Life Insurance Coverage Clause Samples
The Life Insurance Coverage clause establishes the requirement for providing life insurance benefits to specified individuals, typically employees or policyholders. This clause outlines the terms under which life insurance is offered, such as eligibility criteria, coverage amounts, and any conditions or exclusions that may apply. Its core practical function is to ensure financial protection for beneficiaries in the event of the insured person's death, thereby offering security and peace of mind to both the insured and their dependents.
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Life Insurance Coverage. The Employer agrees to pay the full premium of a term life insurance plan for each employee while employed to the face value of $50,000.00 per individual with a double indemnity provision for accidental death or line of duty death benefits of $100,000.00.
Life Insurance Coverage a. Forty Thousand ($40,000) Dollars life insurance policy with AD&D from an insurance carrier selected by the Board, subject to the provisions of this section.
b. Employees who have Board-provided term life insurance shall have a thirty- one (31) day conversion right upon termination of employment. Any employee electing the right to conversion in order to keep term life insurance in force, must contact the insurance carrier within thirty-one (31) days of the last day of employment.
c. The life insurance policy shall pay to the employee’s beneficiary the aforementioned sum within the underwriting rules and regulations as set forth by the insurance carrier.
Life Insurance Coverage. The District shall provide term life insurance in the amount of $50,000 for all bargaining unit members who are categorized as contract or regular or temporary contract, half-time or greater, on the annual salary schedule.
Life Insurance Coverage. Corporation will provide to Employee group ----------------------- term life insurance in a face amount equal to three times the Employee's salary. Changes in life insurance coverage will occur at the same time as any salary changes.
Life Insurance Coverage. VTA shall provide a basic group Life Insurance Plan of $50,000 per employee.
Life Insurance Coverage a. Fifteen Thousand ($15,000) Dollars life insurance policy with AD&D from an insurance carrier selected by the Board, subject to the provisions of this section. Such insurance shall pay double in the case of accidental death or dismemberment.
b. Employees who have Board-provided term life insurance shall have a thirty-one (31) day conversion right upon termination of employment. Any employee electing the right to conversion in order to keep term life insurance in force must contact the insurance carrier within thirty-one (31) days of the last day of employment.
c. The life insurance policy shall pay to the employee’s beneficiary the aforementioned sum within the underwriting rules and regulations as set forth by the insurance carrier.
Life Insurance Coverage a) Fifteen Thousand ($15,000) Dollars life insurance policy with AD&D from an insurance carrier selected by the Board, subject to the provisions of this section.
b) Employees who have Board-provided term life insurance shall have a thirty-one (31) day conversion right upon termination of employment. Any employee electing the right to conversion in order to keep term life insurance in force, must contact the insurance carrier within thirty-one
Life Insurance Coverage. You will be entitled to Life Insurance Coverage through your continued participation in the Company's group term and executive life insurance plans following your Involuntary Termination, and the Company will pay the entire premium charged for such continued Life Insurance Coverage. Such Company-paid coverage will continue until the earlier of (i) the expiration of your Salary ------- Continuation Period or (ii) the first date on which you are provided with comparable coverage under another employer's life insurance plan. However, you will be responsible for the satisfaction of any income and employment tax liability attributable to your Company-paid Life Insurance Coverage. Your payments and benefits under Paragraphs 2, 3 and 4 of this Part Two will immediately terminate in the event you fail to abide by the restrictive covenants set forth in Part Three of this letter agreement. In addition, those payments and benefits will be subject to the dollar limitation of Part Four of this letter agreement in the event of your Involuntary Termination following a Change in Control.
Life Insurance Coverage. The City agrees to provide each full-time Unit member with term life insurance coverage of not less than one hundred thousand ($100,000.00), subject to the requirements of the insurance carrier. A Unit member shall have the right to purchase supplemental term life insurance, up to the appropriate limit, using monies remaining from the monthly sum originally provided by the City for the Unit member’s health insurance. The City shall continue to offer additional life insurance programs already offered for Unit member purchase.
Life Insurance Coverage. If you sign this Agreement and comply with all its terms, you will receive Company-provided term life insurance coverage equal to one year of your base salary in effect as of your Separation Date for a one-year period following your Last Day of Work (the “Extended Coverage Period”). There is no employee-paid monthly premium for this life insurance coverage but you will have imputed income based on this coverage pursuant to tax law to the extent the coverage exceeds $50,000.