BASIC AND VOLUNTARY LIFE INSURANCE
M.E. Wilson Company provides all full-time employees working 30 or more hours per week Basic Life insurance at no cost to the employee, as well as the option to purchase voluntary life insurance coverage through a group plan. The chart below provides an overview of the plan.
Basic Life Insurance
**The Basic Life insurance is paid 100% by M.E. Wilson Company**
$25,000 Life / AD&D
Employee
At age 65, the benefit will be reduced to 65% of the original life insurance amount. At age 70, the benefit will be reduced to 50% of the original life insurance amount.
Spouse
$5,000 Life
Child(ren)
$1,000 Life (birth to 6 months) / $2,500 (6 months to 19 years)
Voluntary Life Insurance
Election for this coverage may be made in increments of $10,000 and cannot exceed 5 times your annual salary or $500,000 (whichever is less). If you elect an amount that exceeds the guarantee issue amount of 5x salary up to $70,000, you will need to provide evidence of good health before the excess can become effective.
Employee
At age 65, the benefit will be reduced to 65% of the original life insurance amount. At age 70, the benefit will be reduced to 50% of the original life insurance amount.
Election for this coverage may be made in increments of $5,000 to a maximum of $250,000 but may not exceed 100% of the employee approved election*. If you elect an amount that exceeds the guaranteed issue amount of 100% of employee’s amount up to $25,000, your spouse will need to provide evidence of good health before the excess can become effective. Election for this coverage may be made for dependent children between the live birth and 19 years (25 years if full-time student). Coverage may be made in the amount of $2,000, $4,000, $6,000 or $10,000 but may not exceed 100% of the employee approved election.* The AD&D benefit, if elected, equals the elected life amount. AD&D provides 24- hour coverage and a benefit in the event of loss of life, limb or eyesight as a direct result of an accident, provided the loss occurs within 365 days of the accident.
Spouse
Child(ren)
Accidental Death & Dismemberment (AD&D)
*In order to purchase voluntary life insurance for a dependent, the employee must be covered.
Refer to the rate chart on the next page for your cost bi-weekly.
9
Made with FlippingBook - professional solution for displaying marketing and sales documents online