Life Insurance Continuation Sample Clauses

Life Insurance Continuation. For the duration of the Benefits Continuation Period, Executive shall be reimbursed for life insurance coverage premiums (or provided life insurance coverage) at the same level of coverage as was provided to Executive immediately prior to his employment termination and at the same ratio of Company premium payment to Executive premium payment as was in effect immediately prior to such employment termination; provided, however that such coverage, premium payments, or reimbursements (to the extent Employee pays the premiums in the interim) shall be delayed six months and one day from Employee’s termination date (and then paid in full in arrears) to the extent required to avoid the imposition of additional tax under U.S. Internal Revenue Code Section 409A.
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Life Insurance Continuation. Company agrees to pay on behalf of Executive the premiums for continuation of his current life insurance coverage for the duration of the statutory continuation period.
Sample 1Sample 2
Life Insurance Continuation. Basic and supplemental life insurance plans may be converted and/or ported to an individual policy if you apply within 30 days from the end of the severance period. A conversion form and a portability form will be provided to you. You are subject to the unemployment insurance laws of Illinois.
Sample 1
Life Insurance Continuation. The Company will pay the premiums for the continuation of your life insurance coverage during the Severance Period either: (i) under the Company’s group life insurance policy, if such conversion or continuation is permitted; or (ii) if such conversion or continuation is not permitted, then it will pay the premiums for a term
Sample 1
Life Insurance Continuation. Tekelec (at its expense) will continue, for a period of 18 months following the Termination Date and provided that Employee remains insurable (under the same underwriting criteria and at a premium not exceeding 110% of the premium being paid at such Termination Date) during such 18 months, such term life insurance in like amount and on the same terms and conditions as is in effect for such officer immediately prior to his Termination Date.
Sample 1
Life Insurance Continuation. In lieu of Tekelec’s continuation of Former Employee’s life insurance benefits after the Termination Date, the Severance Allowance described in Section 6.2 below has been increased by the amount of $1800.00. Any conversion or continuation of life insurance after the Termination Date shall be at Former Employee’s sole expense in accordance with the terms of applicable life insurance policy.
Sample 1
Life Insurance Continuation. The Company shall maintain in good standing for a period of twelve (12) months following the Separation Date, the life insurance policy maintained at Met Life in the approximate amount of $500,000 for the benefit of Executive and his designated beneficiaries.
Sample 1
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Life Insurance Continuation. The Company will pay the premiums for the continuation of your life insurance coverage during the Severance Period either: (i) under the Company’s group life insurance policy, if such conversion or continuation is permitted; or (ii) if such conversion or continuation is not permitted, then it will pay the premiums for a term life insurance policy with a comparable benefit. You are not entitled to a cash payment in substitution for the life insurance premiums to be paid by the Company. As a condition to your obtaining benefits pursuant to this Section 2(i), you must comply with reasonable requests for medical information or physical examination from any insurance company prospectively issuing a policy for the coverage under this Section 2(i).
Sample 1

Related to Life Insurance Continuation

  • Continuation Coverage If Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) within the time period prescribed pursuant to COBRA for Executive and Executive’s eligible dependents, then the Company will reimburse Executive for the COBRA premiums for such coverage (at the coverage levels in effect immediately prior to Executive’s termination) until the earlier of (A) a period of six (6) months from the date of termination or (B) the date upon which Executive and/or Executive’s eligible dependents become covered under similar plans. The reimbursements will be made by the Company to Executive consistent with the Company’s normal expense reimbursement policy. Notwithstanding the first sentence of this Section 3(a)(iii), if the Company determines in its sole discretion that it cannot provide the foregoing benefit without potentially violating, or being subject to an excise tax under, applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will in lieu thereof provide to Executive a taxable monthly payment, payable on the last day of a given month, in an amount equal to the monthly COBRA premium that Executive would be required to pay to continue Executive’s group health coverage in effect on the termination of employment date (which amount will be based on the premium for the first month of COBRA coverage), which payments will be made regardless of whether Executive elects COBRA continuation coverage and will commence on the month following Executive’s termination of employment and will end on the earlier of (x) the date upon which Executive obtains other employment or (y) the date the Company has paid an amount equal to six (6) payments. For the avoidance of doubt, the taxable payments in lieu of COBRA reimbursements may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to all applicable tax withholdings.

  • Benefit Continuation (a) For leaves taken pursuant to Clause 21.1, 21.2 and 21.3 the Employer shall maintain coverage for medical, extended health, dental, group life and long-term disability, and shall pay the Employer’s share of these premiums. (b) Notwithstanding Clause 21.4(a) above, should an employee be deemed to have resigned in accordance with Clause 21.5 the Employer will recover monies paid pursuant to this clause.

  • Benefits Continuation In addition, Executive shall be entitled to health and dental insurance benefits for a period of eighteen (18) months following the termination of this Agreement. These benefits will be provided at Employer’s expense, but such period shall count towards the Employer’s continuation of coverage obligation under Section 4980B of the Internal Revenue Code (commonly referred to as “COBRA”).

  • Life Insurance Coverage a. Forty Thousand ($40,000) Dollars life insurance policy with AD&D from an insurance carrier selected by the Board, subject to the provisions of this section. b. Employees who have Board-provided term life insurance shall have a thirty- one (31) day conversion right upon termination of employment. Any employee electing the right to conversion in order to keep term life insurance in force, must contact the insurance carrier within thirty-one (31) days of the last day of employment. c. The life insurance policy shall pay to the employee’s beneficiary the aforementioned sum within the underwriting rules and regulations as set forth by the insurance carrier.

  • Life Insurance Benefits A. During the life of this Agreement, the basic life insurance benefit made available to Faculty members shall be calculated as 3 times base annual earnings, rounded to the next highest $1,000, but not more than $225,000. A separate additional benefit up to the amount of the life insurance will be paid for accidental death and dismemberment, or loss of sight. The amount of Life and Accidental Death and Dismemberment/Loss of Sight benefits will be reduced to 65% at age 65, and further reduced (from the original insurance amount) as follows: to 50% at age 70, and 35% at age 75. Basic life insurance and AD&D benefits will be provided with no employee contributions. B. Faculty members will be eligible to purchase the following supplemental coverage: 1. additional amounts of group term life insurance at a level of between one and three (3) times the Faculty member’s annual salary with a maximum of $600,000. The guaranteed issue level at initial enrollment will be determined by the life insurance carrier and any amounts over the guaranteed level will be subject to the underwriting requirements of the life insurance carrier. 2. group term life insurance for spouses and domestic partners at a level of between one (1) and three (3) times annual salary with a maximum of $600,000. The guaranteed issue level at initial enrollment will be determined by the life insurance carrier and any amounts over the guaranteed level will be subject to the underwriting requirements of the life insurance carrier. 3. group term life insurance for eligible dependent children at a level of $10,000.

  • 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.

  • 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."

  • Salary Continuation If the Executive becomes totally disabled during the term of this Agreement, his full salary shall be continued for 360 days from the date of the disabling injury or onset of the disability illness.

  • Split Dollar Life Insurance The Company shall pay to the Executive a lump sum equal to the cost on the Termination Date of purchasing, at standard independent insurance premium rates, an individual

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