Common use of EMPLOYEE PAID LIFE PLAN Clause in Contracts

EMPLOYEE PAID LIFE PLAN. 1. If coverage is desired, the University will make available to employees an Employee-Paid Life Plan. The plan is entirely funded from employee premiums and rates are subject to future group experience. The plan is decreasing term coverage with no cash or loan value. Employees may select coverage under one option: either salary indexed or fixed benefit. Benefits may also be selected for eligible dependents.

EMPLOYEE PAID LIFE PLAN. 1. If coverage is desired, the University will make available to employees an Employee-Paid Life Plan. The plan is entirely funded from employee premiums and rates are subject to future group experience. The plan is decreasing term coverage with no cash or loan value. Employees may select coverage under one option: either salary indexed or fixed benefitup to EIGHT TIMES THEIR ANNUAL SALARY TO A MAXIMUM OF $2,000,000. Benefits may also be selected for eligible dependents.