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Basic Life Insurance |
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| Eligibility | Employees who are regularly scheduled to work a minimum of 20 hours each week and after you have satisfied the waiting period. (Please refer to the summary plan description booklet, available from your administrator, for further details) |
| Effective Date | First of the month after waiting period (see summary benefit booklet, available from your administrator, for additional details) |
| Employee Contributions | None |
| Basic Benefit | See benefit booklet for life amount |
| Maximum Benefit | $200,000 |
| Age Reduction | Reduced by 35% at age 65 and to 50% of the basic benefit at age 70. (Refer to summary plan description booklet for minimum benefit) |
| Accidental Death & Dismemberment Benefit (AD&D) | Same amount as basic life benefit for accidental death. Benefits also payable if you suffer an accidental injury resulting in the loss of a hand, foot or eye. (Refer to summary plan booklet for details) |
| Beneficiary | The person or persons you choose to receive any benefit payable upon your death. |
| Portability Option | This option permits an individual prior to retirement, who has not reached the nomal retirement age under the 1983 United States Social Security Act, to continue the same amount of basic life in place on the date of his/her employment termination at a group premium rate. (Refer to the summary plan description booklet for details) |
| Conversion Privilege | This option provides for the conversion of the group life benefits to an individual life policy, if for example, your coverage ends due to termination of employment. The individual can apply for life insurance coverage up to the amount in place on the date of his/her employment termination. The insurance carrier will determine the premium. (Refer to the summary plan booklet for details) |