Supplemental Death Benefits Clause Samples
The Supplemental Death Benefits clause provides additional financial benefits to beneficiaries in the event of the insured individual's death, beyond the standard life insurance coverage. This clause typically outlines the eligibility criteria, the calculation of the supplemental amount, and the process for claiming these extra benefits. Its core function is to offer enhanced financial security to the insured's dependents, addressing the need for greater support in the aftermath of a loss.
Supplemental Death Benefits. If the Employee continues his employment as an officer of the Company until his retirement on or after attaining age 65, then, commencing in the month following the month in which Employee’s death occurs the Company shall pay to his designated Beneficiary, determined in accordance with the provision of Paragraph 10 below, 50% of the Employee’s monthly salary at the time of his retirement for a period of 72 months.
Supplemental Death Benefits. If the Employee continues his employment as an officer of the Company until his retirement on or after attaining age 65, then upon the Employee’s subsequent death the Company shall pay to his designated Beneficiary, determined in accordance with the provision of Paragraph 10 below, 50% of the Employee’s monthly salary at the time of his retirement for a period of 72 months. These supplemental post-retirement death benefits, however, shall not become payable if the Employee’s death is by suicide, while sane or insane, within two years from the effective date of the Prior Agreement.
Supplemental Death Benefits. In order to make the Executive's beneficiaries whole for any loss of death benefits caused by the Executive's termination of employment with his former employer, the Company will pay the Executive's beneficiaries, if the Executive dies during his employment by the Company, a supplemental death benefit equal to the difference between: (i) the death benefits the Executive's beneficiaries would have received from his former employer's tax-qualified defined benefit pension plan and any supplemental plan if he had continued employment with his former employer until the date of his death, with the amount of such benefits calculated under the former employer's plans as in existence on the Effective Date and based on the Executive's combined employment and salary history at his former employer and at the Company, and (ii) the sum of (A) the death benefits the Executive's beneficiaries actually receive or are entitled to receive from his former employer's tax-qualified defined benefit pension plan and any supplemental plan, and (B) the death benefit the Executive's beneficiaries receive or are entitled to receive under the PRA and any successor thereto, each addend calculated as of the date of the Executive's death. For purposes of calculating this supplemental death benefit, the benefit amounts under each such plan and the resulting difference shall be calculated as lump sum payments equal to the full value of the Executive's death benefit available from the plans, regardless of the forms in which the Executive's beneficiaries actually receive distributions from any of the plans. The Executive's beneficiaries may elect to receive the supplemental death benefit in any distribution form available under the PRA having an actuarially equivalent value to the calculated lump sum, with actuarial equivalence determined on the basis of actuarial assumptions under the PRA.