Life insurance provides financial security to those who mean the most to you. Synopsys offers several plans to make sure you get the right level of protection for yourself and, if applicable, your spouse/domestic partner and children.
Basic Life Insurance
You’re automatically enrolled in Basic Life Insurance coverage equal to two times your annual earnings, up to $1,000,000. Synopsys pays the full cost of this coverage.
Because Basic Life Insurance of more than $50,000 is included in your taxable income, we also offer a $50,000 Basic Life Insurance coverage option. The IRS does not include Basic Life Insurance of $50,000 or less in your taxable income, so you will not be responsible for any income taxes on this option.
Supplemental Life Insurance
In addition to Basic Life Insurance, you can purchase Supplemental Life Insurance for yourself, up to $1,000,000 (not to exceed eight times your annual earnings).
Spouse/Domestic Partner Life Insurance
You can buy life insurance coverage for your spouse or domestic partner, up to $250,000 (or 50% of your total employee life insurance amount, whichever is less).
Child Life Insurance
You can buy life insurance coverage for your child(ren) in the amount of $1,000, $5,000 or $10,000.
Evidence of Insurability
Evidence of Insurability (EOI) is an application process in which you provide information on the condition of your health or your dependent's health in order to be considered for insurance coverage. You’re required to complete an EOI form:
- If you increase your Supplemental Life Insurance coverage for yourself by more than $50,000, up to the lesser of 5x your annual income or $500,000.
- If your Supplemental Life Insurance coverage exceeds the lesser of 5x your annual income or $500,000, and you want to increase your coverage by any amount.
- If you increase coverage for your spouse or domestic partner by any amount.
You have 60 days from your election date to complete your EOI requirement. Liberty Mutual will not send EOI reminders to your home address. You must submit your EOI online:
- Go to mylibertyconnection.com.
- Create a username and password using the customer code SynopsysIN.
- Complete the EOI questions.