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Life Insurance Benefit
Summary
Basic Life Insurance Program
The Town offers a life insurance benefit
equal to one times salary at no cost to the employee. The plan pays an
additional benefit equal to annual salary in the case of accidental death.
Optional Life Insurance Program
New hires may elect coverage in $10,000 increments
up to three times their basic annual earnings or $500,000, whichever is
less, without providing medical evidence of good health. Current employees
may request additional coverage during annual enrollment or within 31
days of a special eligibility situation. Evidence of good health may be
required for the increase to be approved.
Premiums may be paid on a pre-tax basis.
Dependent Life Insurance Program
Employees may enroll in the Dependent Life
Insurance Plan for eligible dependents even if they do not have Optional
Life coverage or other State Plan group benefits. The following coverage
levels are available:
| Spouse |
A
spouse can be covered for up to 50% of the employee's Optional Life
coverage or a maximum of $100,000, whichever is less. Rates are based
on the employee's age. |
| Child(ren) |
Coverage
for children is $15,000 at a monthly premium of $1.24. The employee
pays only $1.24 per month regardless of the number of children covered. |
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