BASIC LIFE AND AD&D & VOLUNTARY LIFE INSURANCE
BASIC LIFE INSURANCE
Homes by West Bay provides life insurance to all active full time employees. The chart below provides an overview of the plan.
Basic Life Insurance
Principal
Employee Definition
Class 1 Class 2
Managers All Others
Benefit Outline
Class 1 Class 2
$50,000 $30,000
At age 65 reduce by 33% of original amount, at age 70 reduce by 33% of in force amount
Age Reduction Schedule
Accelerated Benefit Waiver of Premium
75% of life benefit to maximum of $250,000 Included to the earlier of age 70 or retirement
AD&D
Included - Equal to basic life
VOLUNTARY LIFE INSURANCE Homes by West Bay provides all active employees working 24 or more hours per week the option to purchase life insurance coverage through a group plan. The chart below provides an overview of the plan.
Voluntary Life Insurance Principal Employee Life
Increments of $10,000 up to $300,000. Minimum of $10,000
Guarantee Issue
$100,000
Increments of $5,000 up to lesser of 50% of employee's amount or $100,000. GI - $25,000 Birth to less than 19 years (25 if full time student) $1,000, $5,000 or $10,000 not to exceed 50% of employee amount
Spouse Life
Dependent Life
AD&D Optional - If elected equal to life amount Benefit Reduction Schedule At age 70, reduces by 33% of original amount, at age 75, reduces by 33% of in force amount. The reduced amounts will not be less than $20,000 Accelerated Death Benefit 75% of life benefit to maximum of $250,000 Waiver of Premium Benefit Included to the earlier of age 65, retirement or recovery Convertible Included Portable Enrollment Events Includes annual enrollment period
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