Common use of Life Insurance/Death Benefits Clause in Contracts

Life Insurance/Death Benefits. Company shall provide Employee with an appropriate life insurance policy that pays a death benefit to the beneficiaries named by Employee in an amount equal to $20,000. Such life insurance shall be, at the Company's sole discretion, either an individual policy or group policy, as reasonably available. The Company's obligation to provide such life insurance policy is contingent upon the Employee's insurability. Employee agrees to submit to any physical examination by a physician if required as part of life insurance application process. In the event of Employee's death during the term of this Agreement, the Company shall provide to Employee's spouse and dependent children, at the expense of the Company and for a period of 12 months after Employee's death, medical and dental benefits comparable to those provided by the terms and conditions of the Company's then existing medical and dental benefit plans, if any. Thereafter, the Company will extend continuation coverage benefits to Employee's spouse and dependent children, as required under federal or state law (i.e., COBRA) upon the loss of coverage occurring at the expiration of the 12 month term.