- Additional coverage purchased by you.
- Coverage amounts from $5,000 to $500,000.
- Cost is based on your age and the amount of coverage elected.
- Premiums in excess of $30,000 are taxed as imputed income per IRS regulations.
- Elected amount reduced by 50% on your 70th birthday.
New Hire elections made within 31 days of your initial hire, the following election rules apply:
- $5,000 to $150,000 guaranteed issue (Evidence of Insurability is not required).
- Any coverage level above $150,000 requires Evidence of Insurability and must be approved by Aetna.
- Evidence of Insurability is required for any amount elected.
- May be eligible to receive a portion of you life insurance benefit to meet expenses or make specific plans.
- May pay up to 75% of your elected amount up to a maximum of $390,000 for employees and $18,750 for a depenedent spouse.
- Payment is made in one lump sum and payable once during your lifetime.
- Once paid the amount of life insurance elected will be reducded by the accelerated payment.
- Payment of premiums on the full amount of life insurance must continue.
- Accelerated benefit is paid directly to you, the insured, and may be taxable as income.
You are permanently and totally disabled only if disease or injury stops you from working at your own job or any other job for pay or profit and it must continue to stop you from working at any reasonable job. You must meet all of the following to be eligible:
- Your Life Insurance must be in force when you cease work due to disease or injury.
- You must be under age 60 at the time you cease active work.
- You must be absent from work for at least 6 consecutive months without interruption.
- Premium Waiver coverage will continue until the date the employee reaches the amended 1983 Social Security Normal Retirement Age or their date of retirement, whichever is earlier, for Basic Life.
- Premium Waiver coverage will continue until the date the employee reaches age 70 for Supplemental Life.
- Aetna must receive your written notice of claim for this extension at its Home Office within 12 months from the date you cease active work.
- Allows employees and qualified dependents to continue their life insurance upon termination, retirement or loss of coverage from MCCCD.
- Employees are eligible up to the age of 98
- Spouses are eligible up to the age of 70.
- Dependent child(ren) are eligible up to the age which is one year younger than the age at which he or she will cease to meet the Plan's definition of dependent.
- Employees must be actively at work at the time coverage is terminated.
- Disabled members are not eligible to port their coverage.
- A beneficiary must be designated for the coverage elected.
- The Basic and Supplemental Portable Term Life Insurance plans pay a benefit to your beneficiary if you die.
- You may name anyone you choose. If you wish to name a minor as beneficiary, we advise that you contact an attorney for direction.
- You may change your beneficiary at any time.
- It is your responsibility to keep your beneficiary designation up to date.