Common use of Optional Life Insurance For Employees and Dependents Clause in Contracts

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. (b) The premium will be determined by the amount of insurance and will be adjusted with changes in the insurance amount and in the age of the employee as per the established five (5) year age bands in the premium schedule. In the event of death from any cause (excluding suicide within the first two (2) years of coverage), the amount of Optional Life Insurance under the plan will be paid to the beneficiary named. Change of beneficiary (within the limits set by law) may be made at any time by completing a form which may be obtained from the Human Resources Division. (c) At their option, employees may purchase life insurance for dependents in the following amounts: For Spouse: In units of ten thousand dollars ($10,000) to a maximum of two hundred thousand dollars ($200,000). For Dependent Children: In units of one thousand dollars ($1,000) to a maximum of five thousand dollars ($5,000). Option is also available to have only one dependent covered (i.e. spouse only or one dependent child only), or more than one dependent (i.e. spouse and/ or all dependent children). (d) Conversion privileges are available upon leaving the employ of the Employer for employee and spouse insurance only. (e) The cost of the above plans shall be borne solely by the employee.

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. (b) The premium will be determined by the amount of insurance and will be adjusted with changes in the insurance amount and in the age of the employee as per the established five (5) year age bands in the premium schedule. In the event of death from any cause (excluding suicide within the first two (2) years of coverage), the amount of Optional Life Insurance under the plan will be paid to the beneficiary named. Change of beneficiary (within the limits set by law) may be made at any time by completing a form which may be obtained from the Human Resources Division. (c) At their option, employees may purchase life insurance for dependents in the following amounts: For Spouse: In units of ten thousand dollars ($10,000) to a maximum of two hundred thousand dollars ($200,000). For Dependent Children: In units of one thousand dollars ($1,000) to a maximum of five thousand dollars ($5,000). Option is also available to have only one dependent covered (i.e. spouse only or one dependent child only), or more than one dependent (i.e. spouse and/ or all dependent children). (d) Conversion privileges are available upon leaving the employ of the Employer for employee and spouse insurance only. (e) The cost of the above plans shall be borne solely by the employee.

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. (b) The premium will be determined by the amount of insurance and will be adjusted with changes in the insurance amount and in the age of the employee as per the established five (5) year age bands in the premium schedule. In the event of death from any cause (excluding suicide within the first two (2) years of coverage), the amount of Optional Life Insurance under the plan will be paid to the beneficiary named. Change of beneficiary (within the limits set by law) may be made at any time by completing a form which may be obtained from the Human Resources Division. (c) At their option, employees may purchase life insurance for dependents in the following amounts: For Spouse: In units of ten thousand dollars ($10,000) to a maximum of two hundred thousand dollars ($200,000). For Dependent Children: In units of one thousand dollars Children: ($1,000) to a maximum of five thousand dollars ($5,000). Option is also available to have only one dependent covered (i.e. spouse only or one dependent child only), or more than one dependent (i.e. spouse and/ or all dependent children). (d) Conversion privileges are available upon leaving the employ of the Employer for employee and spouse insurance only. (e) The cost of the above plans shall be borne solely by the employee.

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. (b) The premium will be determined by the amount of insurance and will be adjusted with changes in the insurance amount and in the age of the employee as per the established five (5) year age bands in the premium schedule. In the event of death from any cause (excluding suicide within the first two (2) years of coverage), the amount of Optional Life Insurance under the plan will be paid to the beneficiary named. Change of beneficiary (within the limits set by law) may be made at any time by completing a form which may be obtained from the Human Resources Division. (c) At their option, employees may purchase life insurance for dependents in the following amounts: For Spouse: In units of ten thousand dollars ($10,000) to a maximum of two hundred thousand dollars ($200,000). For Dependent Children: In units of one thousand dollars ($1,000) to a maximum of five thousand dollars ($5,000). Option is also available to have only one dependent covered (i.e. spouse only or one dependent child only), or more than one dependent (i.e. spouse and/ or and/or all dependent children). (d) Conversion privileges are available upon leaving the employ of the Employer for employee and spouse insurance only. (e) The cost of the above plans shall be borne solely by the employee.