Term Life Insurance offered to Employees and their dependents at a low cost. Coverage available up to 5 times your annual salary. You must select coverage for yourself to have coverage for your dependents. Guaranteed issue up to $150,000 for employee and $50,000 for spouse for everyone the 2019 plan year and then new hires only every year here after. Rates are based on age and amount of coverage selected.
Children can be covered to age 26. Policy amount reduces at the following rate for employee: Reduces to 65% at age 70, then to 50% at age 75. Benefits terminate upon retirement. For spouse, the policy amount reduces at the following rate: Reduces to 65% at age 70, then to 50% at age 75. Benefits also terminate upon retirement.