Optional Life Insurance For Employees and Dependents. (a) An employee may purchase life insurance additional to the Basic Life Insurance in units of ten thousand dollars ($10,000) up to a maximum of three hundred and fifty thousand dollars ($350,000), or as may be amended from time to time. This option shall be available without evidence of insurability for coverage amounts of up to forty thousand dollars ($40,000) when the employee first becomes eligible. If any application for Optional Life Insurance is made for more than forty thousand dollars ($40,000), or it is made more than thirty-one (31) days after first becoming eligible, evidence of insurability satisfactory to the insurer must be supplied. An application from an employee to increase the amount of insurance currently held will also require evidence of health satisfactory to the Insurer.
Appears in 9 contracts
Samples: Letter of Agreement, Letter of Agreement, Letter of Agreement
