Common use of Life Insurance/Disability Insurance Clause in Contracts

Life Insurance/Disability Insurance. The Company, at its expense, will purchase life insurance on your life in the face amount of not less than $1 million with a beneficiary designated by you. The Company will also arrange and pay the premiums associated with short and long-term disability insurance on your behalf with annual benefits in an amount equal to 60% of your Base Salary. During the time period during which you receive benefits under the short and long-term disability policy(-ies), the Company shall not be obligated to pay your Base Salary.

Life Insurance/Disability Insurance. The Company, at its expense, will purchase life insurance on your life in the face amount of not less than $1 million 500,000.00 on with a beneficiary designated by you. The Company will also arrange and pay the premiums associated with short and long-term disability insurance on your behalf [and at your expense] with annual benefits in an amount equal to 60% of your Base Salary. During The Company will take such steps as are reasonable, including a tax gross up, to ensure that you or your beneficiaries do not incur any tax liability with regard to either the time period during which you receive amount of the premium payment or the benefits under the short and long-term disability policy(-ies), the Company shall not be obligated to pay your Base Salarypayable from such insurance.

Life Insurance/Disability Insurance. The Company, at its expense, will purchase life insurance on your life in the face amount of not less than $1 million with a beneficiary designated by you. The Company will also arrange and pay the premiums associated with short and long-term disability insurance on your behalf [and at your expense] with annual benefits in an amount equal to 60% of your Base Salary. During The Company will take such steps as are reasonable, including a tax gross up, to ensure that you or your beneficiaries do not incur any tax liability with regard to either the time period during which you receive amount of the premium payment or the benefits under the short and long-term disability policy(-ies), the Company shall not be obligated to pay your Base Salarypayable from such insurance.