Group Term & Voluntary Life Insurance
FirstFleet furnishes all full-time employees enrolled in the medical plan with basic Group Term Life insurance and Accidental Death and Dismemberment insurance (AD&D) through Reliance Matrix to protect your family’s future.
Basic Group Life Insurance
In the event of your untimely death, your beneficiary will receive life insurance benefits according to the chart below. Coverage is also provided for your eligible dependents if they are enrolled in the group medical plan.
|Employee Basic Life Insurance||$20,000|
|Employee Basic AD&D Insurance||$20,000|
|Dependent Life Insurance (if your dependents are enrolled in the group medical plan)||$2,500 for spouse (under age 70) $1,000 per child (from live birth to age 26)|
Your group life coverage includes enhanced benefits, such as:
- Portability Conversion
- Accelerated Death Benefit (up to 75%)
Voluntary Life Insurance
You may purchase additional life insurance through payroll deduction during Open Enrollment or as a new hire. Voluntary Life insurance coverage, through Reliance Matrix, is portable and/or convertible. You can keep life insurance coverage at affordable rates even if you change jobs, retire or reduce work hours (thereby affecting eligibility).
Features and Death Benefit Amount
The following coverage is available to you and your eligible dependents:
|Employee||Benefit Amount: Up to five times your annual earnings in increments of $10,000. Maximum amount of $500,000 is available. Up to $200,000 available on a “Guaranteed Issue” basis (during initial eligibility). Amounts over $200,000 are subject to Evidence of Insurability. During the annual enrollment period, employees may increase their coverage up to the Guaranteed Issue maximum without Evidence of Insurability as long as some amount of coverage is already in effect. Otherwise, employees may increase coverage by $10,000.|
|Spouse||Benefit Amount: Up to 100% of employee’s amount in increments of $5,000. Maximum amount of $500,000 is available. Up to $50,000 available on a Guaranteed Issue basis (during initial eligibility). Amounts over $50,000 are subject to Evidence of Insurability. During the annual Open Enrollment period, spouses may increase their coverage up to the Guaranteed Issue maximum without Evidence of Insurability as long as some amount of coverage is already in effect. Otherwise, spouses may increase coverage by $5,000.|
Refer to the Summary Plan Description for further details and applicable limitations.
NOTE: An age reduction feature applies at age 70 (50% reduction). At the time an age reduction applies, the amount of your group basic/voluntary life insurance benefit will be reduced accordingly at the beginning of the next plan year, along with a commensurate reduction in the applicable premium (payroll deduction) rate.