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Life Insurances and Disabilities

GUARDIAN LIFE INSURANCE COMPANY OF AMERICA
 
Group #367734
 
Basic Life and AD&D Insurance:
The University provides Base Term Life for fulltime employees at a flat rate of
$50,000. The Basic Term Life includes Accidental Death and
Dismemberment coverage.
 

There is no cost to the employee. 


Amounts are reduced by 35% at the age of 65; an additional 15% at the age of 70.

Base Life Amounts for:

Class 1:  President only.

$500,000 at the age of 0-64

$325,000 at the age of 65-69 (35% decrease)

$162,500  at the age of 70-120 (50% decrease)  

                                           

Class 2: President's Cabinet Member only.

$400,000 at the age of 0-64

$260,000 at the age of 65-69 (35% decrease)

$130,000  at the age of 70-120 (50% decrease)   

                                         

Class 3:  Other employees.

$50,000.00 at the age of 0-64

$32,500.00 at the age of  65-69 (35% decrease)

$16,250.00 at the age of 70-120 (50% decrease)




Optional Life/Accidental Death and Dismemberment:
Employee is covered in increments of $10,000 to a maximum of $200,000; with a guaranteed issue up to $150,000. Evidence of Insurability required for amounts over $150,000.
 
Amounts are reduced by 35% at the age of 65; an additional 15% at the age of 70.
 
 
Optional Life for Spouse:
Spouse is covered in increments of $5000 to a maximum of $100,000 not to exceed 50% of employee amount. There is a guaranteed issue amount of $25,000. Evidence of Insurability required for amounts over $25,000.
 
Amounts are reduced by 35% at the age of 65; an additional 15% at the age of 70.
 
 
Optional Life for Child:
Dependent child or children coverage is a flat rate of $10,000 and will be issued with no medical questions provided they are enrolled when first eligible. Dependent coverage will not take effect if a dependent, other than a newborn is confined to a hospital or other health care facility, or is home confined, or is unable to perform the normal activities of someone of like age and sex.
 
**Portability Of Basic Group Term Life Insurance:
You may be eligible to port: (a) the full amount(s) of your Basic term life insurance as of the day your coverage under this plan ends, or (b) 50% of such amount, if such amount under this plan is at least $50,000.00.
 
**Portability Of Optional Term Life Insurance:
You may be eligible to port all or part of your employee optional term life insurance and dependent optional term life insurance, by electing a portable certificate of coverage.
 
Portability of Term Life Coverage may be subject to the terms and restrictions.
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Voluntary Short-Term Disability:
This insurance replaces part of your income if you become disabled, due to sickness or injury.  The benefit pays 60% of employee’s annual salary.  The maximum weekly benefit amount is $5,000. Elimination Period for disability due to injury or sickness is 14 days.  Maximum Payment Period for disability due to injury or sickness is 11 weeks.  Payments for a pre-existing condition will be limited to a maximum of 4 weeks.
 
Voluntary Long-Term Disability:
This insurance replaces part of your income if you become disabled due to sickness or injury. The benefit pays 50% of employee’s monthly salary.  The maximum monthly benefit amount is $5,000. Elimination Period for disability due to injury or sickness is 90 days.  Maximum Payment Period for disability due to injury or sickness is 5 years or up to age 70.