Page 18 - Allegacy 2019 Benefit Guide Part Time

Basic Life/AD&D

Policy#97792

This benefit is provided by UNUM and is 100% paid by Allegacy for full-time
employees.

 The Benefit Amount is equal to 2 times your annual salary to a maximum of $300,000.
 The Guaranteed Issue amount is $300,000 for eligible employees. This means there are no
medical questions asked or proof of good health required for this coverage.
 This coverage is term life and reduces as you age. The benefit amount will be reduced by
50% at age 70 and terminates upon retirement.
 Dependent coverage is available for spouse in the amount of $5,000; child age 14 days to 6
months $2,000; child age 6 months up to 19 or 26 (if a full-time student) $2,500.
 AD&D benefits are equal to the amount of Life benefits.
 Waiver of premium is included; if an employee is totally and permanently disabled prior to
age 60, Life coverage will be continued without payments of premium subject to any
scheduled reductions and terminations.
 You have options to continue coverage in the event you terminate employment - Conversion
privilege or Portability. If you Convert your policy when your employment ends, you may
apply for an individual Whole Life insurance policy during the 31 day period following the
date insurance terminates without having to provide evidence of insurability (proof of your
good health). You will be responsible for the cost of the converted policy. If you elect to Port
your coverage, you policy will remain a term life policy and you will pay group rates. For
either Conversion or Portability, you must make the election to continue coverage within 31
days of your termination.
 Accelerated Benefit option is included. This features pays a portion of the insured
employee’s Life benefit in the event the insured employee becomes terminally ill, and the
employee’s life expectancy has been reduced to less than 12 months. The employee’s death
benefit will be reduced by the Accelerated Life Benefit paid. Benefits terminate at retirement.

Basic Life and AD&D Reduction Schedule
Class Description Percent Reduction (%) At Age
All Fulltime Employees 50 70

17 |