BENEFITS AT A GLANCE
Employees are provided Basic Life Insurance by the Board of Education. Employees may elect Supplemental coverage on themselves, spouse and children.
BASIC LIFE INSURANCE
Each full time employee receives $25,000 of group term life insurance, paid by Putnam County Charter School System.
Coverage includes an age reduction schedule to 50% at age 70 and to 35% at age 75.
EMPLOYEE SUPPLEMENTAL LIFE
Each eligible employee can select additional coverage up to $500,000, not to exceed five (5) times annual earnings, in increments of $10,000. Accidental Death and Dismemberment can be selected, but cannot exceed $250,000.
When first eligible, employees can apply for up to $100,000, on a guarantee issue basis. During each annual enrollment, employees can elect to increase existing coverage by $10,000 on a guarantee issue basis, up to a total of $100,000. All other amounts applied for at a later date require evidence of insurability acceptable to the insurance company.
For Employees, coverage reduces to 65% at age 70, and to 50% at age 75.
SPOUSE SUPPLEMENTAL LIFE
Each eligible employee can select coverage on their spouse from $10,000 to $500,000, in increments of $10,000. Accidental Death and Dismemberment can be selected in the same amount of Spouse Life, but not to exceed $250,000. Coverage terminates at age 70.
When first eligible, employees can apply for up to $30,000 spouse coverage on a guarantee issue basis. All amounts applied for during annual open enrollments or at a later date require evidence of insurability acceptable to the insurance company.
DEPENDENT CHILDREN SUPPLEMENTAL LIFE
Each eligible employee can select coverage on their Dependent Children for either $5,000 or $10,000.
To be eligible for Dependent Life, Employee or Spouse Life must be enrolled. This policy covers each eligible child for amount selected ($5,000 or $10,000). Eligible children are ages 14 days to age 19 or to age 25 if full-time student. Evidence of Insurability is waived for Dependent Children starting July 1, 2018.
CERTIFICATE OF COVERAGE
Refer to the Basic Life Certificate or Supplemental Life Certificate for exact provisions and limitations.
Amendment List
SUPPLEMENTAL LIFE RATES
| Employee or Spouse Age | Rate/$10,000 |
|---|---|
| Less than 30 | $.80 |
| 30 but less than 35 | $.90 |
| 35 but less than 40 | $1.10 |
| 40 but less than 45 | $1.70 |
| 45 but less than 50 | $2.90 |
| 50 but less than 55 | $4.90 |
| 55 but less than 60 | $7.60 |
| 60 but less than 65 | $11.90 |
| 65 but less than 70 | $21.30 |
| 70 and over | $38.20 |
| AD&D | $.40 |
DEPENDENT CHILD LIFE RATES
| Child Coverage | Plan A | Plan B |
|---|---|---|
| 14 Days to 6 Months | $500 | $1,000 |
| 6 months to 19 years or to age 25 if a full time student | $5,000 | $10,000 |
| Monthly Deduction | $1.25 | $2.50 |
EMPLOYEE ASSISTANCE PLAN
Employees who participate in either the Long-term or Short-term Disability plans can access the Voya Employee Assistance Program at no charge.
See the Details through the EAP Link
POLICY PROVISIONS
An accelerated death benefit is payable, if insured is diagnosed with a terminal illness. This benefit is equal to 50% of the amount of life insurance in force, or $50,000, whichever is less. You must have a minimum of $20,000 to qualify.
Waiver of premium if insured becomes totally disabled prior to the age of 60
Portability – coverage can be continued upon termination of employment until age 70 at low group rates with proof of good health
Rates are based on insured’s attained age as of July 1st annually.
This plan is insured by
