This Term Life Insurance plan helps provide
financial support for your family following your death. My Choice offers the following
coverage options:
|
|
Coverage |
|
Option 1 |
2
x Annual Salary |
|
|
|
|
Option 2 |
3
x Annual Salary |
|
|
|
|
Option 3 |
5
x Annual Salary |
|
|
|
|
Option 4 |
7
x Annual Salary |
The following is a further
description of some of the specific elements of your Life Insurance plan.
|
g
Beneficiary |
■
You may change your beneficiary at any time by
written notice to your Employer, subject to any policy or legal limitations. |
|
g
Conversion
Privilege |
■
If your employment
terminates on or prior to your sixty-fifth birthday, you may, within
thirty-one days of such termination, convert all or part of your insurance
coverage, with the exception of waiver of premiums, into an individual life
insurance contract, for an amount not exceeding your amount of coverage under
the group policy, without having to provide evidence of insurability. ■ However,
the amount of insurance to be converted may not exceed the lesser of a) two
hundred thousand dollars and b) the difference between the amount of
insurance in force on your life under this group insurance plan and the
amount of insurance provided by any other group insurance contract for which
you are eligible at the time of exercising your conversion privilege. |
|
g
Evidence
of Insurability |
■
This form is required on amounts exceeding
$650,000 on your initial enrollment and increased amounts on subsequent
re-enrollments. |
|
g
Life
Options |
■
Rates are based on a combination of a blended
rate negotiated by the Company and your age, sex and whether you are a smoker
or non-smoker. A non-smoker is defined
as one who has totally abstained from smoking any form of tobacco or cannabis
for a one-year period immediately preceding the date of non-smoker status. ■
Misstatement of non-smoker status constitutes
fraud. No benefit is payable if you
commit fraud, regardless of the cause of death. |
|
g
Maximum
Benefit |
■
The maximum coverage amount is $1,000,000. |
|
g
Waiver
of Premium |
■
Great-West Life will waive the payment of your
life insurance premiums if you qualify according to the description of 'Total
Disability' on page 18 of the Long Term Disability Details. ■
Waiver of premium terminates at age 65 or you
are no longer totally disabled. |
|
g
Termination
of Benefit |
■
Coverage terminates at age 65 or earlier
retirement. |