Life Insurance and Disability

Life Insurance

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 $1M maximum) 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 value of your employer-provided basic life insurance that exceeds $50,000. The value 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 (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 Benefit – 1.5x annual base salary
Executive Benefit – 1.5x annual base salary
Total Benefit – 3x annual base salary; combined maximum of $2,000,000

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, up to $2 million with a Guaranteed Issue (GI) of $1 million
Spouse Optional Life Insurance	$10,000, or any amount from $25,000-$500,000, in $25,000 increments. The GI is $50,000
Child Life Insurance	$5,000, $10,000 or $20,000 for your children
Colleague Optional AD&D Insurance	Up to 8x your annual salary, 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: Spouse/Domestic partner (with children): 50% Spouse/Domestic partner (no children): 60% Each child (with spouse/domestic partner): 10% Each child (no spouse/domestic partner): 15% Maximum spouse/domestic partner coverage: $500,000 Maximum child coverage: $100,000

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. Your session on the MyBenefits portal will close without saving after 15 minutes of inaction.

Evidence of Insurability

Certain optional insurance coverage levels require evidence of insurability, or proof of good health, when you apply. Learn more on the MyBenefits site.

Age Reductions

Benefits reduce as you reach certain ages. The age reduction schedule for certain types of colleague coverage is as follows:

Optional Life
Age 65 – 69: the benefit is reduced to 65%
Age 70+: the benefit is reduced to 50%

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.

Disability

Protect your income through Lincoln Financial in the event you are disabled due to a non-work illness or injury.

Short-Term Disability (STD)

The STD plan pays you 70% of your covered salary after you have been disabled due to a non-work-related illness for seven calendar days and on the first day of a non-work-related injury.

You can receive benefits for up to 26 weeks if you continue to meet the plan’s definition of disability. If you are a member of a collective bargaining group, please refer to your collective bargaining agreement for short-term disability coverage. This coverage is fully paid for by Thermo Fisher.

Long-Term Disability (LTD)

If you are totally disabled (as defined by the plan) for more than 26 weeks, LTD pays you 60% of your covered salary up to $15,000 per month, inclusive of base + commissions. This coverage is fully paid for by Thermo Fisher.

Other sources of disability support — such as state-mandated disability benefits, motor vehicle insurance benefits, Social Security disability and Workers’ Compensation benefits — will be taken into account to determine your specific Thermo Fisher disability benefits.

Long-Term Disability Buy-up (LTD Buy-up)

If you elect the optional LTD buy-up plan, your LTD benefit increases to 66 2/3% of your covered salary up to $20,000 per month, inclusive of base + commissions + AIP bonus. The buy-up portion of your LTD coverage is paid for by you on an after-tax basis.

Core LTD: 60% of base and commission up to $15,000 per month
LTD Buy-up: 66 2/3% of base, commission and AIP bonus coverage up to $20,000 per month

Executive Long-Term Disability (LTD) Plan

The executive LTD benefit supplements the coverage you receive through the basic long-term disability benefit. It is designed to provide you with income protection and additional coverage if you are unable to work due to a disability. Thermo Fisher provides coverage at no cost to you for the executive and basic LTD plans.

BASIC BENEFIT	EXECUTIVE BENEFIT
Eligibility: All active U.S.-based employees at Thermo Fisher.	Eligibility: All active U.S.-based Career Band 11 through 13 employees.
Eligible Compensation: Benefit based on annual base salary up to $300,000.	Eligible Compensation: Benefit based on annual base salary in excess of $300,000 and annual incentive bonus paid within the current year.
Group Benefit: Same group plan that covers all U.S. employees, insured by Lincoln Financial Group.	Individual Benefit: Provided through individual policies issued by Provident Life and Accident Insurance Company (a wholly owned subsidiary of Unum). Benefit is subject to underwriting and individual approval.
Basic LTD Group Benefit: Provides monthly benefit of 60% of base salary, up to a monthly maximum benefit of $15,000.	Enhanced Basic LTD Group Benefit: Provides monthly benefit of 60% of eligible compensation, up to an additional $10,000 monthly maximum benefit.
Fully company-paid through the group policy. Should you receive payments under this plan, benefits are subject to federal income taxes.	Fully company-paid through individual policies. Should you receive payments under this plan, benefits are subject to federal income taxes. NOTE: You have the opportunity when you complete the application for the benefit to elect to have the company-paid premium added to your taxable income. If you elect to pay taxes on the company-paid premium, any benefit you receive will not be subject to federal income taxes when paid.
Combined monthly maximum payable from both plans is $25,000. As your salary increases, your individual benefit increases. You will receive a policy endorsement annually reflecting any changes, unless your pay has already caused you to reach the maximum available individual benefit.

How to participate

To enroll in this plan, you will be asked to complete an application for coverage once you become eligible. You will receive a complete enrollment packet from Covala Group, the Executive LTD administrative service provider on behalf of Thermo Fisher, by email shortly upon being hired. Newly eligible executives must respond within 60 days of being notified of eligibility.

2023 Benefits Guide