Common use of Purchase of Additional Coverage Clause in Contracts

Purchase of Additional Coverage. Bargaining unit members may purchase additional life insurance at the group rate in $5,000 increments, up to a maximum of $60,000 coverage in addition to Board paid coverage. Modifications to this provision may be necessary to comply with requirements of the insurance carrier. The value of the life insurance reduces by 50% at age 65. The specific terms of the policy are contained in the life insurance contract.

Purchase of Additional Coverage. Bargaining unit members may purchase additional life insurance at the group rate in $5,000 increments, up to a maximum of $60,000 20,000 coverage in addition to Board paid coverage. Modifications to this provision may be necessary to comply with requirements of the insurance carrier. The value of the life insurance reduces by 50% at age 65. The specific terms of the policy are contained in the life insurance contract.

Purchase of Additional Coverage. Bargaining unit members may purchase additional life insurance at the group rate in $5,000 increments, increments (or less if offered by the life insurance provider) up to a maximum of $60,000 20,000 coverage (or greater if offered by the life insurance provider) in addition to Board paid coverage. Modifications to this provision may be necessary to comply with requirements of the insurance carrier. The value If, as of July 1, 2006, any employee had purchased additional coverage in excess of $20,000, the life insurance reduces by 50% at age 65. The specific terms of employee shall maintain the policy are contained in the life insurance contractamount purchased.