MMC Benefits Handbook
Definition of Salary
For Marsh & McLennan Companies employees (other than MMA):
- Salary for the purpose of the Plan is your annual base salary (excluding overtime, bonuses, commissions, and other extra compensation).
For MMA employees:
Calculation of Death Benefit
How is the death benefit calculated?
At death, the face amount less any outstanding loan balances (including principal plus interest) will be paid to designated beneficiaries.
How Benefits Are Paid
How will the beneficiary be paid the life insurance benefit?
There are two payment methods:
- a lump sum check made payable to the beneficiary if the benefit is under $5,000
- the money will be held in an account until the minor's 18th birthday. The beneficiary cannot access it until then. At which time, the beneficiary can access all or part of the benefit at any time by writing a check against the account which is administered and guaranteed by the insurer. The beneficiary will be provided full details on the account when the benefit becomes payable.