Page 17 - 2015/2016 Benefits Guide
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Life Insurance You must purchase Voluntary Life
Insurance on yourself to purchase
Spouse or Child(ren) Life Insurance.
Life Insurance All voluntary life insurance is
purchased with after-tax dollars. All
Basic Life Insurance life insurance is term insurance.
Eligible employees will receive a Life Insurance beneit of two times your
salary. These beneits are provided at no cost to you and will be paid to
your designated beneiciary in the event of a claim. All beneit amounts
over $400,000 are subject to approval.
Voluntary After-Tax Life Insurance
In addition to two times your salary paid by TheBANK, you may
purchase one to four times your salary to a maximum of $500,000. All
amounts over $225,000 are subject to approval. The rates are based on
your age as of the irst day of the plan year (July 1). In addition to your
enrollment form, you will have a separate rate sheet. If you decline
coverage when irst eligible, evidence of insurability will be required to
enroll in future plan years. The life and AD&D insurance, as well as the
voluntary after-tax insurance you purchase through the plan, are portable.
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 the irst day of
the Plan Year (July 1). $50,000 of coverage is guaranteed without proof
of insurability if taken when irst eligible for coverage. Your spouse must
complete an application and coverage is contingent upon underwriting
approval for amounts over $50,000. Like Voluntary Life, Spouse Life
Insurance is portable. Spouse Life beneits terminate at retirement.
Child(ren) Life Insurance
Child(ren) Life Insurance is available as an optional beneit. You may
purchase coverage on all your unmarried dependent children under age
26, regardless of student status, for a single premium. This coverage is
offered in units of $5,000 and $10,000 and does not require evidence
of insurability. For children from age 14 days to six months, maximum
coverage is $500–regardless of how much coverage is requested.
Benefits Guide
Life Insurance You must purchase Voluntary Life
Insurance on yourself to purchase
Spouse or Child(ren) Life Insurance.
Life Insurance All voluntary life insurance is
purchased with after-tax dollars. All
Basic Life Insurance life insurance is term insurance.
Eligible employees will receive a Life Insurance beneit of two times your
salary. These beneits are provided at no cost to you and will be paid to
your designated beneiciary in the event of a claim. All beneit amounts
over $400,000 are subject to approval.
Voluntary After-Tax Life Insurance
In addition to two times your salary paid by TheBANK, you may
purchase one to four times your salary to a maximum of $500,000. All
amounts over $225,000 are subject to approval. The rates are based on
your age as of the irst day of the plan year (July 1). In addition to your
enrollment form, you will have a separate rate sheet. If you decline
coverage when irst eligible, evidence of insurability will be required to
enroll in future plan years. The life and AD&D insurance, as well as the
voluntary after-tax insurance you purchase through the plan, are portable.
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 the irst day of
the Plan Year (July 1). $50,000 of coverage is guaranteed without proof
of insurability if taken when irst eligible for coverage. Your spouse must
complete an application and coverage is contingent upon underwriting
approval for amounts over $50,000. Like Voluntary Life, Spouse Life
Insurance is portable. Spouse Life beneits terminate at retirement.
Child(ren) Life Insurance
Child(ren) Life Insurance is available as an optional beneit. You may
purchase coverage on all your unmarried dependent children under age
26, regardless of student status, for a single premium. This coverage is
offered in units of $5,000 and $10,000 and does not require evidence
of insurability. For children from age 14 days to six months, maximum
coverage is $500–regardless of how much coverage is requested.
Benefits Guide
