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ABC with XYZ Acquisition
Page
9
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Optional Term Life – Employee Paid
There is no optional AD&D coverage through the Standard.
Employee Benefit options are 1 – 5 x covered annual earnings not to exceed $1,000,000
*
OR
$2,000,000 when combined with Basic Life. GI is equal to the lesser of $500,000 or 3 x BAE.
*
Prior to 1/1/2016, the Life benefit was not to exceed $500,000 or $1M combined w/Basic
Dependent Optional Life:
Spouse: $10,000 increments to $50,000 NTE 100% of EE Optional Amount. $20,000 G.I.
Children: $5,000 or $10,000 benefit, NTE 50% of EE Optional Amount.
Optional AD&D
Offered through Zurich
An employee may purchase an amount of
Principal Sum
from one (1) to ten (10) times the
employee’s
Base Annual Earnings*,
rounded to the next higher $1,000, if not already a multiple of
$1,000, subject to a maximum of $750,000.
*
Base Annual Earnings
means the employee's average annual earnings over the 24 months prior to the date of the accident, or over the
period of employment if less than 24 months, excluding
overtime, bonuses, commissions and special compensation.
The
Principal Sum
for
Covered Dependents
will be a percentage of the
Insured's Principal
Sum
, as follows:
Spouse/Domestic Partner:
50%
Dependent Child(ren):
: 15% not to exceed $100,000
Rates:
Employee only - $0.01/$1,000
Employee + Dependents - $0.018/$1,000
*All current participants’ effective coverage amounts need to be Grandfathered.
Note: ABC acquired Metavante and included them for coverage effective on January 1, 2010. Metavante included a group of
disabled employees
(
Group Policy Amendment No. 1 attachment titled: 648852_BL_A_AM_1 - GF Metavante list)
who were
granted continuation of their Basic and Voluntary life amounts. There is no Waiver of Premium coverage on these employees and
they represent a “No New Entrant” class. A listing of these employees w/their basic and voluntary life amounts (which are
considerably different than what is in-force for the rest of the ABC employees) is included in the uploaded attachments. This
group of employees must retain their current benefit amounts.
Voluntary Short Term Disability – Employee paid
•
Option 1: 7 day sickness, 7 day accident – max benefit period is 25 week if employee is
enrolled in the LTD Plan*
•
Option 2: 14 day sickness, 14 day accident – max benefit period is 24 weeks if employee is
enrolled in the LTD plan.*
Benefits in either case are 60% to $1,500 per week.