VOLUNTARY LIFE INSURANCE
VOLUNTARY LIFE INSURANCE The Company provides all active employees working 30 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
Increments of $10,000 up to the lesser of 5x annual salary or $500,000. Minimum of $10,000
Employee Life
Guarantee Issue
$100,000
Increments of $5,000 up to lesser of 100% of employee's amount or $100,000. Guarantee Issue - $30,000 Birth to less than 19 years (23 if full time student) 50% employee’s amount up to $10,000.
Spouse Life
Dependent Life
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 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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