Optional Term Life Insurance Sample Clauses

Optional Term Life Insurance. Effective July 1, 1999, employees may purchase group life insurance in amounts equal to one, two or three times salary provided they pay 100% of the premiums. This benefit shall carry into retirement at the member’s election. At age 70, the face value of the policy reduces to 50% of the original face value. At age 75, the face value of the policy reduces to 25% of original face value. The member can purchase the amount of the reductions on an individual policy as long as amount does not exceed the original face value. There shall be no pre-qualification for those who elect this insurance during initial implementation or initial employment. Thereafter, a medical examination and/or medical questionnaire may be required. Eligibility shall be extended to all employees who were in the bargaining unit as of January 1, 1999.
Sample 1Sample 2Sample 3See All (7)
AutoNDA by SimpleDocs
Optional Term Life Insurance. Effective January 1, 2014, employee’s may purchase additional optional term life insurance in amounts equal to 4 up to 8 times their basic annual earnings subject to a maximum of $1,000,000. Employees shall pay 100% of the premiums. There shall be no pre-qualification for those who elect this insurance during initial implementation or initial employment in amounts equal to one, two, three or four times their salary.
Sample 1Sample 2Sample 3See All (6)
Optional Term Life Insurance. The Board shall administer the BCTF Optional Term Life Insurance Plan, deducting 100% of the premium from the salary of any teacher who chooses to participate.
Sample 1Sample 2
Optional Term Life Insurance. Effective July 1, 1999, employees may purchase group life insurance in amounts equal to one, two or three times salary provided they pay 100% of the premiums. This benefit shall carry into retirement to age 70. There shall be no pre-qualification for those who elect this insurance during initial implementation or initial employment. Thereafter, a medical examination and/or medical questionnaire may be required. Eligibility shall be extended to all employees who were in the bargaining unit as of January 1, 1999.
Sample 1
Optional Term Life Insurance. You may want to supplement the basic life coverage provided for you by NTS and purchase additional life protection. You may enroll for increments of $10,000, up to a maximum of $300,000. Certain coverage is available without providing evidence of good health. If you enroll within 31 days of your date of eligibility, your guaranteed coverage amount is the lesser of two times your base annual earnings or $150,000. NTS also offers you the opportunity to enroll your spouse or dependent children in a group Dependent Term Life insurance plan, however you may only purchase dependent coverage if you are enrolled in Optional Term Life. You may enroll your spouse for coverage in increments of $10,000. The maximum coverage you may purchase for your spouse is the lesser of 50% of your Term Life coverage amount or $150,000. If your spouse enrolls within 31 days of your date of eligibility or within 31 days of marriage, his/her guaranteed coverage amount is $20,000. You may enroll your dependent children for coverage for $10,000. The coverage amount for children 14 days to 6 months is $100. Dependent Term Life coverage has one premium rate that covers all eligible children. Please see your Human Resources department for details and plan rates. All optional Term Life insurance plans offered are portable should you ever decide to leave NTS. This optional life coverage, known as TAC-$aver®Plus compliments the basic and optional term life coverage that is offered above, but at a larger selection of fringe benefits available through payroll deduction. TAC-$aver®Plus offers permanent life insurance protection which includes a cash value component that grows in value earning competitive market interest. A number of "living benefits" are available with our Universal Life coverage: • A Guaranteed Death Benefit that guarantees coverage to age 95 regardless of market conditions • A Job Layoff Feature that keeps the coverage in force for up to six months if you arc laid off. • An Accelerated Death Benefit for terminal illness, which allows insured individuals to "tap into" their life insurance when diagnosed with i terminal illness. • An Accelerated Death Benefit for Critical Care that allows an early payout of part of the life insurance benefit in the event of a heart attack, stroke, specified cancers, etc. • An Accelerated Death Benefit for Long-term Care, which allows you to receive up to 2% of the death benefit per month for covered nursing or home health care services.
Sample 1
Optional Term Life Insurance a. The Board shall deduct the monthly premiums by payroll deduction from those teachers participating in the B.C.T.
Sample 1
AutoNDA by SimpleDocs
Optional Term Life Insurance. Employees may elect to participate in the Company’s optional Term Life Insurance Program as described in the Summary Plan Description and at the employees’ expense.
Sample 1

Related to Optional Term Life Insurance

  • Group Term Life Insurance The Welfare Plan will include Group Term Life Insurance in accordance with the following Table of Hourly Job Rate Brackets and corresponding coverages. Benefits will be payable as a result of death from any cause on a twenty-four (24) hour coverage basis.

  • Optional Life Insurance The State shall make available optional term-life insurance to employees. The cost will be paid by the employee on a payroll deduction basis. The available coverage will be at least two (2) times the employee’s salary. No evidence of insurability will be required if an adequate number of employees participate. The State will explore smoker/non-smoker rates and spousal coverage.

  • 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."

  • Life Insurance No portion of your IRA may be invested in life insurance contracts.

  • Retiree Life Insurance Employees who retire under the Monroe County Employees' Retirement System shall be eligible for $4,000.00 term life insurance. All employees hired by the Employer on or after October 1, 2007 shall not be eligible for Retiree Life Insurance.

  • Basic Life Insurance 37.1 The Employer shall pay one hundred percent (100%) of the monthly premium of the basic life insurance plan. 37.2 The basic life insurance plan shall provide: (a) Effective June 1, 2002, coverage equal to one hundred percent (100%) of annual salary or ten thousand dollars ($10,000), whichever is greater; (b) where an employee is continuously disabled for a period exceeding six (6) months, the Employer will continue to pay monthly premiums on behalf of the employee until the earliest of recovery, death, or the end of the month in which the employee reaches age sixty-five (65). Any premiums paid by the employee for this coverage between the date of disability and the date this provision comes into force shall be refunded to the employee; (c) a conversion option for terminating employees to be obtained without evidence of insurability and providing coverage up to the amount for which the employee was insured prior to termination (less the amount of coverage provided by the Employer in the case of retirement). The premium of such policy shall be at the current rates of the insuring company. Application must be made within thirty-one (31) days of the date of termination of insurance. The Employer will advise terminating employees of this conversion privilege. The minimum amount that may be converted is two thousand dollars ($2,000). The conversion options shall be: 1. Any standard life or endowment plans (without disability or double-indemnity benefits) issued by the insurance carrier. 2. A one (1) year term insurance plan which is convertible to the standard life or endowment plans referred to in option 1 above. 3. A term to age sixty-five (65) insurance plan. 37.3 The amount of basic life insurance will be adjusted with changes in the employee’s salary from the date of approval of the increase or the effective date, whichever is later. If an employee is absent from work because of sickness or disability on the date an increase in insurance would have occurred, the increase will not take effect until the employee returns to work on a full-time basis (i.e., for at least one (1) full day). 37.4 Basic life insurance will terminate at the end of the month in which an employee ceases to be a regular employee unless coverage is extended under the total disability provision. Employees who receive a monthly benefit from the Public Service Superannuation Fund or the OPSEU Pension Trust are entitled to free coverage of two thousand dollars ($2,000) not earlier than thirty-one (31) days after the first of the month coinciding with or following date of retirement and this amount will be kept in force for the remainder of the employee’s life.

  • 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.

  • Optional Life and Disability Coverages In order for coverage to become effective, the employee must be in active payroll status and not using sick leave on the first day following approval by the insurance company. If it is an open enrollment period, coverage may be applied for but will not become effective until the first day of the employee's return to work.

  • 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

  • Group Life Insurance The Hospital shall contribute one hundred percent (100%) toward the monthly premium of HOOGLIP or other equivalent group life insurance plan in effect for eligible full-time employees in the active employ of the Hospital on the eligibility conditions set out in the existing Agreements.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!