Basic Life Insurance Employee Benefit Highlights
What is Basic Life Insurance?
CCMH provides, at no cost of you, Basic Life Insurance in an amount equal to 1 times your annual salary up to a maximum benefit amount of $50,000. Life insurance pays your beneficiary (please see below) a benefit if you die while you are covered.
Am I Eligible?
You are eligible if you are an active full-time employee.
When Can I Enroll?
You must enroll within 30 days of your hire date. This can be done either during new employee orientation or by calling Human Resources at 307-688-1506.
When is it Effective?
It is effective the first of the month following 30 days of employment. (Example, hire date is 9/15/10, insurance will be effective 11/1/10).
What is a Beneficiary?
Your beneficiary is the person (or persons) who receives a benefit payment if you die while you are covered by the policy. You must select you beneficiary when you complete your enrollment application; your selection is legally binding.
Can I Keep My Basic Life Insurance Coverage If I Leave My Employer?
Yes, subject to the contract, you have the option of converting your group Basic Life Insurance to your own individual policy.
Do I Have Access to My Life Insurance Prior to My Death?
Yes, if you are terminally ill with a 12 month life expectancy you may be eligible for the Accelerated Death Benefit. Accelerated Death Benefit proceeds is the amount the Life Insurance company pays you or your legal representative while you are living when it has been determined that you have a terminal condition (certain criteria must be met as stated in the policy). The remaining amount of your Life Insurance would be paid to our beneficiary when you die.
|As is standard with most term life insurance, the Basic Life Insurance coverage includes certain limitations and exclusions.
- The amount of your coverage may be reduced when you reach certain ages.
- This Benefit Highlights Sheet is an overview of the Basic Life Insurance being offered and is provided for illustrative purposes only and is not a contract. Only the insurance policy issued to the policyholder (your employer) can fully describe all of the provisions, terms, conditions, limitations and exclusions of your insurance coverage. In the event of any difference between the Benefit Highlights Sheet and the insurance policy, the terms of the insurance policy apply.