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Term Life Insurance Plan
Details
Term Life Insurance Plan Details
Basic Employee Life Insurance
This insurance is payable for death from any
cause to any person you name as beneficiary.
All eligible employees .
. . . . . . . . . . . . .$5,000*
(No cost to you)
*See "Reductions at age 70 & Over."
Optional Employee Life Insurance
Your employer-sponsored basic life coverage
provides important protection for you, but you may need to add to that
protection. Now you can... at low group rates and through payroll deductions.
To help meet this need, you now have the opportunity to elect additional group life insurance under the optional portion of your program to go along with any personal insurance coverage you may have.
$250,000, $200,000, $150,000, $100,000, $50,000, $40,000, $30,000, $20,000 or $10,000
(To be eligible for amounts above $50,000, you must furnish medical evidence of insurability satisfactory to MetLife).
Optional Dependent Life Insurance
Provides coverage on:
• Your Spouse
• Child(ren) from 15 days of age up to 19
(to age 25 if wholly dependent upon you for maintenance and support
and if enrolled as a full-time student in an accredited school or
college). Handicapped children can continue to be covered with no
age limit. It is your responsibility to notify payroll in writing
when a dependent is ineligible for coverage. Examples of ineligible
dependent status are divorce or a child graduates from college.
• $10,000, $20,000, $30,000, $40,000, $50,000
on your spouse
• $5,000, $15,000, $25,000 on each of your eligible children
You choose either:
Family coverage, Spouse only coverage or Child(ren) only coverage.
Optional Dependent Life Insurance is available only to those eligible employees who are insured for Employee Optional Life Insurance. Spouse or Child coverage cannot exceed the amount of employee's optional life coverage. If both husband and wife are employees of Davidson County Schools, only one can cover the dependent children.
Features
The plan features easy eligibility and simple
enrollment procedures. AND. . . There is no need for a medical exam if you sign up during the
enrollment period. Furthermore, automatic payroll deductions simplify paperwork. This means less
bookkeeping for you and no worries about a lapse in coverage due to missed
payments.
Low Cost
Your cost is lower than for comparable insurance
on an individual basis due to the "wholesale" economies inherent in
group insurance. Additionally, the system absorbs the cost of administering the
program which is underwritten by MetLife - a leader in the field of group
coverage.
Eligibility
You will be eligible for this program if you are
a full-time active employee.
Enrollment
Enrollment is simple - just fill out the election
card provided by your employer. Make sure you supply all the required
information and return the form where you work. That's all. You will be notified
as to when coverage starts.
Beneficiary
You have the right to designate the beneficiary
of your choice under employee coverage. You are automatically the beneficiary
under Dependent Life.
When Your Insurance Starts
Your Basic Employee Life Insurance
becomes effective on the date of your eligibility if you are then actively at
work; otherwise, on the day you return to active work. In order for your
Optional Employee Life Insurance and Optional Dependent Life Insurance to become
effective, it is necessary for you to certify that neither you nor any of your
eligible dependents have not been "hospitalized "in the last three months prior
to your enrollment date. The term "hospitalized" includes inpatient hospital
care, hospice care, care in an intermediate or long-term care facility and/or
receipt of chemotherapy, radiation therapy or dialysis treatment. However, a
confinement which is strictly due to pregnancy or childbirth will not be
included in the term "hospitalized".
In addition, coverage will not become effective for you or any dependent who is hospitalized as defined above or who is not performing normal daily activities on the date coverage would otherwise become effective. Normal daily activities means that the individual is not confined at home under the care of a doctor for a sickness or injury or is not entitled to receive any disability income from any source.
If you meet the eligibility requirements described above for date of enrollment and for effective date of coverage, your Optional Employee Life Insurance, if you have enrolled for that coverage, will become effective on the date of your eligibility provided you are then actively at work; otherwise, on the day you return to active work. If you enroll for Optional Dependent Life Insurance, that coverage will become effective on the date your Optional Employee Life Insurance becomes effective, for any dependents who meet the eligibility requirements described above.
If you or any dependents do not satisfy the eligibility requirements described above for date of enrollment and for effective date of coverage, that person will not become insured for Optional Life Insurance until such person has furnished medical evidence of insurability satisfactory to MetLife.
Reductions at age 70 and over
If you remain in active service beyond age 70
your combined amount of Basic and Optional Employee Life Insurance will be as
follows:
|
Attained Age |
Percent of Original Amount |
|
70 |
65% |
|
75 |
45% |
|
80 |
30% |
Termination of Coverage
All insurance under this plan
will terminate with the earliest of the following events. The events include:
termination upon retirement, termination of employment, plan cessation or
withdrawal from the plan. Nevertheless, if you should die within 31 days
thereafter, your life insurance will still be paid to the beneficiary. If any of
your covered dependents should die within such 31 day period, the amount of Life
Insurance on account of such dependent will be paid to you.
Disability
Your insurance may be continued
during your disability provided the Board of Education continues premium
payments on your behalf. However, your insurance will be subject to reduction as
shown under " Reductions at ages 70 & Over."
Conversion
If your employment
terminates while you are covered under the plan, you may purchase without
medical evidence of insurability, any individual insurance policy, except a term
policy, issued by Metropolitan Life in any amount up to the amount of your
coverage in effect on your date of termination. You must apply for this policy
within 31 days after the date your employment terminates. This privilege applies
to Optional Dependent Life Insurance as well as the Basic Employee Life
Insurance.
Portability
Portability
allows employees whose coverage ends due to certain qualifying events to
continue their current (or a lesser) amount of insurance. Portability applies to
Employee Optional Life Insurance not dependent(s).
Qualifying Events Include:
Termination of Employment
Retirement
Change in employee class which results in the termination of Optional Life Benefits
The minimum face amount which an employee may elect portability is $20,000. Portable coverage reduces to 50% on January 1st of the year the insured attains age 70 and terminates on January 1st of the year the insured attains age 80. When portable coverage ends, insured individuals have the right to convert to an individual policy.
The Accelerated Benefit Option (ABO)
Metropolitan Life Insurance
Company has included an Accelerated Benefit Option (ABO) as part of your group
life benefits. Under this option, if you are diagnosed as having a terminal
illness, you may be eligible to receive a portion of your group life benefits at
such a difficult time. Please refer to your Group Certificate for details.
Suicide Exclusion
No Optional Employee Life Benefits are payable if
you commit suicide within two years from the effective date of the coverage.
Claims Procedure
Procedures for Presenting Claims
for Benefits
Claim forms needed to file for benefits under the group insurance
program can be obtained from your employer who will also be ready to answer
questions about the insurance benefits and to assist in filing claims.
The instructions on the claim form should be
followed carefully. This will expedite the processing of the claim. Be sure all
questions are answered fully.
Routine Questions
If there is any question
about a claim payment, an explanation can be requested from your employer, who
is usually able to provide the necessary information.
This information has been prepared to give you the highlights of additional coverage now being offered by your School Board to meet your insurance needs. For details please ask your personnel office or refer to the certificate of insurance that you will receive after you have signed up for protection.
Your Monthly Cost
| Optional Employee Life Insurance | Monthly Payroll Deduction |
|
$250,000 |
$27.50 |
|
200,000 |
22.00 |
|
150,000 |
16.50 |
|
100,000 |
11.00 |
|
50,000 |
5.50 |
|
40,000 |
4.40 |
|
30,000 |
3.30 |
|
20,000 |
2.20 |
|
10,000 |
1.10 |
|
Optional Spouse Life Insurance |
Monthly Payroll Deduction |
|
$50,000 |
20.16 |
|
40,000 |
16.13 |
|
30,000 |
12.10 |
|
20,000 |
8.06 |
|
10,000 |
4.03 |
|
Optional Child Life Insurance |
Monthly Payroll Deduction |
|
$25,000 |
3.60 |
|
15,000 |
2.16 |
|
5,000 |
0.72 |
