Page 27 - Franklin Madison 2021 Benefits Guide
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Portability of Your Group Term Conversion of Your Insurance Policy
Insurance Coverage When you leave the Company, you may apply to
Insurance for yourself or your covered dependents convert the insurance policies you had for yourself,
is portable and may be continued as an individual your spouse or you child(ren) to any other type
term insurance policy to a maximum beneit of of policy the Insurance Company ofers (other
$600,000. A portability application is required to than term insurance). You will need to complete a
continue coverage and must be submitted to The conversion application and submit it to The Hartford
Hartford within 30 days of your separation date. within 30 days of your separation date.
Definition of Benefit Salary
Your “Beneit Salary” is used to determine your life insurance premiums. If you’re a commissioned employee, your annual
Beneit Salary is your base salary plus commissions paid during the prior 12 months. For all other employees, annual Beneit
Salary is your base salary only and excludes all other forms of compensation.
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Insurance Coverage When you leave the Company, you may apply to
Insurance for yourself or your covered dependents convert the insurance policies you had for yourself,
is portable and may be continued as an individual your spouse or you child(ren) to any other type
term insurance policy to a maximum beneit of of policy the Insurance Company ofers (other
$600,000. A portability application is required to than term insurance). You will need to complete a
continue coverage and must be submitted to The conversion application and submit it to The Hartford
Hartford within 30 days of your separation date. within 30 days of your separation date.
Definition of Benefit Salary
Your “Beneit Salary” is used to determine your life insurance premiums. If you’re a commissioned employee, your annual
Beneit Salary is your base salary plus commissions paid during the prior 12 months. For all other employees, annual Beneit
Salary is your base salary only and excludes all other forms of compensation.
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