Employee Basic Life
Plan: 1 x salary to a maximum of $200,000
Dependent Basic Life
Plan: $1,500 for Spouse and Children (thru age 20 or 24 if full time
student)
Retiree Life Plan: $5,000
(must have worked 25+ years for the Town of Cary)
Voluntary Additional Life: employee paid
through payroll deduction. (See attached cost tables)
Employee Additional Life: may be purchased in Increments of $10,000 to a maximum
of $500,000.
Employee
Guarantee Issue Amount: $200,000
Spouse Additional Life: may be purchased in Increments of $10,000 to a maximum
of $500,000.
Spouse Guarantee
Issue Amount: $50,000
Spouse Life
amount may not exceed 100% of employee’s total group coverage amount.
Dependent Child Life: Choice of $2,500, $5,000, $7,500 or $10,000 (covers
all dependent children thru age 20 or 24 if full time student).
Child Life amount
may not exceed 100% of employee’s total group coverage amount.
*Evidence of
Insurability is required if enrolling more than 31 days after eligibility and
for all amounts above the Guarantee Issue amount.
Life Benefit Features:
·
Age Reduction Schedule – 65% at age 70, 50% at age 75 for Basic Life and
Voluntary Group term Life.
·
Waiver of Premium – Life Premium is waived while totally disabled. Eligibility to age 60,
ends at age 65.
·
Conversion and Portability - included.
·
Accelerated Benefit – If an insured is diagnosed as terminally ill and is
expected to die within 12 months, they may receive up to 75% or $500,000 of
their life benefit.
·
Repatriation
Benefit – Pays
a benefit equal to 10% of your Life coverage to a maximum of $5,000 for
expenses incurred to transport your body to a mortuary near your primary
residence.
·
MEDEX Travel Assistance Program – offers employees access to medical care and other
emergency services when traveling at least 100 miles from home or
internationally. MEDEX offers a full range of professional
24-hour medical, legal and travel assistance services.
AD&D Benefit Features (Accidental
Death and Dismemberment):
·
Seat Belt
Benefit – Pays
an additional $10,000 if you die in an auto accident and are wearing a seat
belt.
·
Air Bag
Benefit – Pays
an additional $5,000 if you die in an auto accident and an air bag deploys.
·
Child Care
Benefit – Pays
up to 25% of the AD&D coverage, with a maximum benefit of $10,000, for
child care when your surviving spouse goes back to work or obtains job training
following the insured employee’s accidental death.
·
Higher
Education Benefit – Covers tuition expenses for children that are already in college or that
will be starting college within a year of the insured employee’s death. Qualified tuition expenses would be
reimbursed up to 25% of the AD&D coverage, with a maximum of $5,000 per
year, per child, for four consecutive years of college to a maximum of $20,000.
·
Career
Adjustment Benefit – Makes it possible for the surviving spouse to learn a vocation through a
professional or trade-related program.
Qualified expenses would be paid up to 25% of the AD&D coverage with
a maximum of $10,000.
·
In the Line of
Duty Benefit – if a public safety officer is injured or dies while “in the line of duty”
this benefit will pay 100% of the AD&D insurance benefit, not to exceed $50,000.
Summary continued on other
side
AD&D Benefit
Features (continued)
·
Occupational
Assault Benefit – provides an additional benefit if an insured suffers a loss while
actively at work. Benefit amount is $25,000
or 50% of AD&D benefit (benefit is for non-public safety officers).
·
Public
Transportation Benefit – paid if an insured member dies as a result of an accident while riding on
a form of public transportation. The
benefit is $200,000 or 100% of AD&D benefit.
·
Adverse
Weather Exposure – 100% of your
AD&D coverage amount will be paid if an insured member has an accidental
death due to accidental adverse weather conditions.
·
Disappearance
Benefit – 100%
of the AD&D benefit will be paid if an insured member disappears due to an
accident that could have reasonably resulted in death.
·
Other Covered
Losses - The amount of AD&D benefit for other
covered losses is a percentage
of the amount payable for Additional Life Insurance coverage on the date of the
accident, as shown in the following table:
|
Loss: |
Percentage Payable: |
|
One hand or one foot |
50% |
|
Sight in one eye, speech,
or hearing in both ears |
50% |
|
Two or more of the Losses
listed above |
100% |
|
Thumb and index finger of
the same hand |
25% |
|
Quadriplegia |
100% |
|
Hemiplegia |
50% |
|
Paraplegia |
50% |
**This is a summary of benefits. The actual policy will govern the contract
provisions and benefits.
** For
additional information beyond the scope of this summary of benefits please
contact your human resource department.
HR