Optional Life Insurance definition

Optional Life Insurance. You may elect additional life insurance equal to 1, 2, or 3 times your annual base salary, up to the guaranteed issue amount of $400,000 without evidence of insurability or up to a maximum of $500,000 with evidence of insurability. Employees pay age-based premiums through a payroll deduction. Optional Dependent Life Insurance: Employees may enroll in a $5,000 term life insurance plan for their spouse/registered domestic partner and/or in a $2,000 plan for each dependent child. Employees pay the premium through a payroll deduction.
View Source
Optional Life Insurance. The employer agrees to increase the available maximum coverage of Optional Life Insurance for a “Dependent Life” to 50% of the employees salary. The cost of this Optional Insurance is paid by the employee.
View Source

Examples of Optional Life Insurance in a sentence

  • An employee may elect to apply for Optional Life Insurance coverage in accordance with the terms and conditions of the Life Insurance Plan and the Company Booklets and benefit plan documents.

  • The Company shall use its reasonable best efforts to effect the transfer of the ownership to the Executive of the policy or policies for the Basic Life Insurance and the Optional Life Insurance, if any, upon the termination of the Executive's employment by the Company.

  • If any application for Optional Life Insurance is made for more than forty thousand dollars ($40,000), or it is made more than thirty-one (31) days after first becoming eligible, evidence of insurability satisfactory to the insurer must be supplied.

  • In the event of death from any cause (excluding suicide within the first two (2) years of coverage), the amount of Optional Life Insurance under the plan will be paid to the beneficiary named.

  • The Company shall use its reasonable best efforts to make available to the Executive in providing and paying for the Basic Life Insurance the opportunity to purchase at the Executive's sole cost and expense additional life insurance with a basic death benefit (the "Optional Life Insurance") equal to two times the Executive's Base Salary in effect from time to time (affording the Executive the opportunity to have basic death benefit life insurance coverage equal to four times such Base Salary).

  • The Employer will continue to make available an Optional Life Insurance Policy to each employee who is eligible for coverage under the Employer provided health insurance plan.

  • The maximum amount of Optional Life Insurance is $250,000, including any amount held before January 1, 2013.

  • The Hospital will make available an Optional Life Insurance plan to employees, at no cost to the Hospital.

  • The amount of life insurance coverage elected by an employee under the Optional Life Insurance Plan may range from $5,000 at the minimum to an amount equal to eight times the employee’s salary to a maximum of $1,500,000.00.

  • The University shall pay l00% of the premium costs for insuring these plans for all full-time House Crew employees, except for (d) Optional Life Insurance, (e) Optional Accidental Death and Dismemberment, and (f) Long Term Disability which shall be paid fully by the employee.

Related to Optional Life Insurance

  • Life insurance means insurance coverage on human lives including benefits of endowment and annuities, and may include benefits in the event of death or dismemberment by accident and benefits for disability income and unless otherwise specifically excluded, includes individually issued annuities.

  • Life Insurance Policy has the meaning given in Section 6.10.

  • Life Insured means the person named in the Schedule, on whose life the Policy is effected;

  • life insurance business means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include—

  • Credit life insurance means insurance on the life of a debtor in connection with