Life Insurance

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

If you're enrolled in Basic Life Insurance coverage (equal to two times your annual earnings), you can purchase Supplemental Life Insurance for yourself in increments of $10,000 up to $1,000,000 (not to exceed eight times your annual earnings).

Depending on how much insurance coverage you purchase, you may need to provide Evidence of Insurability (EOI), which is information on the condition of your health to be considered for insurance coverage. Here's how much Supplemental Life Insurance you can purchase without providing EOI:

  • As a new hire: You can purchase the lesser of 5x your annual earnings or $500,000.
  • During Open Enrollment or due to a family status change: You can increase coverage up to $50,000 above your current benefit level (not to exceed the lesser of 5x your annual earnings or $500,000).

For details about submitting EOI, see the Evidence of Insurability section below.

Spouse/Domestic Partner Life Insurance

If you buy supplemental life insurance for yourself, you can also buy life insurance coverage for your spouse or domestic partner in increments of $10,000 up to $250,000 (or 100% of your total employee life insurance amount, whichever is less).

Depending on how much insurance coverage you purchase, you may need to provide EOI, which is information on the condition of your spouse's/domestic partner's health to be considered for insurance coverage. Here's how much spouse/domestic partner life insurance you can purchase without providing EOI:

  • As a new hire: You can purchase $50,000.
  • During Open Enrollment or due to a family status change: You cannot elect or increase coverage by any amount without providing EOI.

For details about submitting EOI, see the Evidence of Insurability section below.

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

You have 60 days from your election date to complete your EOI requirement. Lincoln Financial will not send EOI reminders to your home address. You must submit your EOI online by logging in to Benefitsolver with your Benefitsolver username and password.

Legal Notices

For detailed summaries and legal disclosures, visit the Legal Notices page.