Page 15 - 2015 Enrollment Guide
P. 15
AIP Aerospace Holdings, LLC
Life and AD&D
Basic Life and AD&D
AIP Aerospace provides company–paid Basic Life and Accidental Supplemental Life Features
Death & Dismemberment (AD&D) Insurance through AIG to assist Type Coverage Amounts
yourself and your family in the event of a loss. The life insurance policy Employee X Increments of $10,000
X
Maximum of $500,000
will pay 1.5x your annual salary. * X Guarantee issue $250,000
(Life only)
Spouse X Increments of $5,000
Reminder! Be sure to assign a beneiciary or living trust to ensure your X Maximum 100% of
assets are distributed according to your wishes. employee face amount to
$250,000
X Guarantee issue $50,000
(Life only)
Supplemental Life and AD&D Insurance Child(ren) X Flat $10,000 each (from
Coverage live birth to age 26)
You may purchase additional life and/or AD&D insurance for you and Important Note: You must purchase coverage for
yourself to purchase for your dependents.
your eligible dependents through AIG in the amounts shown below.
Your cost for supplemental life insurance is based on your age and the Supplemental Life Rates
amount of coverage requested. The rates for employee and dependent Supplemental Life Premiums (Monthly Rate
coverage are outlined below. Payroll deductions for supplemental Age Per $10,000 of Coverage) Employee
Employee
Age
coverages are deducted on an after–tax basis to generate a tax–free <30 $0.90 55–59 $8.40
beneit at time of claim; Supplemental life and AD&D beneits are 30–34 $1.00 60–64 $13.60
reduced as follows: 35–39 $1.30 65–69 $22.10
40–44 $2.00 70+ $35.90
Age Reduction % of Original Beneit 45–49 $3.30 Child life $1.60
65 35% 50–54 $5.00
70+ 50%
Evidence of Insurability (EOI) Supplemental AD&D Rates
Medical questions are asked and a blood test may be required for life Supplement AD&D Rate per $10,000
insurance amounts requested over the guarantee issue amount. If you Employee $0.30
$0.30
Spouse
(and/or your dependents) do not elect supplemental life insurance Child $0.30
coverage when irst eligible and elect coverage at a later date, the entire
amount of life insurance elected will require EOI. Coverage will not
be effective until the insurance company agrees in writing to cover you.
Any increase in coverage after your initial eligibility date will require
EOI. Supplemental AD&D does not require EOI and all amounts are
guaranteed.
* Basic Life and AD&D beneits for Class 1 Executives vary. Please see HR for more detail.
15
Life and AD&D
Basic Life and AD&D
AIP Aerospace provides company–paid Basic Life and Accidental Supplemental Life Features
Death & Dismemberment (AD&D) Insurance through AIG to assist Type Coverage Amounts
yourself and your family in the event of a loss. The life insurance policy Employee X Increments of $10,000
X
Maximum of $500,000
will pay 1.5x your annual salary. * X Guarantee issue $250,000
(Life only)
Spouse X Increments of $5,000
Reminder! Be sure to assign a beneiciary or living trust to ensure your X Maximum 100% of
assets are distributed according to your wishes. employee face amount to
$250,000
X Guarantee issue $50,000
(Life only)
Supplemental Life and AD&D Insurance Child(ren) X Flat $10,000 each (from
Coverage live birth to age 26)
You may purchase additional life and/or AD&D insurance for you and Important Note: You must purchase coverage for
yourself to purchase for your dependents.
your eligible dependents through AIG in the amounts shown below.
Your cost for supplemental life insurance is based on your age and the Supplemental Life Rates
amount of coverage requested. The rates for employee and dependent Supplemental Life Premiums (Monthly Rate
coverage are outlined below. Payroll deductions for supplemental Age Per $10,000 of Coverage) Employee
Employee
Age
coverages are deducted on an after–tax basis to generate a tax–free <30 $0.90 55–59 $8.40
beneit at time of claim; Supplemental life and AD&D beneits are 30–34 $1.00 60–64 $13.60
reduced as follows: 35–39 $1.30 65–69 $22.10
40–44 $2.00 70+ $35.90
Age Reduction % of Original Beneit 45–49 $3.30 Child life $1.60
65 35% 50–54 $5.00
70+ 50%
Evidence of Insurability (EOI) Supplemental AD&D Rates
Medical questions are asked and a blood test may be required for life Supplement AD&D Rate per $10,000
insurance amounts requested over the guarantee issue amount. If you Employee $0.30
$0.30
Spouse
(and/or your dependents) do not elect supplemental life insurance Child $0.30
coverage when irst eligible and elect coverage at a later date, the entire
amount of life insurance elected will require EOI. Coverage will not
be effective until the insurance company agrees in writing to cover you.
Any increase in coverage after your initial eligibility date will require
EOI. Supplemental AD&D does not require EOI and all amounts are
guaranteed.
* Basic Life and AD&D beneits for Class 1 Executives vary. Please see HR for more detail.
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