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Life Insurance |
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For Employees Only
A Life Insurance benefit of $75,000 is payable in the event of
the Employee's death from any cause, at any
time or place while insured. Payment will be made in a lump sum to
the designated beneficiary. The beneficiary may be changed at any
time by giving written notice to the Administrator, subject to any legal
restrictions.
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Insurance During Periods of Total Disability
If an Employee becomes totally disabled prior to reaching age 65,
Life Insurance
can be continued at no cost while the Employee remains totally disabled, but not
beyond age 65. Proof of disability must be furnished between 6 and 12 months
after total disability starts, and as required thereafter. Should
death occur during the
first 12 months of disability, a claim will be paid even if
proof of disability had not yet been furnished, or premiums had not been continued.
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Conversion To An Individual Policy
If the Life Insurance should terminate on or prior to the
Employee’s 65th birthday, during the 31 days following the
termination, the Employee will be able to convert the Life
Insurance, without a medical examination, to one of a number
of individual Life Insurance policies. The policy will be
effective at the end of the 31-day period, and the premiums
will be the same as would have been paid if application had
been made for an individual policy at that time. If death
occurs during the 31-day period, the Life Insurance will be
paid whether or not application had been made for an
individual policy.
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Living Benefits
If an Employee becomes terminally ill while covered under this
coverage, they may elect to have a onetime lump sum payment
equal to 50% of the total amount of Life Insurance coverage,
up to a maximum of $25,000. Terminally ill means the life
expectancy is 12 months or less. In the event of death, the
Life Insurance benefit payable will be the Life Insurance
proceeds LESS the Living Benefit amount paid, plus interest on
that amount, from the date the Living Benefit amount was paid.
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How to File a Claim
The Administrator should be advised when a death occurs. The
Administrator will then send the beneficiary the proper claim
forms for completion. A death certificate will be required.
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