BASIC AND VOLUNTARY LIFE INSURANCE
BASIC LIFE
Pilot Bank provides all full-time employees working 30 or more hours per week are automatically enrolled in Basic Life and AD&D with a benefit of 1x your annual salary, to a maximum of $500,000. Officers of the bank receive 2x annual salary.
**The Basic Life insurance is paid 100% by Pilot Bank.**
VOLUNTARY LIFE
Pilot Bank provides all full-time employees working 30 or more hours per week the option to purchase voluntary life insurance coverage. If you elect additional life insurance for yourself you may also elect coverage for your spouse and/or child(ren). The chart below provides an overview of the plan.
Employee
Benefit is available in increments of:
$25,000
Maximum Benefit:
Up to a maximum of 7x salary or $500,000, whichever is less.
Spouse
Benefit is available in increments of:
$25,000
Maximum Benefit:
Up to a maximum of 50% of employee amount or $250,000, whichever is less
Child(ren)
Benefit:
$10,000
Refer to Mutual of Omaha summary for voluntary life insurance pricing.
Benefit Reduction Schedule
Age
Benefits reduced by:
Late entrants, benefit elections and increases during open enrollment will require evidence of insurability (EOI).
65
35%
70
Additional 35%
8
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