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Group Life and Accidental Death and Dismemberment Plan
Basic Life Insurance |
Principal Life Insurance Company(Effective 6/1/06) |
|
Employee |
200% Basic Annual Compensation |
|
Retiree under 65 (1) |
$5,000 |
|
Retiree 65 and over |
$5,000 |
| 24 hour-a-day coverage |
Accidental Death Benefit
|
Employee |
Equals the insured's life insurance benefit. |
|
Retiree under 65 |
None |
|
Retiree 65 and over |
None |
|
|
24 hour-a-day coverage |
|
Accidental Dismemberment Benefit |
100% of life benefit for loss of both hands,
feet, or eyes; or for loss of combination of hands, feet, or eyes. |
|
AD&D Features |
Seatbelt and Airbag, Education and
Repatriation Benefits; 365-day Event Period |
|
Conversion Privilege |
Insurability not required if converted within 31 days. |
|
Accelerated Benefit |
If terminally ill and life expectance is 12
months or less, may request a portion of life insurance benefit. |
|
Age Reduction Schedule |
Coverage is 65% of pre-age 65 amount at
age 65, 50% at age 70, and 35% at age 75. |
Voluntary Life Insurance
|
Employee |
Up to $500,000 (Excluding Basic Life Insurance) |
|
Spouse |
Up to $100,000 |
|
Children |
Up to $10,000 |
Rates based on employee's age. Underwriting required for amounts over $400,000 for employee and $50,000 for spouse. All amounts elected can be ported to age 75.
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