Does the life insurance coverage provided by my canadian non prescription viagra employer include accidental death coverage?
Yes. The policy provided by your employer includes Accidental Death & Dismemberment coverage. This coverage helps protect you and your family in the event of an unplanned loss of life, limb or sight. The amounts payable under this coverage are specified in the coverage certificate provided by Minnesota life A very brief summary of those benefits is as follows:
|b) One Hand/Foot, Sight in One Eye||50%|
|c) Two or more of the losses above||100%|
Do I have to pay taxes on the life insurance paid/provided by my employer?
Pursuant to Internal Revenue Code Section 79, premiums paid by an employer for group term life insurance up to $50,000 are excluded from income.
Contact your buy cheap propecia Human Resources or Benefits Department for the applicable beneficiary designation forms to complete.
I am getting divorced but I still want my ex-spouse to be my life insurance beneficiary. Do I have to complete any paperwork?
Yes. Your previous beneficiary designation will be null and void upon the divorce date. You will need to contact your Human Resources or Benefits Department and designate your ex-spouse as your beneficiary with the paperwork dated on or after the date of the final divorce decree.
If I become disabled what happens to my life insurance coverage?
Your life insurance will be continued without payment of premiums while you are totally disabled if:
a] You become Totally Disabled while insured under the Group Policy and you are under the age of 60;
b] You complete your Waiting Period; and
c] You provide Minnesota Life with satisfactory Proof of Loss.
Continuation in the case of a disability can be quite confusing, therefore if you believe you qualify for this coverage contact your Human Resources or Benefits Department as soon as possible to review the administrative specifics of continuing your coverage.
Can I buy additional life insurance for me and/or my family?
Yes. Additional life insurance coverage is available through your employer and through convenient payroll deductions. The premiums amounts vary by age. Please contact your Human Resources or Benefits Department for specific coverage, premium and enrollment information.
If I leave my employment am I able to continue my life insurance benefits?
Yes. You may continue your life insurance benefits on a direct pay basis, however to continue benefits you must contact the life insurance carrier, Minnesota Life, at (800) 392-7295 within thirty-one (31) days of your benefits termination date to start the process of converting your employer coverage to individual coverage. There is no exception to this timeline.
No matter your position – CEO, Superintendent, City Manager, HR Director, Director of Finance, or Administrative Assistant – understanding employee benefits can be overwhelming. Health Care Reform has drastically changed the landscape of employee benefit programs, and continues to do so. Staying abreast of ever-changing legislation, focusing on corporate compliance and continuing to educate employees on their benefits package is no easy task. ECA partners with our clients as an extension of staff to give objective advice, through transparent policies and comprehensive education.
BASIC LIFE INSURANCE
Group life insurance coverage is automatically provided to all eligible employees on the date you become benefits eligible with your employer. Please refer to the Life Insurance Certificate for your Employer for coverage amounts and plan provisions.
SUPPLMENTAL LIFE INSURANCE
In additional to your employer-paid life insurance, you also have the option of purchasing supplemental life insurance. You can purchase coverage for yourself, your spouse and your dependent children.
You may elect additional life insurance in units of $10,000, to a maximum of $750,000 or 6 times your annual earnings, whichever is less. If you wish to become insured for an amount in excess of $300,000, the excess will be subject to underwriting. All late applications and requests for coverage increases are also subject to medical underwriting approval.
Coverage is available in units of $10,000 up to maximum of $30,000, not to exceed 100% of the employee’s combined coverage amount. If you elect an amount for your spouse greater than $30,000, the excess will be subject to medical underwriting approval. All late applications and requests for coverage increases are also subject to medical underwriting approval.
You may elect coverage for your eligible children up to age 26 in the amount of $10,000. All late applications and requests for coverage increases are also subject to medical underwriting approval.
Additional life insurance premium rates are based upon age. The premiums for additional life insurance are set up through payroll deductions on an after-tax basis.
For more detailed coverage information, please contact your benefits department.