Benefits - Health and Welfare Plan

(Salary)

Group Life Insurance

Through the Group Life Insurance Benefit, up to age 65, you automatically receive coverage in the amount of 3 times your annual salary to a maximum of $450,000.

If you continue working after you turn 65, coverage is reduced by 50%, up to age 70, at which time coverage is no longer available.

Group Life pays your Named Beneficiary a fixed, non-taxable amount should you die from any cause while you are insured by the Plan. Payment of the Benefit is made in a lump sum to your designated Beneficiary.

Designating a Beneficiary
You should designate one or more Beneficiaries who will receive the Benefit if you die. Otherwise, the Benefit will go to your estate and may be taxable and subject to the expenses of the estate. You can change your Beneficiary(s) at any time and should review your Beneficiary designation regularly to ensure it is correct and up-to-date. The designations must be made by completing the appropriate form and submitting it to the Administration Office.

If You Become Disabled
If you are accepted to LTD your Group Life coverage will continue at no cost to you for as long as you are Disabled or until you reach age 65. Your Group Life coverage amount will be frozen at the time of your acceptance to LTD and will not increase.

Days of Grace
Should you die within 31 days of the termination of your Group Life coverage, your full Group Life Benefit will be paid to your Beneficiary(s) or to your estate.

Termination of Benefits
Group Life coverage typically terminates at midnight on the day you cease to be an Employee or you no longer qualify as a Regular Full Time Employee.

Once your Benefit coverage terminates, you may be eligible to convert your Group Life to an individual insurance policy without the necessity of a medical examination. To be eligible, you must apply in writing and pay a premium directly to the insurance company within 30 days of your termination date. For further information, please call the Administration Office.