Policy information How prepared are you for the unexpected? If you or your spouse died, would your family be faced with an economic as well as an emotional crisis? While the life insurance coverage in your employee benefit program may be adequate to meet most of your financial needs, it may not be enough to meet all of your obligations, or those of your family. When you consider the potential costs of things like your children’s education, day care, emergency expenses, estate settlement fees, housing or other costs, your current group insurance coverage may not be enough – especially if it has to support your family over the long term, perhaps even for years. Introducing...
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If you participate in the VRS Group Life Insurance Program, your employees are covered from the first day of employment. Some employers may pay the member’s portion of the premiums. Eligible Employees Full-time permanent, salaried state employees and faculty of Virginia’s public colleges and universities. Some part-time permanent, salaried state employees also are covered under the Basic Group Life Insurance Program. Full-time permanent, salaried instructional and management employees of the state’s local public school divisions. These employees include teachers, school administrators, school managers and clerical staff. Full-time permanent, salaried employees of VRS-participating political...
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M/C Life and Accidental Death and Dismemberment Coverage Overview The New York State Group Life Insurance Plan, M/C Life, offers Life and Accidental Death and Dismemberment Insurance coverage to help protect your loved ones should you experience a life-altering accident or death. With M/C Life benefits, your family will be better able to meet financial obligations. M/C Life offers competitive rates and different coverage options to meet your needs, budget and unique family circumstances. Eligibility To be eligible to enroll in the M/C Life Insurance Plan, you must be employed by, or appointed or elected to a position in, New York State government as a: Management/Confidential employee of...
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Group Universal Life Insurance To the maturity age specified in the certificate. In some program designs, if your plan sponsor replaces MetLife GUL with another group life insurance plan or otherwise terminates the MetLife group contract, employees’ coverage may also be terminated, even after separation from employment or retirement. Rates may increase if you leave your employer for reasons other than retirement or are no longer eligible under the group and choose to continue your coverage. If you have ported or otherwise continued your coverage after retirement or separation from employment and the plan sponsor later terminates the group policy, cost of insurance rates may increase as a...
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Group Life Insurance One of the benefits available to MainePERS members is the Group Life Insurance program. The program is available to State, teacher and those PLD employees whose employers have elected to participate in the program, and whose positions are eligible for coverage. Program Guides Quick Links Frequently Asked Questions Below are frequent Group Life Insurance questions. If you do not see an answer to your question below please contact the Survivor Services Unit. Evidence of Insurability When there is a request for basic and/or additional insurance that requires evidence of insurability, the member needs to complete Form# GI-0874. This form is used when an employee desires to...
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What are Group Insurance Plans? Group Insurance plans cover a group of people with a single insurance policy. These plans can be bought by organizations for providing cover to their members. The members covered under the single insurance policy are collectively referred to as a ‘Group’. Groups can be of two types: 1. Formal Groups (Employer-Employee) These groups include members of professional organizations, companies, etc. Here, the employer buys the insurance plan that covers the members of the organization. As an employer, your employees are your most important asset. You would want to make sure that you attract the best talent to your organization and retain your employees in today’...
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Nearly 30% of Americans only carry life insurance through their employer. While having some life insurance in place is certainly better than not having any, there are some tradeoffs that group- or employer-provided life insurance policies have that you may need to consider. There are some special considerations whether you are a service member versus a civilian. It's important to know your options in case you change jobs. Let's review the basics of group life insurance and how it fits in your overall financial well-being. What type of coverage is it? Most group life insurance policies are similar to term insurance. Group life insurance doesn't gain cash value and has a limit to how long the...
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Group Life Group Life insurance is a benefit offered by an employer or an aggregator of diverse segments of the population for reasons other than insurance (like an association or labour organization) to its workers or members. Such organizations are called the sponsor of the group life scheme. Group life insurance is typically offered as part of employee / membership benefit package. Ideally the cover will cost each individual worker or member much less than if they had to purchase an individual policy. Those receiving coverage do not have to pay anything “out of pocket” for the Group Life policy benefits if the employer or the group to which they belong provides this as a benefit....
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Executive Group Life (EGL) is group life insurance coverage designed to help executives and other senior professionals by providing a generally income-tax-free death benefit for their beneficiaries, as well as the opportunity to accumulate account value to meet future needs. Executive Group Life insurance enables most employers to enhance their executive benefits while still minimizing overall benefit costs. Executive Group Life (EGL) is group life insurance coverage designed to help executives and other senior professionals by providing a generally income-tax-free death benefit for their beneficiaries, as well as the opportunity to accumulate account value to meet future needs....
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We're sorry but this site doesn't work properly without JavaScript enabled. Please enable it to continue. Your Basic Group Life Insurance Plan will pay a sum of money (benefit) to your designated beneficiary in the event of your death. Spouses and dependent children are not covered under the Basic Group Life Insurance plan. Your age and annual earnings, not including overtime or honoraria, determine your Basic Group Life Insurance coverage. UBC pays the monthly premiums associated with this benefit. When does my coverage begin and end? When your coverage ends, you can convert your group policy to an individual policy. Learn more. What is my coverage? Your age and your annual earnings,...
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