Aetna Group Life Insurance Program for Carteret County Schools
BASIC EMPLOYEE LIFE INSURANCE -
This insurance is available to all active* full-time, benefit eligible employees and is chosen and funded by your employer.
*Active Work Rule: If you happen to be ill or injured and away from work on the date your coverage would take effect, the coverage will not take effect until you return to full-time work for one full day. This rule also applies to an increase in your coverage.
SUPPLEMENTAL EMPLOYEE LIFE INSURANCE -
This insurance is paid for by the employee and is available in the amounts listed below.
*Active Work Rule: If you happen to be ill or injured and away from work on the date your coverage would take effect, the coverage will not take effect until you return to full-time work for one full day. This rule also applies to an increase in your coverage.
SUPPLEMENTAL DEPENDENT LIFE INSURANCE -
Spouses and children may purchase coverage only if the employee is covered. You may cover your:
- wife or husband; and
- unmarried children who are over 14 days but under 19 years of age. Any other unmarried child under age 25 who goes to school on a regular basis and depends solely on you for support will be covered as a dependent.
- Your children include: your biological children, your adopted children, your stepchildren and any other child you support who lives with you in a parent-child relationship.
AGE REDUCTION RULE -
Your Life Insurance amount in force on the day before the first day of the month in which you reach age 70 will be reduced by: 35% at age 70; 55% at age 75; 70% at age 80. The reduction will take effect on the first day of the calendar month following the month in which you reach the age specified. If you become insured during or after the month in which you reach the above ages, your amount of Life Insurance will be the applicable percentage of the amount shown for your classification.
ACCELERATED DEATH BENEFIT -
If, while covered under this Plan for Life Insurance you become terminally ill or your spouse becomes terminally ill, you may request that Aetna pay an Accelerated Death Benefit.
PLEASE REFER TO YOUR GROUP PLAN DOCUMENT OR CONTACT AETNA FOR MORE INFORMATION ON THIS PROVISION.
LIFE INSURANCE PORTABILITY -
Portability allows employees, spouses and/or children to continue their Term Life coverage on a direct bill basis if the employee terminates employment (excluding retirement) with the plan sponsor. By paying a portable term pool rate, employees can keep their group coverage amount, subject to certain limits, until they reach the age limit specified in the plan. Portability is optional and only available on Supplemental Life.
The terms of this provision apply only to an amount of Life Insurance which is fully contributory (i.e. you pay the total cost) and which:
- for you, is at least $5,000;
- for your spouse, is at least $1,000; and
- for your dependent child, is at least $1,000.
The Eligibility Age is:
- for you, 74;
- for your dependent spouse, 64; and
- for your dependent child, the age which is one year younger than the age at which he or she will cease to meet the Plan's definition of dependent.
CONVERSION OF LIFE INSURANCE -
If any of your Life Insurance ceases because your employment ceases or you are no longer in a class eligible for such insurance, or because of age, pension or retirement, the amount of insurance which ceases (or a lesser amount if desired) may be converted to an individual life insurance policy.
If any of your Dependent's Life Insurance ceases because your employment terminates or you are no longer in a class eligible for such insurance, or the dependent ceases to be a dependent, or because of a reduction in the dependent's life insurance for any reason, or you die, the amount of insurance which ceases for each dependent (or lesser amounts, if desired) may be converted to individual life insurance policies.
PLEASE REFER TO YOUR GROUP PLAN DOCUMENT OR CONTACT AETNA FOR MORE INFORMATION ON THIS PROVISION.
SCHEDULE OF BENEFITS
BASIC EMPLOYEE LIFE INSURANCE -
All Eligible Employees receive $2,000* (No cost to you)
*Not to exceed 3 times annual salary*
SUPPLEMENTAL EMPLOYEE LIFE INSURANCE - Your choice of the following amounts:
- $10,000
- $20,000
- $30,000
- $40,000
- $50,000
- $75,000
- $100,000
SUPPLEMENTAL SPOUSE LIFE INSURANCE* -
Your choice of the following amounts:
- $5,000
- $10,000
- $20,000
- $30,000
- $40,000
- $50,000
SUPPLEMENTAL CHILD LIFE INSURANCE* -
Your choice of the following amounts:
- $5,000
- $10,000
Optional Employee Life Insurance
| Employee Face Amount | 12 Month Rate |
|---|---|
| $10,000 | $1.80 |
| $20,000 | $3.60 |
| $30,000 | $5.40 |
| $40,000 | $7.20 |
| $50,000 | $9.00 |
| $75,000 | $13.50 |
| $100,000 | $18.00 |
Optional Dependent Life Insurance
| Spouse Face Amount | 12 Month Rate |
|---|---|
| $5,000 | $1.30 |
| $10,000 | $2.60 |
| $20,000 | $5.20 |
| $30,000 | $7.80 |
| $40,000 | $10.40 |
| $50,000 | $13.00 |
| Child(ren) Face Amount | 12 Month Rate |
|---|---|
| $5,000 | $0.40 |
| $10,000 | $0.80 |
Additional Information Concerning your Life Insurance Benefits
Employees must have at least $10,000 optional coverage on themselves in order to purchase spouse or child (ren) coverage.
Spouse and child (ren) coverage cannot exceed 50% of the Employee's Supplemental Life Insurance Amount.
During subsequent annual enrollment periods, an existing employee can increase their level of coverage by one $10,000 increment up to the guarantee issue amount of $100,000 if they have some level of coverage in force, without providing evidence of insurability. New employees have the opportunity to purchase any amount up to the guarantee issue amount of $100,000 without providing evidence of insurability. (Not to exceed 3 times the amount of your annual salary)
Existing employees applying for an amount over the guarantee issue amount of $100,000 and those requesting more than the $10,000 increment will need to provide evidence of insurability.
New employees have the opportunity to purchase up to the guarantee issue amount of $20,000 of coverage on their spouse without providing evidence of insurability and up to $10,000 on their child (ren) without providing evidence of insurability. Existing employees will need to provide evidence of insurability when applying for any coverage amount on their spouse and child (ren).
This insurance is underwritten by Aetna Life Insurance Company -- Plan Arranged by Pierce Group Benefits