You are automatically enrolled in Basic Life Insurance equal to two-and-a-half times your annual salary (rounded to the next higher multiple of $1,000) or $1,000,000 (whichever is less). Marvell pays the full cost of this coverage. To ensure the value of your life insurance is not taxable upon payout to your beneficiaries, your coverage over $50,000 will be taxable (based on the IRS Tax Guide) and shown as income on your paycheck and W-2 statement at the end of the year. Calculate your expected imputed income (taxation) using this worksheet. 

If you don't wish to receive the Basic Life Insurance over $50,000, you may elect a flat Basic Life Insurance benefit of $50,000. Marvell pays the full cost of this coverage and the value of this coverage is not taxable.

You can buy coverage for yourself in $10,000 increments up to the maximum amount, which is the lesser of five times your annual salary, or $1,000,000. Guarantee Issue* amount is up to $500,000.

You pay the full cost of this coverage with after-tax contributions.

*Guarantee Issue Amount: At initial eligibility, if you elect Optional Life Insurance in excess of the Guarantee Issue amount, Evidence of Insurability (EOI) is required. After initial eligibility, first time enrollment and increases in coverage will require EOI. You must complete a medical history statement and be approved for the coverage requiring EOI.

Note: Coverage amount(s) for employee coverage reduces to 65% at age 70 and 50% at age 75.

You can also buy coverage for your spouse/domestic partner (DP), in $5,000 increments up to $250,000, not to exceed 100% of the employee's basic and supplemental Life amounts combined. Guarantee Issue* amount is up to $30,000.

You pay the full cost of this coverage with after-tax contributions.

*Guarantee Issue Amount: At initial eligibility, if you elect Supplemental Life Insurance in excess of the Guarantee Issue amount, Evidence of Insurability (EOI) is required. After initial eligibility, first time enrollment and increases in coverage will require EOI. You must complete a medical history statement and be approved for the coverage requiring EOI.

Note: Coverage amount(s) for Spouse/DP coverage reduces to 65% at age 70 and 50% at age 75.

You can buy coverage for children at a flat amount of $10,000. The maximum death benefit for a child between the ages of live birth and 6 months is $1,000. The monthly child rate is $1.40. The premium paid for child coverage is based on the cost of coverage for one child, regardless of how many children you have.

Protect your family by keeping your beneficiary information up-to-date.  

• Use SSO to login to the Benefits Enrollment Site
• Click on "Start Here: Change My Benefits"
• Select "Reason for Change:" scroll to "Manage Beneficiaries"
• Use today's date as the effective date

Note: Minors listed as beneficiary may not receive the full claim amount until a legal guardian is appointed.  A trust may be listed as a beneficiary. 

If you do not have a trust, Marvell's Legal Plan benefit provides coverage to create a trust with an estate planning attorney (you must elect the Legal Plan during Open Enrollment or a qualifying life event).