Page 13 - Summit Group 1 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 a life insurance benefit and matching AD&D
benefit. The benefit is based on your class. Regardless of the face amount this coverage is Guaranteed Issue
with no health questions. Summit LTC Management, LLC pays the full cost of this benefit. 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
Maximum Benefit $300,000 *If age 70 or older, 50% of Employee’s benefit,
Amount electing for the first time, up to $100,000 $15,000
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 $15,000
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) should your employment end, subject to the
Portability
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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