The life insurance benefit is insured through a policy with Metropolitan Life Insurance Company (MetLife).
To qualify for the life insurance benefit, you must be a Plan I Participant with Earned Eligibility or Senior Performers coverage at the time of your death. The life insurance benefit is not available if you are covered under COBRA or under Plan II Earned Eligibility, nor is it available to Dependents.
Your life insurance coverage begins when your Plan I Earned Eligibility or Senior Performers coverage begins, provided that you pay the required premium for health coverage. However, if a Participant with Earned Eligibility dies during the period between the Base Earnings Period and the Benefit Period, the life insurance benefit will be payable (but not accidental death and dismemberment benefits).
Life Insurance Benefit
The life insurance benefit amount depends on the type of coverage you have:
- Plan I Earned Eligibility – $10,000.
- Senior Performers – $5,000.
Your life insurance benefit is payable to the beneficiary or beneficiaries that you named on the most recent Beneficiary Designation Form on file with the Plan.
Please call the Plan to request a new Participant Information Form and Beneficiary Designation Form for any changes that may affect your personal profile, or to make a change in your beneficiary designation.
Up to $500 of the life insurance benefit may be reimbursed to an individual who has incurred the cost for funeral expenses on behalf of an eligible Participant. However, a Claim must be submitted prior to the payment of the life insurance.
The amount of life insurance benefit payable will be reduced by the amount paid for funeral expenses. In order to receive reimbursement of funeral expenses, you must submit a copy of the itemized charges, a certified copy of the death certificate and proof of payment.
Accelerated Life Insurance Benefit
In order to provide some financial assistance to terminally ill Participants, the Plan includes a provision for an accelerated life insurance benefit, which allows terminally ill covered Participants to receive 80% of their life insurance benefit while still living. For the purpose of this benefit, the Plan defines an individual as terminally ill if, due to injury or sickness he or she is expected to die within 24 months. The Plan will require a completed accelerated benefit claim form and a signed Physician’s certification statement stating that you are terminally ill. Contact the Plan for additional information and forms.
Loss of Eligibility
Loss of EligibilityWhen you lose Earned Eligibility under Plan I, your life insurance (but not the accidental death and dismemberment benefits) will remain in effect for 31 days following the date you lose Earned Eligibility.
You can convert your life insurance (but not accidental death and dismemberment benefits) to an individual policy during that 31-day period without undergoing a medical examination. You may convert $5,000 if you are losing Plan I Earned Eligibility and gaining Senior Performers eligibility. If you are not gaining Senior Performers eligibility, you may convert $10,000. However, if you have received an accelerated life insurance payment, the amount you may convert will be reduced by the amount of the accelerated benefit you have already received.
If you are totally disabled at the time you lose Earned Eligibility, and you are under age 65, your life insurance can remain in effect on a nonpayment of premium basis. For the purpose of this benefit, totally disabled means that due to an accidental bodily injury or sickness:
- You are unable to perform the material and substantial duties of your regular occupation; and
- You are unable to perform any occupation for which you are fit by education, training or experience.
Benefits will be payable upon your death if you were totally disabled for at least nine months. You must apply for a waiver of premium with MetLife within 12 months from the date your Earned Eligibility ends. You will be required to provide proof of continued disability each year. Contact the Plan for information and forms.
The continuation of life insurance under the waiver of premium provision will end on the earliest of:
- The date you die;
- The date your total disability ends;
- The date you do not provide proof of total disability, as required; or
- The date you refuse to be examined by MetLife’s physician, as required.