Life insurance protects your family’s finances if you or a dependent passes away. You can also elect an Accidental Death and Dismemberment policy for added coverage.

Basic and Supplemental

Basic Life

The company pays for basic life insurance coverage, insured by The Hartford, equal to one times your annual pay up to $3 million (rounded up to the nearest $100). Basic life insurance pays a benefit to your designated beneficiary(ies) if you pass away. You are automatically enrolled in this coverage. For more information, please refer to your Employee Benefits Handbook.

Occupational Accidental Death (OAD)

OAD pays a benefit of $500,000 to your designated beneficiary(ies) if you die as a result of a covered occupational accident while on the job. This is a company-paid benefit, and you are automatically enrolled in this coverage. For more information, please refer to your Employee Benefits Handbook.

Supplemental Life Insurance

In addition to the company-paid basic life insurance coverage, you can purchase supplemental life insurance; insured by The Hartford. You can elect supplemental life insurance in an amount equal to one to eight times your annual pay.

This coverage can be elected or increased anytime during the year. However, you will be required to complete evidence of insurability (EOI) for any increase in coverage, including an increase requested during the Annual Benefits Enrollment period. For more information, please refer to your Employee Benefits Handbook.

You pay the entire cost of your supplemental and dependent life coverage with after-tax dollars deducted from your pay each month. The cost of supplemental life coverage is based on your age and coverage amount. The cost of supplemental and dependent life coverage may change from year to year. When you enroll, you will receive information about how to access the current costs.

Accelerated Benefit Option

Your life insurance coverage includes an accelerated benefit option, available if you or your spouse (if enrolled) is diagnosed as terminally ill with 24 months or less to live.

  • This option enables you to receive an immediate lump-sum payment of up to 80% of your basic life and/or supplemental life coverage. You or your spouse must have a minimum of $10,000 basic and/or supplemental life coverage in order to apply for this benefit.
  • The minimum payout is $8,000, and the maximum payout for a covered employee is 80% of your total life coverage, up to a maximum of $1,000,000. The maximum payout for a spouse is $60,000.

For example: If you have Basic and/or supplemental Life coverage in the amount of $100,000, you can request a payout ranging from $8,000 to $80,000. However, if you decide to request only $8,000 now, you cannot request an additional $72,000 in the future.

Your life insurance benefits are paid to your designated beneficiary(ies). You can name as many as you wish, and they can be individual persons, your estate, a trust, church or charitable organizations.

Dependent Life Insurance

You can purchase dependent life insurance for your spouse and eligible dependent children. Dependent life insurance, insured by The Hartford, pays a benefit to you upon the death of your spouse or child(ren). Once enrolled, all of your eligible dependents are automatically covered.

You have two dependent life insurance coverage options: 

  • High option — $75,000 for your spouse and $25,000 for each child 
  • Low option — $40,000 for your spouse and $15,000 for each child 


Accidental Death and Dismemberment

Accidental death and dismemberment (AD&D) benefits offered under the ConocoPhillips Life Insurance Plan (the Plan) provide your family with valuable financial protection in the event of your death, dismemberment, or other covered loss due to a covered accident. You can elect this coverage at any time during the year.

Coverage Options for You and Your Spouse

You can elect from $20,000 to $1 million (in increments of $10,000) for yourself, but it cannot exceed 12 times your annual pay. You can elect $20,000 to $500,000 for your spouse.

Coverage Options for Eligible Dependent Children

You can elect $10,000 to $50,000 in coverage for your eligible dependent child(ren). You pay one amount for the policy which covers all of your eligible dependent children. 

Executive Life

The ConocoPhillips Employee Executive Life Insurance Plan (the Plan) provides Group Variable Universal Life (GVUL) or Group Universal Life (GUL) insurance coverage to eligible employees. The Plan includes an optional cash accumulation feature, which may generate earnings on a tax-deferred basis.