|
Full time and part employees who are eligible for and choose to purchase the Group Term Life Insurance policy for themselves, are also eligible to purchase one of four (4) different levels of Dependent Life Insurance on all their family members who qualify as dependents.
This insurance is offered to new hires without the necessity of providing evidence of medical insurability. Current employees who would like to enroll in this coverage should contact the Benefits Office at x3051 to obtain application forms to purchase this insurance.
The levels of coverage available are listed below:
Spouse Children Monthly Premium
Option A: $2,000 $1,000 $0.58
Option B: $4,000 $2,000 $1.16
Option C: $10,000 $5,000 $2.90
Option D: $25,000 $10,000 $6.82
The insurance commission does place regulatory requirements on how much dependent life insurance coverage can be purchased. The regulation that comes into play in this situation is as follows: it is not permissible for you to insure your spouse for MORE THAN 50% OF YOUR PERSONAL LEVEL OF COVERAGE under this type of employer plan. Therefore, if you earn LESS THAN $33,333.34 per year, Option D is NOT AVAILABLE. If you earn MORE THAN $33,333.34, you ARE ELIGIBLE to purchase this level of coverage.
|
