Page 14 - Summit Group 2 Benefits Eff 12-1-19

Voluntary Life/AD&D:

Lincoln Financial

Basic Life Insurance and Accidental Death & Dismemberment (AD&D)

Summit LTC Management, LLC provides full-time employees $10,000 life insurance and matching AD&D
benefit at NO Cost. The benefit is based on your class. Summit LTC Management, LLC pays the full cost of this
benefit. Your benefits will reduce 35% at age 65, an additional 25% of the original amount at age 70, and an
additional 15% at age 75. Benefits terminate at retirement.
Voluntary Life Insurance and Accidental Death & Dismemberment (AD&D)

Summit LTC Management, LLC offers full-time employees Voluntary Life for you, your spouse, and your
dependent children. Accidental Death and Dismemberment (AD&D) is included at no additional cost for
employees and spouse coverage. In order to elect coverage for a spouse or child, you must elect coverage
for yourself. This is an affordable group policy by your employer. This is 100% employee paid and will be paid
through payroll deduction. Your benefits will reduce 35% at age 65, an additional 25% of original amount at
age 70, an additional 15% at age 75, and an additional 15% at age 80. Benefits terminate at retirement.
Spouse’s benefits terminate at Employee’s age of 70 or retirement, whichever comes first. YOUR COVERAGE
IS PORTABLE AND CONVERTIBLE AFTER 12 CONSECUTIVE MONTHS OF COVERAGE!

Employee Life / AD&D Spouse Life / AD&D Child Life

5x Annual Salary, up to
$300,000
Maximum Benefit 50% of Employee’s benefit,
*If age 70 or older, electing $15,000
Amount up to $100,000
for the first time, max is
$50,000

Minimum Benefit
$10,000 $5,000 $15,000
Amount

Guaranteed Issue 5x Annual Salary, up to 50% of Employee’s benefit,
Amount—New Hires $200,000 amount up to $50,000 $15,000

Increase up to $20,000 Increase up to $10,000
Open Enrollment N/A
per year per year

Living Care / After 12 months of coverage, pays 75% of your death benefit in advance if diagnosed with a
Accelerated Death
terminal illness—up to a maximum of $250,000.
Benefit

If it is determined that you are totally disabled, your life insurance benefit will continue
Waiver of Premium
without payment of premium, subject to certain conditions.

Additional AD&D In addition to basic AD&D benefits, you are protected by the following benefits:
Benefits - Seat Belt - Airbag - Common Carrier

After 12 consecutive months of coverage, the portability feature allows you to continue this
insurance with the low cost term rates for yourself and your dependents (if applicable)
Portability should your employment end, subject to the terms of eligibility defined in the policy, without
having to provide evidence of insurability (information about your health). YOU NEED TO
APPLY FOR THIS WITH LINCOLN.
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