Optional Term Life Insurance. Effective July 1, 1999, employees may purchase group life insurance in amounts equal to one, two or three times salary provided they pay 100% of the premiums. This benefit shall carry into retirement at the member’s election. At age 70, the face value of the policy reduces to 50% of the original face value. At age 75, the face value of the policy reduces to 25% of original face value. The member can purchase the amount of the reductions on an individual policy as long as amount does not exceed the original face value. There shall be no pre-qualification for those who elect this insurance during initial implementation or initial employment. Thereafter, a medical examination and/or medical questionnaire may be required. Eligibility shall be extended to all employees who were in the bargaining unit as of January 1, 1999.
Optional Term Life Insurance. Effective January 1, 2014, employee’s may purchase additional optional term life insurance in amounts equal to 4 up to 8 times their basic annual earnings subject to a maximum of $1,000,000. Employees shall pay 100% of the premiums. There shall be no pre-qualification for those who elect this insurance during initial implementation or initial employment in amounts equal to one, two, three or four times their salary.
Optional Term Life Insurance. (e) Optional Accidental Death and Dismemberment Insurance
Optional Term Life Insurance. Effective July 1, 1999, employees may purchase group life insurance in amounts equal to one, two or three times salary provided they pay 100% of the premiums. This benefit shall carry into retirement to age 70. There shall be no pre-qualification for those who elect this insurance during initial implementation or initial employment. Thereafter, a medical examination and/or medical questionnaire may be required. Eligibility shall be extended to all employees who were in the bargaining unit as of January 1, 1999.
Optional Term Life Insurance. The Board shall administer the BCTF Optional Term Life Insurance Plan, deducting 100% of the premium from the salary of any teacher who chooses to participate.
Optional Term Life Insurance. You may want to supplement the basic life coverage provided for you by NTS and purchase additional life protection. You may enroll for increments of $10,000, up to a maximum of $300,000. Certain coverage is available without providing evidence of good health. If you enroll within 31 days of your date of eligibility, your guaranteed coverage amount is the lesser of two times your base annual earnings or $150,000. NTS also offers you the opportunity to enroll your spouse or dependent children in a group Dependent Term Life insurance plan, however you may only purchase dependent coverage if you are enrolled in Optional Term Life. You may enroll your spouse for coverage in increments of $10,000. The maximum coverage you may purchase for your spouse is the lesser of 50% of your Term Life coverage amount or $150,000. If your spouse enrolls within 31 days of your date of eligibility or within 31 days of marriage, his/her guaranteed coverage amount is $20,000. You may enroll your dependent children for coverage for $10,000. The coverage amount for children 14 days to 6 months is $100. Dependent Term Life coverage has one premium rate that covers all eligible children. Please see your Human Resources department for details and plan rates. All optional Term Life insurance plans offered are portable should you ever decide to leave NTS. Voluntary Universal Life Program This optional life coverage, known as TAC-$aver®Plus compliments the basic and optional term life coverage that is offered above, but at a larger selection of fringe benefits available through payroll deduction. TAC-$aver®Plus offers permanent life insurance protection which includes a cash value component that grows in value earning competitive market interest. A number of "living benefits" are available with our Universal Life coverage: • A Guaranteed Death Benefit that guarantees coverage to age 95 regardless of market conditions • A Job Layoff Feature that keeps the coverage in force for up to six months if you arc laid off. • An Accelerated Death Benefit for terminal illness, which allows insured individuals to "tap into" their life insurance when diagnosed with i terminal illness. • An Accelerated Death Benefit for Critical Care that allows an early payout of part of the life insurance benefit in the event of a heart attack, stroke, specified cancers, etc. • An Accelerated Death Benefit for Long-term Care, which allows you to receive up to 2% of the death benefit per month for covered nursing or h...
Optional Term Life Insurance. Employees may elect to participate in the Company’s optional Term Life Insurance Program as described in the Summary Plan Description and at the employees’ expense.
Optional Term Life Insurance a. Premiums will be paid fully by the participating teachers. The Board will deduct and remit the monthly premiums.
Optional Term Life Insurance a. The Board shall deduct the monthly premiums by payroll deduction from those teachers participating in the B.C.T.F.
