Common use of Voluntary Life Insurance Clause in Contracts

Voluntary Life Insurance. The employer agrees to provide opportunity for employees to access voluntary life insurance at no cost to the employer and subject to the conditions of the plan offered by the insurer. Such package will include the option to purchase additional employee life insurance to a maximum amount of two hundred and fifty thousand dollars ($250,000). If an employee purchases voluntary life insurance she may also purchase optional spousal life insurance, subject to the terms and conditions of the carrier’s plan. Life Insurance (100% Employer funded) Benefit Amount 2x annual earnings Maximum $240,000 NEM (Non Evidence Max) $240,000 Termination The end of the first complete month, following age 65 or retirement Accidental Death & Dismemberment (100% Employer funded) Benefit Amount 2x annual earnings Maximum $240,000 Termination The end of the first complete month, following age 65 or retirement Employee Optional Life Insurance (100% Employee funded) Benefit Amount Units of $10,000 Maximum $250,000 Termination The end of the first complete month, following age 65 or retirement Spousal Optional Life Insurance (100% Employee funded) Benefit Amount Increments of $10,000 Maximum $250,000 Termination To end of first complete month following age 65 of insured or employee retirement, whichever occurs first

Voluntary Life Insurance. The employer agrees to provide opportunity for employees to access voluntary life insurance at no cost to the employer and subject to the conditions of the plan offered by the insurer. Such package will include the option to purchase additional employee life insurance to a maximum amount of two hundred and fifty thousand dollars ($250,000). If an employee purchases voluntary life insurance she may also purchase optional spousal life insurance, subject to the terms and conditions of the carrier’s plan. Life Insurance (100% Employer funded) Benefit Amount 2x annual earnings Maximum $240,000 NEM (Non Evidence Max) $240,000 Termination The end of the first complete month, following age 65 or retirement Accidental Death & Dismemberment (100% Employer funded) Benefit Amount 2x annual earnings Maximum $240,000 Termination The end of the first complete month, following age 65 or retirement Employee Optional Life Insurance (100% Employee funded) Benefit Amount Units of $10,000 Maximum $250,000 Termination The end of the first complete month, following age 65 or retirement Spousal Optional Life Insurance (100% Employee funded) Benefit Amount Increments of $10,000 Maximum $250,000 Termination To end of first complete month following age 65 of insured or employee retirementemployee, whichever occurs first