Common use of How the Plan Works Clause in Contracts

How the Plan Works. If you should die, your basic life insurance plan will pay a benefit to your appointed beneficiary, regardless of the cause of death. You may name anyone you choose to receive benefits payable under the plan in the event of your death. However, if you name a minor, a trustee must also be appointed. You may change your beneficiary designation at any time by contacting your Plan Administrator. BENEFITS PROVIDED Your basic life insurance coverage is equal to three times your annual earnings to a maximum of $100,000. (Amounts that are not an event multiple of $1,000 are rounded up to the nearest $1,000.) Your coverage will reduce by 50% on your 65th birthday. Waiver of Premium If you become totally disabled while insured and before your 65th birthday or earlier retirement, your life insurance coverage under the Basic Life plan will be continued without further payment of premiums. Your coverage will continue until you are no longer disabled, retire or reach age 65, whichever occurs first. Proof that you are totally disabled must be submitted to Great-West Life within 12 months from the onset of the disability, and periodically as requested by Great-West Life thereafter.