Life Insurance

All "Full-Time Regular" employees are provided by their Employer with a basic Term Life insurance plan, valued at one times your salary. This insurance offers you and your family important financial protection. In addition, qualified employees may opt to increase life insurance by purchasing Voluntary Life Insurance and/or Dependent Life Insurance.

LIFE INSURANCE

EMPLOYER-PAID BENEFIT

Life Insurance is an Employer-paid benefit provided to "Full-Time Regular" employees. This insurance offers you and your family important financial protection by providing a monetary benefit to your beneficiary in the event of your death (while employed at the company).

Your Employer pays for one times your annual salary to a maximum benefit of $500,000; however, the maximum guaranteed issue amount, core plus options, is $400,000. Core life insurance amounts in excess of $50,000 will result in imputed income (non-wage compensation) that will be included in the W-2 at year-end.

For further information regarding the Basic Life Insurance Plan please click on the Cigna Group Life Insurance Certificate link below:

- - - Cigna Group Life Insurance Certificate.

ACCIDENTAL DEATH AND DISMEMBERMENT (AD&D) INSURANCE

EMPLOYER-PAID BENEFIT

Accidental Death and Dismemberment (AD&D) insurance is provided by the Employer as part of the Basic Life Insurance Plan. This insurance provides protection in cases of serious injury or death resulting from an accident. AD&D Insurance is equal to your life insurance benefit amount, and is payable to your designated beneficiary in the event of your death resulting from an accident or in certain injury instances.

To learn more information regarding the AD&D Insurance Plan please click on the Cigna AD&D Certificate link listed below:

- - - Cigna AD&D Insurance Certificate.

VOLUNTARY (SUPPLEMENTAL) LIFE INSURANCE

OPTIONAL BENEFIT

In addition to the coverage above, employees may elect to participate in the Voluntary Life and AD&D Insurance Plan. This optional plan provides additional life insurance coverage up to the guaranteed issue amount of $200,000. If you opt for this plan when your first hire in, coverage is guaranteed.

However, in the event you do not enroll in Voluntary Life Insurance upon first eligibility, and defer enrollment until some future point, you are not eligible for "guaranteed issue." If electing Voluntary Life Insurance after "first eligibility" you are required to complete an Evidence of Insurability application to Cigna for their review and subsequent approval/denial. The Evidence of Insurability (EOI) requirement also applies in the event you wish to increase the amount of life insurance coverage during open enrollment; also requiring prior approval from Cigna.

The premium is based upon age and salary. The cost will be deducted from your paycheck on an after-tax basis. To calculate the life insurance level that is best for you, please click on the link below:

- - - Voluntary Life AD&D Insurance, 2020

DEPENDENT LIFE INSURANCE

OPTIONAL BENEFIT

The Dependent Life Insurance Plan is a voluntary, employee-paid group term life insurance plan in which you can elect coverage for your eligible dependents. Your cost will be deducted from your pay on an after-tax basis. Your Employer is pleased to provide you competitive group rates for your supplemental insurance.

Voluntary Dependent Life/AD&D Coverage

Spouse $ 10,000 * *65% at age 70; 50% at age 75

Dependent Child Birth-14 days $ 500

15 days - 6 months $ 2000

6 months - 19 years $ 5000