Group Universal Life Insurance Sample Clauses

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.
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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.
Sample 1
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.
Sample 1
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.
Sample 1

Related to Group Universal Life Insurance

  • Group Life Insurance The Hospital shall contribute one hundred percent (100%) toward the monthly premium of HOOGLIP or other equivalent group life insurance plan in effect for eligible full-time employees in the active employ of the Hospital on the eligibility conditions set out in the existing Agreements.

  • Group Term Life Insurance The Welfare Plan will include Group Term Life Insurance in accordance with the following Table of Hourly Job Rate Brackets and corresponding coverages. Benefits will be payable as a result of death from any cause on a twenty-four (24) hour coverage basis.

  • Life Insurance No portion of your IRA may be invested in life insurance contracts.

  • Term Life Insurance The Employer will maintain and make available to full-time and part-time employees, the current term life insurance plan as set forth in the document "Summary of Health Benefits, Maryland State Employees."

  • Group Life Insurance Plan Eligibility

  • Basic Life Insurance 37.1 The Employer shall pay one hundred percent (100%) of the monthly premium of the basic life insurance plan. 37.2 The basic life insurance plan shall provide: (a) Effective June 1, 2002, coverage equal to one hundred percent (100%) of annual salary or ten thousand dollars ($10,000), whichever is greater; (b) where an employee is continuously disabled for a period exceeding six (6) months, the Employer will continue to pay monthly premiums on behalf of the employee until the earliest of recovery, death, or the end of the month in which the employee reaches age sixty-five (65). Any premiums paid by the employee for this coverage between the date of disability and the date this provision comes into force shall be refunded to the employee; (c) a conversion option for terminating employees to be obtained without evidence of insurability and providing coverage up to the amount for which the employee was insured prior to termination (less the amount of coverage provided by the Employer in the case of retirement). The premium of such policy shall be at the current rates of the insuring company. Application must be made within thirty-one (31) days of the date of termination of insurance. The Employer will advise terminating employees of this conversion privilege. The minimum amount that may be converted is two thousand dollars ($2,000). The conversion options shall be: 1. Any standard life or endowment plans (without disability or double-indemnity benefits) issued by the insurance carrier. 2. A one (1) year term insurance plan which is convertible to the standard life or endowment plans referred to in option 1 above. 3. A term to age sixty-five (65) insurance plan. 37.3 The amount of basic life insurance will be adjusted with changes in the employee’s salary from the date of approval of the increase or the effective date, whichever is later. If an employee is absent from work because of sickness or disability on the date an increase in insurance would have occurred, the increase will not take effect until the employee returns to work on a full-time basis (i.e., for at least one (1) full day). 37.4 Basic life insurance will terminate at the end of the month in which an employee ceases to be a regular employee unless coverage is extended under the total disability provision. Employees who receive a monthly benefit from the Public Service Superannuation Fund or the OPSEU Pension Trust are entitled to free coverage of two thousand dollars ($2,000) not earlier than thirty-one (31) days after the first of the month coinciding with or following date of retirement and this amount will be kept in force for the remainder of the employee’s life.

  • Retiree Life Insurance Employees who retire under the Monroe County Employees' Retirement System shall be eligible for $4,000.00 term life insurance. All employees hired by the Employer on or after October 1, 2007 shall not be eligible for Retiree Life Insurance.

  • Dependent Life Insurance In the event of the death of your spouse or dependent child from any cause whatsoever, while you and your dependents are insured under the plan, the insurance company will pay you $10,000 in respect of your spouse and $5,000 in respect of each insured dependent child. This applies to those employees with family health coverage only.

  • Key Man Life Insurance The Company may apply for and obtain and maintain a key man life insurance policy in the name of Executive together with other executives of the Company in an amount deemed sufficient by the Board, the beneficiary of which shall be the Company. Executive shall submit to physical examinations and answer reasonable questions in connection with the application and, if obtained, the maintenance of, as may be required, such insurance policy.

  • Supplemental Life Insurance In addition to the life insurance benefits provided by this agreement, employees may subscribe voluntarily and at their own expense for supplemental life insurance. Employees may subscribe for an amount not to exceed five hundred thousand dollars ($500,000), of which one hundred thousand ($100,000) is a guaranteed issue, provided the election is made within the required enrollment periods.

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