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Term
Life Insurance Benefit
All eligible employees are covered
under the College's basic group term life and accidental death
and dismemberment (AD&D) insurance plan and may choose to
be covered under the supplemental plan. Coverage is available
the
first day of
the month coinciding with or immediately following date of employment.
Employees must complete an enrollment form within 31 days of
hire. The College currently purchases its term life insurance
from MetLife. Specific details about this benefit may be
found in the Group Life Insurance Summary Plan Description which
is supplied
to each new employee and is also available in the Human Resources
Department.
Basic Term Life Insurance Plan
The College pays the full cost for eligible employee's basic coverage,
in the amount of one times the annual salary to a maximum of $25,000,
and a minimum of $15,000 in coverage. The employee must complete
an enrollment form designating a beneficiary(ies). The basic coverage
is not taxable, as the IRS allows employers to provide up to $25,000
in life insurance coverage for its employees.
If you continue to work past the age of 65, your basic Life Insurance
will be reduced.
Supplemental Term Life Insurance Plan
You may purchase additional coverate in the amount of one to five
times your salary to a maximum of $500,000 in term life insurance.
You must complete a medical history statement form to be reviewed
and approved by MetLife
in order to be eligible for the supplemental life insurance, if
you do not enroll within 31 days of hire.You will also need to
complete a medical history statement form if you are a reinstated
employee, a member not insured under
the prior plan, or wish to purchase insurance in an amount greater
than $250,000.
Beneficiary
If you die, your named beneficiary will receive a benefit equal
to the face amount of your life insurance coverage.
Accidental Death
If you die in an accident, your named beneficiary will receive
an additional benefit under the Accidental Death portion of this
contract. This benefit will be equal to your life insurance coverage
amount, thereby doubling the coverage.
Accelerated Benefit
If you become terminally ill and are not expected to live more
than twelve months, you may request payment to you of up to 50%
of your life insurance coverage amount. A doctor must certify your
condition in order to qualify for this benefit.
Exclusions
Accidental Death and Dismemberment benefits will not be paid if
the loss is caused by or contributed to by:
- intentionally self inflicted injuries;
- commission or attempted commission of an assault or felony;
- disease of the body, mental infirmity or diagnostic, medical
or surgical treatment;
- war, declared or undeclared, or any act of war;
- active participation in a riot; or
- voluntary use of any controlled substances.
Term Coverage
Term life and AD&D insurance provides protection for the period
of time during which you pay the premium. Term life and AD&D
insurance does not build a cash value, and tends to be less expensive
than whole life insurance. Purchasing a term plan at a group rate
allows you to receive the maximum amount of coverage for a minimum
cost.
How to Apply for Benefits
To file a claim, the beneficiary of the deceased employee's life
insurance should make an appointment and meet with Human Resources
personnel and have a written request of benefits, accompanied by
an original certified copy of the death certificate.
Converting Life Insurance
Employees may convert their group life insurance within 31 days
after termination of employment. The details are described in the
Group Life Insurance Certificate. Employees, also, can contact the
insurance carrier directly for more information.
If You Have Questions
If you should have any questions about your coverage or how to
enroll, please contact the Human Resources Department.
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