Employee-paid Life Insurance. Eligible employees may enroll in the employee-paid life insurance plan without evidence of insurability provided that a completed application is received by the third party administrator of the life insurance plan no later than sixty (60) days from the date the employee is first eligible. Employees not submitting applications during the period specified above may enroll by providing evidence of good health acceptable to the plan. Application for the employee-paid life insurance shall be processed to provide coverage at the earliest date consistent with the plan provided and payroll deduction schedules. Employees participating in the employee-paid life insurance plan may also purchase spouse, domestic partner and/or dependent children coverage. Dependents eligible pursuant to 5.1 above may be enrolled without evidence of insurability in the following circumstances: • An application for such coverage is made simultaneously with the employee’s initial enrollment. • The eligible dependents are acquired after the point of initial enrollment by the employee. The application for such enrollment, however, must be received by Benefits Administration within thirty (30) days of the acquisition of such dependent(s). • Newborn children of the employee are automatically covered for the first thirty days following birth, provided that an application for dependent coverage is received by Benefits Administration before the end of the thirty (30) day period.
Employee-paid Life Insurance. I. The University provides an optional employee-paid life insurance program for employees with full-time and part-time (50% time or more) appointments for nine months or longer. The benefit is payable in the event of death.
Employee-paid Life Insurance. The City shall provide an opportunity for employees to purchase additional life insurance through the City’s life insurance carrier on a payroll deduction plan.
Employee-paid Life Insurance. Employees who are Eligible for the Basic Life Insurance may purchase Optional life Insurance up to a maximum of $250,000 in multiples of $10,000. Employees spouse may also purchase Optional Life Insurance in multiples of $10,000 to a maximum of $150,000. The Optional life Insurance is to include a waiver of premium benefit during any period of total disability for the employee and is not to include the spouse. Individuals covered must provide evidence of insurability as determined by the Carrier. Benefits will terminate at the earlier of retirement or the attainment of age 65 or written notice that the Employee wishes to terminate coverage. Premiums are determined on the basis of age, gender and smoker or non-smoker status. A non-smoker is defined as a person who has not smoked in the past twelve months. Provided below is a table indicating monthly premiums per ten thousand dollars of coverage: MALE FEMALE AGE NON-SMOKER SMOKER NON-SMOKER SMOKER TO AGE 24 0.400 0.771 0.182 0.304 25 to 34 0.431 0.800 0.204 0.341 35 to 39 0.454 0.863 0.315 0.526 40 to 44 0.640 1.281 0.469 0.783 45 to 49 1.116 2.233 0.786 1.309 50 to 54 2.108 4.217 1.321 2.201 55 to 59 3.594 7.188 2.143 3.571 60 to 64 5.203 10.406 3.412 5.687 Example: Based on the above table, a male non-smoker, between the ages of 40 and 44 who applied for $250,000 coverage would have a monthly premium of $16.85 deducted from his paycheque (250,000x0.640/10,000=$16.00)
