Basic life insurance ↝ Life insurance

Basic Life Insurance Considerations for Retirement

To have, or not to have. That is the common retirement planning question about life insurance. The answer can be derived from a liberal interpretation of another well-known Shakespeare line from Hamlet: “To thine own self be true.” That is, the answer depends on your personal situation. Base your decision on only what is true in your life and not the lives of others. Because, when it comes to life insurance, there is no single solution that’s right for everyone. Do you need life insurance in retirement? As your life changes, so do your financial needs, including insurance coverage. When you reach retirement, you’re essentially entering a new phase of life. So, it’s a time to reevaluate your...

Saint Mary's University,

Basic Life Insurance All eligible employees are covered for basic life insurance equal to 2 times annual earnings. Contact Human Resources for additional information if continuing to work beyond age 65. The benefit is rounded to the next higher $1,000 if not already a multiple of $1,000 and is subject to a maximum of $300,000. Earnings for this purpose mean employees' normal earnings, which exclude overtime, bonus, and commissions, shift differentials and automobile allowance. In the event of an employee's death while insured, the amount of life insurance is payable to the designated beneficiary. Employees may change beneficiary information any time by completing the required beneficiary...

How to enroll in or change GIC state employee benefits,

Contact for How to enroll in or change GIC state employee benefits Group Insurance Commission The Details of How to enroll in or change GIC state employee benefits Fees for How to enroll in or change GIC state employee benefits How to enroll How to enroll in or change GIC state employee benefits More info for How to enroll in or change GIC state employee benefits Health and Basic Life: To add a spouse or dependent to coverage, documentation (e.g., copy of marriage or birth certificate) is required to accompany the form unless you have already provided it to the GIC for health insurance coverage. If enrolling within 60 days of a qualifying event, you must attach proof of the...

Life Insurance: Retirees, Human Resources

Life Insurance: Retirees Upon retiring, retirees have the choice of electing one of a few life insurance types. How to make a Claim Your college benefits plan administrator should be contacted immediately and will assist your beneficiary (or you, in the case of a dependent life insurance claim) with the process of filing a death claim. The following must occur as soon as possible after your death: A claim form must be completed by the college and by you or your beneficiary Completed claim forms, along with a death certificate from the attending doctor or funeral home, must be forwarded to Sun Life It normally takes 3 to 4 weeks to process a claim; however, this may vary depending on the ...

Life Insurance (Basic & Supplemental), Human Resources, Wright State University

UNUM will be our Life Insurance and Disability Vendor effective January 1, 2020 The Benefit Teams from each of the IUC universities have collaborated on a Benefit Aggregation initiative working with the IUC Purchasing Group. The objective is to maximize our purchasing power with regards to vendor selection focusing on improved costing and services. This past summer, the IUC universities kicked off this initiative with a unified bid process for Life Insurance and Disability benefits. All 14 universities participated with 13 universities committing to the selected vendors effective January 1, 2020. For Wright State, we are retaining UNUM as our Disability carrier and also have contracted...

Basic Group Life Insurance, Lakehead University

The Lakehead University Basic Group Life insurance that is paid for 100% by the University, (with the exception of part time COPE employees that have a 50/50 plan). Depending on your employment type you are eligible for coverage that is based on a multiple factor of your current salary. The age of termination for Basic Life Insurance is 71. If, while insured, you die, SunLife will pay the amount of your life insurance to the last legally nominated beneficiary as filed. In the absence of a beneficiary nomination, payment will be made to your estate. You may name the beneficiary of your choice or your estate. All nominations made by you are revocable unless you otherwise stipulate. If you...

Is Your Group Basic Life Insurance Coverage Enough?

This is a good question and one that all employees should visit from time to time. A life insurance policy pays a cash benefit, tax free, to your beneficiaries if you die while insured. Your employee benefit plan likely has a Basic Life insurance component of $25,000 or perhaps one times your salary. It’s important that you are aware how that plays into your financial planning in the event of your death. What are you hoping your insurance will provide for your family? Some people just want enough to cover their funeral costs and final taxes. Others want enough to pay off their mortgage or to cover some of the living expenses of dependents or to pay for their children’s post...

Group Basic Life and AD D, Benefits, New Mexico State University

Group Basic Life and AD&D Life insurance is a valuable tool to provide for our loved ones in the event of premature death. Contributions are made by payroll deduction and the University pays a percentage based on employee salary. The amount of coverage is equal to two times the employee salary, rounded up to the next highest thousand with the maximum benefit being $75,000. This benefit includes an accidental death and dismemberment benefit equal to the basic life insurance policy. The total cost is.25 cents per $1,000 of coverage. Please note that 9-month employee annual premiums are paid over the academic year. Eligibility Eligible employees are considered regular status employees and...

Federal Employees Group Life Insurance, National Finance Center

Federal Employees' Group Life Insurance Federal Employee's Group Life Insurance (FEGLI) consists of Basic life insurance coverage and three options. In most cases, if you are a new Federal employee, you are automatically covered by Basic life insurance and your payroll office deducts premiums from your paycheck unless you waive the coverage. In addition to the Basic, there are three forms of Optional insurance you can elect. You must have Basic insurance in order to elect any of the options. Unlike Basic, enrollment in Optional insurance is not automatic -- you must take action to elect the options. The cost of Basic insurance is shared between you and the Government. You pay two-thirds of...

Life Insurance - Human Resources

The Massachusetts Group Insurance Commission (GIC) offers eligible employees a optional life insurance & accidental death and dismemberment coverage options. Plan overview and premiums are available in the GIC Benefit Decision Guide. Life Insurance carrier is The Hartford, 1.617.727.2310 ext. 1 Basic Life Insurance Basic Life Insurance is a flat $5,000 benefit for which employees contribute 20% or 25% of the premium (based on date of hire). Optional Term Life Insurance with AD&D Optional term life insurance is available as a flat rate in increments up to $1,000 less than the employee’s annual salary or as a multiple (1-8 times) of base annual salary. Life insurance purchased...