Group Universal Life Insurance. The employee may elect to purchase supplemental life coverage (up to 5X their annual salary or the maximum allowable by the plan) under this plan for himself/herself and/or to include his/her lawful dependents, the employee will be responsible for the additional premium costs for himself/herself and/or 100% of the total premium costs for his/her lawful dependents. All contributions will be collected through normal payroll deductions.
Group Universal Life Insurance. The Company shall provide, at no cost to the employee, group life insurance in the amount of two (2) times their annual salary up to a maximum of five-hundred thousand ($500,000) and Accidental Death & Dismemberment coverage in the amount of two (2) times their annual salary up to a maximum of one-hundred thousand ($100,000) as a bona fide fringe benefit. The employee may elect to purchase supplemental life coverage (up to 4X their annual salary or the maximum allowable by the plan) under this plan for himself/herself and/or to include his/her lawful dependants; the employee will be responsible for the additional premium costs for himself/herself and/or 100% of the total premium costs for his/her lawful de27pendants. All contributions will be collected through normal payroll deductions.
Group Universal Life Insurance. Effective January 1, 2007, the Supplemental Life Insurance Plan will be discontinued. The Employer agrees to offer Group Universal Life insurance for purchase by eligible employees on an after-tax basis in accordance with the following: Employees enrolled in the Supplemental Life Insurance Plan as of 12/31/06 will have their coverage level converted to the Group Universal Life policy with no Evidence of Insurability required. New hires and all other employees may elect coverage for the employee and their spouse according to the underwriting requirements of the policy. The coverage level elected by the employee may be reduced by the employee. However, after initial enrollment, the coverage level may not be increased without the approval of the insurance company. There is an administrative fee per month for this coverage. The dependent child coverage amount is available at $10,000 and $20,000. Other coverage may be available at group rates. Examples include auto, homeowner’s and long term care. Employees who elect this coverage shall pay a premium which is subject to change based on claims experience or changes in Internal Revenue table rates. Group Universal Life is administered by a third party administrator as determined by the Employer. These policies will be administered in accordance with the provisions of the applicable Group Universal Life Insurance Policy issued to the Employee by the insurance carrier.
Group Universal Life Insurance. ITT will provide a 1X times the annual base salary in life insurance benefit to each bargaining unit employee at no cost to the employee. If the employee elects to purchase additional coverage (up to 5X their annual salary or the maximum allowable by the plan) under this plan for himself/herself and/or to include his/her lawful dependants, the employee will be responsible for the additional premium costs for himself/herself and/or 100% of the total premium costs for his/her lawful dependants. All contributions will be collected through normal payroll deductions.
