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LIFE INSURANCE
Basic Life Insurance
Eligible employees will receive a life insurance beneit of 2 times one’s
salary at no cost to you and will be paid to your designated beneiciary in
the event of a claim.
Voluntary Term Life Insurance
In addition to the company paid beneit, you may purchase one to 4 times
your salary to a maximum of $500,000. The rates are based on your age
as of December 31. $225,000 of coverage is guaranteed without proof of
insurability if elected when irst eligible for coverage.
During open enrollment, you have the opportunity to increase your
voluntary life election by 1x salary, up to the guaranteed issue amount of
$225,000 without providing evidence of insurability. Any increases more
than 1x salary, or increases over the guaranteed issue amount will require
evidence of insurability.
Spouse Life Insurance
Spouse life insurance may be purchased in units of $20,000, $50,000
and $100,000, not to exceed 100% of the employee’s total amount of
coverage. The rates are based upon your spouse’s age as of December 31.
$50,000 of coverages is guaranteed without proof of insurability if
elected when irst eligible for coverage. After your new hire period, all
elections or changes in elections are subject to evidence of insurability.
Child(ren) Life Insurance
Child(ren) life insurance is available as an optional beneit. You may
purchase coverage on all your children under age 26, regardless of student
status. Coverage is offered in units of $5,000 and $10,000 and does not
require evidence of insurability.
You must purchase voluntary life insurance on yourself to purchase
spouse or child(ren) life insurance. All voluntary life insurance is
purchased with after-tax dollars. All life insurance is term insurance.
TheBANK of Edwardsville 15
Basic Life Insurance
Eligible employees will receive a life insurance beneit of 2 times one’s
salary at no cost to you and will be paid to your designated beneiciary in
the event of a claim.
Voluntary Term Life Insurance
In addition to the company paid beneit, you may purchase one to 4 times
your salary to a maximum of $500,000. The rates are based on your age
as of December 31. $225,000 of coverage is guaranteed without proof of
insurability if elected when irst eligible for coverage.
During open enrollment, you have the opportunity to increase your
voluntary life election by 1x salary, up to the guaranteed issue amount of
$225,000 without providing evidence of insurability. Any increases more
than 1x salary, or increases over the guaranteed issue amount will require
evidence of insurability.
Spouse Life Insurance
Spouse life insurance may be purchased in units of $20,000, $50,000
and $100,000, not to exceed 100% of the employee’s total amount of
coverage. The rates are based upon your spouse’s age as of December 31.
$50,000 of coverages is guaranteed without proof of insurability if
elected when irst eligible for coverage. After your new hire period, all
elections or changes in elections are subject to evidence of insurability.
Child(ren) Life Insurance
Child(ren) life insurance is available as an optional beneit. You may
purchase coverage on all your children under age 26, regardless of student
status. Coverage is offered in units of $5,000 and $10,000 and does not
require evidence of insurability.
You must purchase voluntary life insurance on yourself to purchase
spouse or child(ren) life insurance. All voluntary life insurance is
purchased with after-tax dollars. All life insurance is term insurance.
TheBANK of Edwardsville 15
