Page 13 - MCU Benefits Guide

Basic Life/AD&D

Provided by Unum
 This Benefit is paid 100% by Members Credit Union

 Coverage is equal to 2.5 times annual salary to a maximum of $500,000
 Basic Life reduces as you age with first reduction at age 65 to 65% and at age
70 to 50% and terminates at retirement.
 Includes Conversion Privilege, Portability, Waiver of Premium, and Accelerated
Death Benefit.

 Conversion:
o If you terminate your employment or become ineligible for this
coverage, you have the option to convert all or part of the amount of
coverage in force to an individual life policy on the date of termination
without Evidence of Insurability
o Conversion election must be made within 31 days of your date of
termination

 Portability:
o Allows an insured employee to elect portable coverage, at group rates, if
the employee terminates employment, reduces hours or retires from
the employer.

Voluntary Life/AD&D

Provided by Unum
 This benefit is 100% paid by the employee through payroll deductions.
 Employee minimum benefit of $10,000.
 Employee may choose increments of $10,000 up to a maximum of $500,000;

not to exceed 5 times annual salary. Guaranteed issue amount is $70,000.
 Voluntary Life reduces as you age with first reduction at age 65.
 Employee’s spouse may elect coverage in increments of $5,000; up to
$500,000; not to exceed 100% of employees benefit amount. Guaranteed
issue amount is $25,000.

 Employee may also elect dependent child coverage in the amounts of $2,000
to a max of $10,000 not to exceed 100% of employee benefit. For live birth to
6 months, coverage is equal to $1,000. Eligible children are age 6 months to 19
years (26 if full time student).
 Includes Conversion Privilege and Portability.

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