Life and Accidental Death and Dismemberment Insurance Options
There are the following two options available:
Basic Term Life and AD/D Insurance
| Pretax (Flex Plan) | |
| Premium per month | - Employee (college-paid): $.24 per thousand dollars of coverage
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| Coverage | - One times the employee's base annual salary rounded to the next higher thousand dollars, to a maximum of $200,000. The coverage reduces to 65 percent at age 65, to 50 percent at age 70, and to 25 percent at age 75.
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| Accelerated Living Benefit | - An employee may request this benefit if the employee is terminally ill. The benefit will be paid in advance of death. The benefit amount is 50 percent of the basic term life and supplemental term life insurance (combined) in force. If the amount of insurance is scheduled for an age-related reduction within one year after applying for a living benefit, the maximum benefit will be limited to 50 percent of the scheduled reduced amount.
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Supplemental Term Life And Accidental Death/Dismemberment Policy
| Pretax (Flex Plan) | |
| Premium per month | - Varies; Formula is current salary rounded to the next higher thousand, divided by $1000, multiplied by elected coverage amount (i.e. 1, 2, or 3) and then multiplied by $.25 for supplemental and by $.03 for accidental death and dismemberment
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| Coverage | - 1, 2, or 3 times annual salary rounded to the next thousand with a maximum issue of $500,000.00. Benefit reduces to 65 percent at age 65 and to 50 percent at age 70 and to 25 percent at age 75. Benefit is not available upon retirement.
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| Comment(s) | - Guarantee issue for new hires if enrolled within the first 30 days of employment for one times annual salary rounded to the next $1000. Medical approval needed for two times or three times annual salary coverage beyond first 30 days of employment. Medical approval is required for Supplemental Insurance coverage election. The coverage will be effective on the first day of the month following approval by Florida Combined Life.
- All group term life insurance ends when full-time employment or eligibility ends. You may convert to a private policy (at your own expense) when you are no longer eligible for the group plan.
- You may elect to purchase additional insurance (at your own expense) through the Gabor Agency
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