Group Term Life Insurance is designed to pay your designated beneficiary a benefit upon your death. There are three levels of insurance available as illustrated below. All eligible employees will have the option of choosing 2 times annual salary, 3 times annual salary, or a flat $50,000 benefit. Two times annual salary and the flat $50,000 benefit are provided at no cost, while 3 times salary is age rated.*
Levels | Life Insurance |
Level 2 | 2x Salary |
Level 3 | 3x Salary |
Level 4 | Flat $50,000 |
*Life insurance coverage amount is limited to 65% of the total benefit at age 65, and to 50% of the total benefit at age 70. Please refer to the Schedule of Benefits for additional information.
(more information to come)