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ASSOCIATE LIFE INSURANCE DETAILS
The following is a further description of some of the specific elements of your Life Insurance plan. If you have further questions about the coverages offered under each option contact your Human Resources department.
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Beneficiary |
- You may change
your beneficiary at any time by written notice to your Employer,
subject to any policy or legal limitations.
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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.
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Evidence of Insurability |
- This form
is required on amounts exceeding $700,000 on your initial enrollment
and increased amounts on subsequent re-enrollments.
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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.
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Maximum Benefit |
- The maximum
coverage amount is $1,000,000.
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Waiver of Premium |
- If you become
totally disabled for at least 6 consecutive months before attaining
age 65, Maritime Life will waive the payment of your life insurance
premiums.
- Waiver of
premium terminates at age 65 or you are no longer totally disabled.
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Termination of Benefit |
- Coverage terminates at age 65 or earlier retirement.
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