Purchase of Optional Life Insurance Sample Clauses

Purchase of Optional Life Insurance. 3042 An employee who is regularly scheduled to work thirty-two (32) or more hours per week may purchase his or her choice of the following life insurance programs, at time of hire, or when transferred to eligible status at the Employer’s cost. The coverage will become effective after completion of sixty (60) calendar days of employment. An employee who participates in the Alternate Compensation Program (ACP), and scheduled to work thirty-two (32) or more hours per week, is eligible for Optional Life Insurance. Program Optional Life Accidental Death & Dismemberment Program I $10,000 $10,000 Program II $20,000 $10,000 Program III $30,000 $10,000 Program IV $40,000 $10,000
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Related to Purchase of Optional Life Insurance

  • 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.

  • Additional Life Insurance All eligible employees shall be permitted to purchase term life insurance in addition to the amount provided by the Board in paragraph C. of this Article.

  • Optional Group Life Insurance Subject to the provisions of the Plan, eligible employees shall be entitled to purchase optional Group Life Insurance coverage in units of ten thousand dollars ($10,000) up to a maximum of two hundred and fifty thousand dollars ($250,000). The employee shall pay one hundred percent (100%) of the premiums for the optional coverage.

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

  • 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."

  • Group Term Life Insurance The School District will pay the full premium for each $1,000 of coverage for group term life insurance. The amount of life insurance provided will be $20,000, subject to the conditions of the carrier.

  • 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.

  • 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.

  • Basic Life Insurance 37.1 The Employer shall pay one hundred percent (100%) of the monthly premium of the basic life insurance plan.

  • Supplemental Life Insurance In addition to the life insurance benefits provided by this agreement, employees may subscribe voluntarily and at their own expense for supplemental life insurance. Employees may subscribe for an amount not to exceed five hundred thousand dollars ($500,000), of which one hundred thousand ($100,000) is a guaranteed issue, provided the election is made within the required enrollment periods.

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