OPTIONAL LIFE INSURANCE
Two life insurance plans are offered, Term Life or Universal Life, administered by Provident Life & Accident Insurance Co. Employees may enroll in either one or both plans and may elect as much as three times his/her base annual salary without having to show proof of good health, when first offered. Coverage of up to five times the base annual salary or $300,000, whichever is less, is available with proof of good health. Increases in coverage or cancellation are permitted during the Annual Enrollment Transfer Period. View the Optional Term Life and Optional Universal Life Insurance Handbook.
TERM LIFE offers a death benefit only. Premiums are age banded, which means the premiums increase as the insured grows older. The employee need not participate in order to purchase spouse coverage. Children's coverage is available as a term rider.
View Term Life Premium Rates until June 30, 2008
View Term Life Premium Rates effective July 1, 2008
Forms
- Group Insurance Enrollment Form
- Term Life Enrollment Form (must also be completed)
- Supplemental Application (must be completed if you did not elect coverage when first offered)
- Customer Service Request Form (to change name, address, beneficiary, amount of coverage)
UNIVERSAL LIFE offers a death benefit, cash accumulation, loan provision, and a paid-up policy feature. Premiums are NOT age banded, which means they will not increase as the insured grows older. The premium that you pay when you enroll will stay the same as long as you remain in the Plan. The employee need not participate in order to purchase spouse coverage. Children's coverage is available as a term rider.
View Universal Life Premium Rates
Forms
- Group Insurance Enrollment Form
- Universal Life Enrollment Form (must also be completed)
- Supplemental Application (must be completed if you did not elect coverage when first offered)
- Customer Service Request Form (to change name, address, beneficiary, amount of coverage)
