Basic Group Life Insurance

Life Insurance for Employee
You are insured for a life insurance benefit equal to two times your current annual salary for active employee's, and two times your current annual pension for retiree's up to age 65, rounded to the next higher $1,000, if not already a multiple thereof, subject to a minimum of $10,000 and a maximum of $1,000,000.

Reduction Clause
In the event you have been insured under this program for a period of five consecutive years immediately prior to your 65th birthday, you may be eligible for a reduced paid-up life insurance policy on the first of the month following attainment of age 65 which will remain in force throughout your lifetime.

Waiver of Premium
While insured under the plan, should you become disabled from engaging in your own occupation, your group life insurance may be continued in force following four (4) months of continuous disability for the duration of such disability without further premium payment up to your attainment of age 65, recovery or death. At age 65, coverage reduces in accordance with the reduction clause.

Beneficiary Designation
In the event of your death, the group life insurance benefit is payable to the beneficiary(ies) you have appointed on your Group Enrollment Card.

Termination of Coverage
Your group life insurance terminates on the earlier of termination of employment or on the attainment of age 75.

Conversion Privilege
If your insurance reduces and/or terminates on or prior to age 65, you may be entitled to convert up to the cancelled amount of basic group life insurance to an individual policy of the type then being offered by the insurer to conversion applicants. Application for conversion must be made within 31 days of the termination or reduction date, and no medical evidence of insurability would be required. The premium rate would be based on your age and class of risk at that time. For further information, please contact your Administrator.
 
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