Common use of Supplemental Life Insurance Plan Clause in Contracts

Supplemental Life Insurance Plan. (i) The Colleges will provide supplementary life insurance on a voluntary basis in units of $10,000.00 each to a maximum of five (5) units. The Colleges shall pay sixty per cent (60%) of the monthly premiums and the balance of the premiums will be paid by subscribing employees through payroll deduction.

Supplemental Life Insurance Plan. (i) The Colleges will provide supplementary life insurance on a voluntary basis in units of $10,000.00 each to a maximum of five (5) units. The Colleges shall pay sixty per cent (60%) of the monthly premiums and the balance of the premiums will be paid by subscribing employees through payroll deduction. Effective November 1, 2014 or such reasonable time thereafter as may be required and subject to eligibility requirements, the Colleges shall continue the Supplemental Life Insurance Plan to provide for the availability of further Supplementary Life Insurance in units of $10,000 to a maximum of $50,000 for employees who elect the maximum option of $50,000 in (i) above, provided the employee pays one hundred percent (100%) of the monthly premium through payroll deduction.