VOLUNTARY PERSONAL ACCIDENT INSURANCE PLAN. If you die within 365 days of the date of accident, a covered dependent may be eligible for an education benefit equal to 5% of the insured employee’s Principal Sum up to a maximum of $5,000 annually for up to four consecutive years. Enrollment must be at an institution of higher learning as a full-time student, above grade 12 level and within 365 days of your death. If at the time of loss you had no covered dependent(s) eligible for the Education Benefit, the designated beneficiary will receive an additional $2,500 under this benefit or the Day Care Benefit.
VOLUNTARY PERSONAL ACCIDENT INSURANCE PLAN. If as a result of a “common accident” you and your spouse should both lose your lives, the spouse’s loss of life benefit shall be increased to equal 100% of the insured employee’s Principal Sum to a maximum of $1,000,000. “Common accident” means the same accident or separate accidents occurring within the same 24 hour period. When “injuries” to you shall result in a payment being made by the Plan under the “specific loss benefits” section of the policy, the Plan will pay in addition: The reasonable and necessary expenses actually incurred up to a limit of $10,000 for your special training provided:
VOLUNTARY PERSONAL ACCIDENT INSURANCE PLAN. (CY22) RATES FOR CY2022
VOLUNTARY PERSONAL ACCIDENT INSURANCE PLAN. You can protect your family from accidents anywhere in the world, whether on business, vacation, or at home with the Voluntary Personal Accident Insurance. You have the opportunity to elect coverage for yourself only, for you and your spouse, or for you and your entire family. The maximum amount of coverage that you are eligible to elect is ten times your salary up to a maximum of $600,000. Eligible employees and their dependents that work at Aerospace can be enrolled only under one enrollment form, either as an employee or as a dependent, but not both. The employee shall select the amount of coverage for themselves up to $600,000 but any amount chosen over $300,000 may not be more than 10 times their basic annual salary. Spousal and dependent children coverage shall also be available. The maximum coverage available are $500,000 for the spouse and $50,000 for each child. Benefits are distributed according to the following: Life Full amount One hand, one foot, sight of one eye, speech, or hearing One-half amount Two or more of the above Full amount Thumb and index finger of the same hand One-fourth amount If the employee who has elected family coverage suffers loss of life in a covered accident, the insurance company shall pay to the surviving children 3% of the employee’s salary (maximum of $3000 per year for each child) for tuition charged by an accredited day care center provided the child is enrolled within 90 days of the accident. This benefit is payable up to four consecutive years per child. If the employee who has selected family coverage suffers loss of life in a covered accident, the insurance in force on the remainder of the family shall continue at no further cost for a period on one year from the date of loss. If the employee suffers loss of life in an automobile accident while wearing a seat belt, the insurance company shall pay an additional 10% of the employee’s Principal Sum (maximum of $10,000) to the beneficiary. Note: this part of the benefit is void if the employee was the driver under the influence of alcohol or illegal drugs. If the employee becomes totally and permanently disabled within 180 days of a covered accident and the disability lasts for 1 year or more, (cannot perform any job for which you were educated or trained) the employee shall receive full benefit (loss of life) less benefit allowances paid for dismemberment/ functional losses. The maximum benefit is limited to $250,000 and only covers the employee. Except for retire...
