Basic life insurance

Basic Life Insurance: What Is It?

LinkedIn with Background Many employers offer basic life insurance to their employees as part of a benefits package. Basic life insurance is a type of group life insurance that is provided to employees at no or very low out-of-pocket cost. Insured individuals can expect that their beneficiaries will receive a limited and predetermined death benefit if the policyholder passes away during the coverage term. Understanding what basic employer-sponsored life insurance is and how it works can help you determine if you need to include this kind of life insurance coverage in your financial plan. What Is Basic Life Insurance? Basic life insurance is a form of group life insurance, wherein an...

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Life Insurance Benefits, Virginia Retirement System

Life Insurance Benefits for Active & Retired Members If your employer participates in the VRS Group Life Insurance Program, you are covered from the first day of employment. Your employer may pay your portion of the premiums for basic group life insurance coverage. If you are covered under the Basic Group Life Insurance Program, you are eligible to purchase additional life insurance for yourself as well as your spouse and dependent children through the Optional Group Life Insurance Program. You pay the premiums for this additional coverage through payroll deductions. Keep Your Beneficiary Up to Date VRS pays benefits according to the latest beneficiary designation in your record. For...

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Basic and Supplemental Life Insurance, Carnegie Human Resource Department

Basic and Supplemental Life Insurance Life Insurance Carnegie Institution provides basic life insurance, plus the opportunity to purchase elective life insurance. To be eligible for basic life insurance coverage, you must be an active full-time employee. Eligible Ca rnegie employees are automatically enrolled in our basic life insurance program. Both the basic life insurance and supplemental life insurance are provided by Guardian Insurance Company. Basic Life Insurance Information Carnegie’s basic term life insurance provides a benefit if you die while employed at the Institution. The Institution-paid benefit of two-times (2x) annual salary with a maximum benefit of $200,000 is...

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

Wright State University provides life insurance benefits to employees that work at an FTE of 75% or higher. Our life insurance vendor is UNUM and there are three offerings; Basic Life and Accidental Death and Dismemberment (AD&D) – 100% paid by Wright State Supplement Term Life Insurance – Voluntary coverage for employees to increase the amount of their life insurance coverage. Dependent Life Insurance – Voluntary coverage for spouse and/or children. During Open Enrollment, your current life insurance coverage and elections are noted at the bottom of Step 1 within the Online Enrollment. Basic Life and Accidental Death and Dismemberment (AD&D) Insurance At no cost to you, Wright...

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What Is Supplemental Life Insurance and Should You Buy It?, Haven Life

Chances are, you’ve come across the phrase “supplemental life insurance” during your employer’s open enrollment, or when you first joined a new company. It sounds simple enough, in terms of what the words mean. But it’s a little more complicated than that, which is why we’re here to help you figure out exactly what supplemental life insurance is, what the difference between supplemental life insurance and basic life insurance is, and most importantly, whether you need it. So let’s start here: What is supplemental life insurance and who needs it? Supplemental life insurance is the coverage you can purchase through your work in addition to the group life insurance they might already offer as...

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5 Star Life - Basic Life and AD D

Basic Life and AD&D An important building block to a comprehensive employee benefit program, basic life and AD&D insurance, provides valuable protection for your employees should the unexpected happen. Adding voluntary life insurance as part of your benefit strategy – either our Voluntary Group Term Life or Family Protection Plan – allows employees to enhance their coverage with additional benefits and spouse and children coverage. Carefully crafting the right plan design matters, and 5Star Life Insurance Company works with you to ensure we provide the right benefits for you and your employees. Guaranteed Issue For basic life, we offer true guaranteed issue (GI) down to 10 enrolled...

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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...

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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...

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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...

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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 ...

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