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Voluntary Term Life and AD&D
Voluntary Life and Dependent Life insurance pays benefits to the beneficiaries in case of death, or to you if a
covered family member dies.
This chart reflects basic summary information only. Exact plan details should be confirmed by Principal or by referring to your Certificate of Coverage.
VOLUNTARY TERM LIFE
& AD&D
Principal
Employee Benefit
Eligible employees may purchase in increments of $20,000 up to a maximum of $500,000.
Guarantee Issue
If purchased when first eligible, the Guarantee Issue is $140,000 (under age 70) and $10,000 (over age 70). Guarantee
issue means you will be automatically approved up to the guarantee issue amount
.
If you choose NOT to enroll when
first eligible, you will be required to submit evidence of insurability. There is NO annual enrollment.
Spouse Benefit
Benefit may be purchased in increments of $10,000, not to exceed 50% of the employee amount up to $100,000
Guarantee Issue
If purchased when first eligible, the Guarantee Issue is $30,000 (under age 70) and $10,000 (over age 70). If you
choose NOT to enroll when first eligible, you will be required to submit evidence of insurability. There is NO annual
enrollment.
Child(ren) Benefit
$10,000
Guarantee Issue
If purchased when first eligible, the Guarantee Issue is $10,000. If you choose NOT to enroll when first eligible, you
will be required to submit evidence of insurability. There is NO annual enrollment.
Age Reduction Schedule
Benefit is reduced by 25% at age 65 and reduced by and additional 25% at age 70
Accelerated Benefit
Receive up to 75% (not to exceed $250,000) of the benefit in a lump sum with 12 months life expectancy
Portability
Option to take with you employee only coverage upon termination of employment.
Additional Programs
Will Preparation and ID Theft Assistance is available, more information can be found at
www.aragwills.com/principal(or 800.546.3718).
Premiums
Premiums are paid entirely by the employee.