SECTION 4 - INSURANCE BENEFITS
EMPLOYEE LIFE INSURANCE
Benefits
When is Your Life Insurance Benefit Payable? When Lincoln receives satisfactory Proof of your death, Lincoln will pay the proceeds of the Life Insurance in force on your life under this plan. The benefit payable is shown in the Schedule of Benefits.
Conversion Privilege
What is the Conversion Privilege?
Conversion Privilege at Individual Termination or Reduction of Benefits: If all or part of your coverage ends, you may convert the amount that ends to an individual Life Insurance policy. Conversion is subject to the following conditions: 1. within 31 days after coverage ends or is reduced, you must make written application to Lincoln and pay the first premium payment. If proper notification of the right to convert is not given to you, then notice must be given at least 15 days after coverage ends. Conversion must be made within 31 days of notification. 2. the individual policy will be issued without Evidence of Insurability. It will contain Life Insurance benefits only. The policy will be one then being offered by Lincoln. The premium due will be based on the premium schedule of Lincoln's conversion policy that applies to your class of risk and age at the birthday nearest to the effective date of the individual policy. The individual policy will be effective 31 days after your group coverage ends. Conversion Privilege at Class or Plan Termination: If coverage ends for all employees or for your class, you are entitled to a limited conversion privilege. You must have been covered for at least 5 years. You must apply for the individual policy in the same manner as described above. The amount you may convert is limited to the lesser of: 1. the amount you were covered for on the date the group coverage terminated less any group insurance you become eligible for within 31 days; or 2. $2,000. The individual policy will be effective 31 days after your group coverage ends. Death Within the 31 Days Allowed for Conversion: If you die within the 31 days allowed for conversion, Lincoln will pay to your beneficiary the amount you were eligible to convert. Such insurance will be paid as a claim under this policy. Any premiums paid for a converted policy will be refunded.
GLC-LIF-1.4
Employee Life Insurance
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