Lincoln Financial (formerly Jefferson Pilot) Voluntary Life Insurance for Employees & Dependents Summary of Benefits for Lexington City Schools
(This is a brief description of your group insurance coverage and is not a contract. A certificate of coverage, which describes the Plan in greater detail, will soon be provided to you. Should there be any difference between this summary and the coverage described in the Master Policy, the terms contained in the Master Policy will control).
Lexington City Schools currently provides a flat $10,000 in Basic Life and Basic Accidental Death & Dismemberment benefit for all eligible employees.
As an employee of Lexington City Schools, you can apply for voluntary life insurance coverage for yourself in increments of $10,000 to a maximum benefit of $250,000. No health questions are asked on amounts up to $50,000 if you elect coverage during your initial eligibility period. If you did not elect coverage during your initial eligibility period, or you would like to increase the current amount of coverage that you have, you will be required to complete a health questionnaire.
If you are approved for coverage, you may purchase additional voluntary life insurance coverage on your spouse in increments of $5,000, up to a maximum benefit of $100,000, not to exceed 50% of the employee amount. No health questions are asked on your spouse for amounts up to $30,000 if you or your spouse are newly eligible. If your spouse did not elect coverage during the initial eligibility period or you would like to increase the current amount of coverage, a health questionnaire will need to be completed. You can also purchase additional life insurance on your child (ren) in increments of $5,000 up to a maximum benefit of $25,000. The cost is $.60 for every $5,000 increment per month (12 month employees) or $.72 for every $5,000 increment per month (10 month employees). No health questions are asked on your children. You do not have to enroll your spouse in order to purchase the life benefit on your child (ren).
Eligibility:
All active*, full-time, non-seasonal employees who work for Lexington City Schools at least 30 hours per week on a regular basis.
* If you are not actively at work on the date you would otherwise become insured, you are not insured until the date on which you return to active work.
Your initial date of eligibility is the first of the month following the date of hire.
your spouse initial eligibility date is the same as yours or within the first 31 days after marriage if you are currently employed.
Employee and Spouse Benefit
The cost for the voluntary life insurance is based on employee age and the amount of coverage selected. The cost is deducted from your paycheck. You may cover yourself or yourself and your spouse. You cannot purchase voluntary life insurance on your spouse only.
| AGE | RATE per month for $10,000 of coverage 12 Month Employees |
RATE per month for $10,000 of coverage 10 Month Employees |
|---|---|---|
| Under 30 | $0.60 | $0.72 |
| Age 30-34 | $0.70 | $0.84 |
| Age 35-39 | $1.00 | $1.20 |
| Age 40-44 | $1.40 | $1.68 |
| Age 45-49 | $2.30 | $2.76 |
| Age 50-54 | $3.60 | $4.32 |
| Age 55-59 | $5.80 | $6.96 |
| Age 60-64 | $7.30 | $8.76 |
| Age 65-69 | $11.30 | $13.56 |
| Age 70-74 | $35.80 | $42.96 |
Dependent Children Benefit Rider (only available with a purchase of an employee policy)
The dependent children benefit is increments of $5,000 to a maximum of $25,000 regardless of the number of children who are at least 6 months of age to 19 years old (up to 23 years if unmarried, and a full-time student). The cost is $.60 per month per $5,000 increment (12 month employees) or $.72 per month per $5,000 increment (10 month employees).