Labcorp offers life insurance to most full-time employees as part of its standard benefits package

Labcorp provides group life insurance to may be able to access full-time employees at no cost to the employee. The company pays the premium entirely. This is basic term life insurance — it covers you for a set dollar amount if you die while employed, and the benefit pays to your named beneficiary.

The amount of coverage depends on your job level and salary. Most employees receive coverage equal to one or two times their annual salary, though some positions receive higher multiples. Part-time employees and contractors typically do not receive this benefit, though some part-time roles may be included depending on your location and division.

Beyond the basic coverage Labcorp pays for, you can usually purchase additional life insurance through payroll deduction at group rates, which are cheaper than buying an individual policy on your own. This optional coverage is called supplemental life insurance, and you pay the premium yourself.

Key Takeaways

  • Labcorp covers the full cost of basic group life insurance for most full-time employees, with coverage typically equal to one or two times your annual salary.
  • The exact benefit amount varies by job level and salary, so you should check your specific offer letter or benefits summary to know your coverage.
  • You can buy additional life insurance through Labcorp's plan at group rates, paid through payroll deduction, if you want more coverage than the basic amount.
  • Part-time employees and contractors are usually not included in the group plan, though some part-time positions may have access depending on location.

How to find out your exact coverage amount

Your benefits summary or offer letter should state the multiple of salary or the dollar amount you receive. If you cannot find this document, contact Labcorp's benefits department or your HR representative directly — they can tell you the exact figure in minutes.

You can also log into your employee benefits portal if Labcorp provides one. Most large employers now host a self-service site where you can view your current coverage, beneficiary information, and options to add supplemental coverage. The portal login details are usually sent when you enroll or included in your benefits materials.

Adding supplemental life insurance through Labcorp

If the basic coverage is not enough, you can purchase additional term life insurance during open enrollment or within 30 days of becoming may be able to access. The cost is deducted from your paycheck, and rates are based on your age and health at the time you enroll.

Supplemental coverage usually comes in increments — for example, $50,000, $100,000, or $250,000 — so you can choose the amount that fits your needs. Unlike the basic plan, supplemental coverage may require you to answer health questions or undergo a medical exam if you request a large amount.

If you miss the initial enrollment window, you may still be able to add supplemental coverage during the annual open enrollment period, though some employers restrict this to certain times of year. Check with your HR department about timing.

What happens to your coverage if you leave Labcorp

Group life insurance through an employer ends when you leave the job. However, most plans allow you to convert your coverage to an individual policy within 30 to 60 days of separation, without a medical exam. The individual policy will cost more than the group rate, but you keep the coverage.

Some plans also offer portability, which means you can continue the group coverage for a limited time after you leave, paying the full premium yourself. Ask your benefits department about both options before you resign or retire.

Life insurance through Labcorp if you are a contractor or part-time worker

Contractors and most part-time employees do not receive group life insurance through Labcorp. If you fall into either category, you will need to purchase an individual term life policy on your own if you want coverage.

Individual policies are available from most insurance companies and can be cheaper than you might expect, especially if you are young and in good health. You can compare quotes online or work with an insurance broker who represents multiple carriers.

Beneficiary designation and claims

When you enroll in Labcorp's life insurance, you name a beneficiary — the person or people who receive the death benefit. You can name a spouse, child, parent, or anyone else. You can change your beneficiary at any time through your benefits portal or by contacting HR.

If a beneficiary needs to file a claim, they should contact Labcorp's benefits department or the insurance carrier directly with a copy of the death certificate. The carrier will guide them through the process, which typically takes two to four weeks.

Frequently Asked Questions

Does Labcorp life insurance cover suicide?

Most group life insurance policies exclude death by suicide within the first two years of coverage. After two years, suicide is usually covered. Check your plan documents or ask your HR department about the specific exclusion period in your policy.

Can I take my Labcorp life insurance with me if I change jobs?

No, group coverage ends when you leave. However, you can convert it to an individual policy within 30 to 60 days without a medical exam. You can also shop for a new individual policy with a different carrier. Conversion is usually more expensive than a new policy, so compare both options.

What if I want more coverage than Labcorp offers?

You can buy supplemental life insurance through Labcorp's plan up to a certain limit, usually several hundred thousand dollars. If you need even more, you can purchase an individual policy from another insurance company at any time, regardless of whether you are enrolled in Labcorp's plan.

Is Labcorp life insurance taxable income?

The basic coverage Labcorp pays for is not taxable to you. If the death benefit exceeds $50,000, the excess may be taxable income to your beneficiary, though this is rare with standard group plans. Your HR department can explain the tax treatment of your specific coverage amount.

Can I name multiple beneficiaries?

Yes. You can name more than one beneficiary and specify what percentage each person receives. You can also name a trust or your estate as beneficiary. Changes take effect when you submit them, so update your designation if your circumstances change.