Voluntary Life and AD&D Lincoln Financial Group
EMPLOYEE BENEFITS
ABOUT LIFE AND AD&D Group term life is the most inexpensive way to purchase life insurance. You have the freedom to select an amount of life insurance coverage you need to help protect the well-being of your family. Accidental Death & Dismemberment is life insurance coverage that pays a death benefit to the beneficiary, should death occur due to a covered accident. Dismemberment benefits are paid to you, according to the benefit level you select, if accidentally dismembered.
For full plan details, please visit your benefit website: www.mybenefitshub.com/jacksonvilleisd
Voluntary Life Employee Benefits Who Is Eligible? All Eligible Full-Time and Part-Time Employees Excluding Substitute Teachers Coverage Amount: Increments of $10,000. Not to exceed 7 times the employee's annual salary. Rounded to the next higher $10,000. Guarantee Issue Amount Evidence of Insurability will be required for Initial Insurance Amounts in excess of $250,000 and for insurance amounts that are increased after initial enrollment by more than 4 benefit increments. Minimum Coverage Amount: $10,000 Maximum Coverage Amount*: $500,000 Definition of Earnings: Basic Annual Earnings Excluding Overtime, Bonuses, & Commission Conversion Privilege: Available when insurance terminates Additional Features Included: Accelerated Death Benefit (Living Benefit), Waiver of Premium (Extension of Death Benefit), Continuation of Coverage (Portability)
The benefit equals the amount of the dependent life insurance in effect on the date of such death. Upon receipt of satisfactory proof of a dependent’s death while insured under the policy, the death benefit will be paid to the Insured Person. Benefit Reduction Schedule Voluntary Life Employee and Spouse Reduction Schedule: Age Reduction 70 50% Terminate upon the employee’s retirement.
Conversion privilege: Conversion is available when anyone's group life insurance terminates or reduces due to: • the Insured Person's termination of employment or membership in an eligible class; • a reduction in the amount of coverage due to age, a change in class, or a policy amendment; • termination of this policy; • the Insured Person's death, divorce or annulment; or • a covered Dependent's ceasing to be an eligible dependent. Voluntary Life - Dependent Benefits • That person has the option to convert all or part of the Spouse Coverage Amount*: Increments of $10,000. Not to exceed terminated insurance without Evidence of Insurability. The 7 times the employee's annual salary or 100% of the employee's conversion may be made to any Individual Life Policy then benefit amount. Rounded to the next higher $5,000. provided by Lincoln Financial Group. To purchase a Spouse Minimum Coverage Amount: $10,000 conversion policy, application and the first premium Spouse Maximum Coverage Amount: $500,000 payment must be made within the time period specified in Guarantee Issue Amount: Evidence of Insurability will be required the policy. for Initial Insurance Amounts in excess of $60,000 and for insurance amounts that are increased after initial enrollment by Living benefit: An Accelerated Death Benefit is available when the Insured Person’s life insurance benefit is $2,000 or more. If the more than 4 benefit increments. Insured Person is diagnosed terminally ill due to a sickness or Child Age: Day 1 to less than 26 years (or 26 years if unmarried, & injury at least 12 months after life insurance takes effect or on a full-time student) the date of an injury which results in Terminal Illness, then part of Children Coverage Amount: Increments of $2,500. his or her life insurance benefit can be paid prior to death Children Coverage Minimum Amount: $2,500 (subject to state law). Children Coverage Maximum Amount: $10,000 Terminally ill means the Insured Person’s medical condition is expected to result in death within 12 Months, despite *Spouse coverage is only available if the employee is insured for appropriate medical treatment. voluntary coverage. 28
