no cost, in the amount of five times your Benefits Eligible Earnings, up to a maximum of $3 million.

Life and AD&D Insurance Providers

MetLife is the Firm’s Life Insurance and AD&D administrator. All decisions as to eligibility and benefits are made by MetLife. The Business Travel Accident Plan is insured by Cigna.

Supplemental Life and AD&D Insurance

You may purchase Supplemental Life and AD&D insurance 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 coverage for yourself. You pay the full cost of supplemental insurance at group rates, and your contributions are deducted from your pay on an after-tax basis.

Supplemental Life InsuranceSupplemental AD&D Insurance

Up to 10x benefits eligible earnings 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 $1,000,000


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

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



  • 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

Evidence of Insurability Requirements

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

If electing over $1 million (if eligible)

If electing over $30,000

No Evidence of Insurability required

Annual Enrollment or Qualified Life Event
  • If previously eligible but enrolling for the first time
  • If increasing more than one level of coverage or over $1 million
  • If previously eligible but enrolling for the first time
  • If increasing more than one level of coverage or over $30,000

No Evidence of Insurability required

EOI Requirement

EOI will be required if you leave the Firm and continue coverage with Direct Bill, or if you have a lapse in payment.

Supplemental Insurance Options: Critical Illness, Accident and Hospital Indemnity Insurances from Aflac

Critical Illness Insurance pays a lump-sum amount in the event you or a covered dependent becomes critically ill. You can use these funds to pay for medical costs not covered by your medical coverage (deductibles, copays, coinsurance), or any regular expenses, such as transportation costs, groceries, electric bills or home care. Covered illnesses include heart disease, stroke, cancer, kidney failure, Alzheimer’s disease, Parkinson’s disease, multiple sclerosis, blindness, deafness or terminal illnesses.

Accident Insurance also provides a lump-sum payment, based on treatment received for injuries sustained in a covered accident. Examples of covered accidents include broken bones, fractures or burns from accidents that require emergency care or surgery. Accident Insurance from Aflac can be used to pay for medical costs not covered by your medical coverage (deductibles, copays, coinsurance), or transportation and lodging expenses incurred while you are receiving treatment.

Hospital Indemnity will provide a lump-sum payment for a hospital stay. For example if an employee has a baby and remains in the hospital, she will receive $1,500 for the hospital admittance, plus $200 for each day she remains in the hospital. Hospital Indemnity Insurance from Aflac can be used to pay for medical costs not covered by your medical coverage (deductibles, copays, coinsurance) or any regular expenses such as mortgage, utilities and groceries.

The three supplemental insurance policies from Aflac complement your other coverage. For example, if you are considering Option C under the Medical Plan, you can purchase one or all of these supplemental insurance options as another way to manage Option C’s higher deductible if you or a family member faces a critical illness, accident or hospital stay. You can put the money you save on contributions in Option C toward the premiums for these supplemental insurance policies. Unlike traditional medical coverage, the payments you receive aren’t tied to your medical bills and there are no rules on how you can use the money.

Depending on your election, you’ll select a coverage level by lump-sum amount or treatment-based benefits that pay over time. All claims are submitted to Aflac directly and decided by Aflac in its sole discretion.

Long-Term Care Insurance

Paying for care in your retirement may mean spending the money you’ve saved over the years. And though your Morgan Stanley-provided disability insurance may protect you for a time, you may owe more than anticipated if you need extended care. That’s where Long-Term Care insurance can help.

What Is Long-Term Care Insurance?
Long term care is a variety of services and supports to help meet your needs over an extended period of time. A Long-Term Care Insurance policy can cover the assistance you may need if you’re unable to care for yourself due to aging, a chronic illness or an accident or injury. It can help you and your family protect your assets by giving you control over where you receive care – including in your own home – and relieve loved ones from providing for your care.

Why Purchase Long-Term Care Insurance?
Long term care costs are on the rise. Nationally, home care from a home health aide averages $21 per hour. While getting care at home you will still have ordinary home and living expenses. The national average for a private room in a nursing home is $90,520 annually. By 2035, this amount is expected to rise to more than $275,500.

Discounted rates. As a Morgan Stanley employee you receive a 10% discount off of MassMutual’s regular premiums. Plus, if a family spouse or covered partner also signs up for coverage, you both can receive discounts of up to 30% of the regular premium price.

Your policy cannot be cancelled as long as premiums are paid on time.

Your policy is portable, so if you leave the company or retire, all applicable discounts and benefits will remain in place.

Your premiums are tax advantaged. With SignatureCare policies, the premiums you pay for a tax-qualified policy are treated as an itemized medical expense for tax purposes, subject to certain limits. And, any benefits that are paid under your policy are generally not considered part of taxable income.

Who Can Purchase a Policy?
Morgan Stanley employees age 40 and older and the family of Morgan Stanley employees, which includes your:

  • Spouse or domestic partner
  • Parents
  • In-laws
  • Grandparents
  • Step-parents
  • Step-grandparents and
  • Adult children

How Does it Work?
You can purchase a discounted Long-Term Care Insurance policy on an individual basis, that is, you own the policy even if you leave Morgan Stanley. The cost is primarily based on your age and health when you apply for coverage. The younger and healthier you are when you enroll in coverage, the lower your premiums will be.

How and where you receive care, as well as the coverage amounts, depend on your base policy design. And each policy is highly customizable with additional buy-up options to meet your lifestyle and financial needs. In order to be eligible to receive the Morgan Stanley Discount  you must contact our endorsed partner Lenox Advisors. To learn more and receive a quote call a Lenox Advisor.