Life Insurance
Basic Group Term Life Insurance
SMCPS provides basic life insurance
that covers you at all times. The life insurance form must be signed,
dated, and returned to the Department of Human Resources within 30 days of
initial employment. SMCPS pays 90% of the cost of life insurance
(45% for part-time employees) for a benefit equal to your annual salary
(rounded to the next $1,000). The monthly rates for this coverage are
$.10 per $1,000 of coverage. For example, an individual earning
$29,428 would be entitled to $30,000 of life insurance, which corresponds to
a monthly premium of $3.00. For this basic coverage, the employee
would pay, through payroll deductions, their share (10% or if part-time,
55%) of the monthly premium. Refer to your negotiated agreement for
the hours determination.
Supplemental Life Insurance
Additionally, we are able to offer
supplemental, voluntary life insurance at competitive rates. This
supplemental insurance is completely paid by the employee through payroll
deductions. This coverage can be elected in increments of $10,000 up
to 5X annual salary, limited to $250,000. In other words, that same
employee earning $29,428 could elect, at their own cost, to carry additional
insurance up to $150,000 (5X salary rounded up to the next $5,000
increment).
The monthly premium for each $1,000
of supplemental coverage is $.21 for individuals up to and including age 49,
and $.36 for those ages 50 and over. The age determination is made on
July 1 of each year. If you were age 50 on July 1, 2002, then your
monthly rate this year would be $.36. If you are less than 50, then the rate
would change July 1, after you turn 50.
If you already are carrying
supplemental insurance, then you can continue that amount (to the next
higher $5,000 interval) without any medical evidence of insurability.
If you are electing supplemental coverage for the first time, you can elect
supplemental coverage up to 2X your salary - to the next higher $5,000,
without medical evidence of insurability. Any additional coverage will
require medical evidence of insurability. These forms can be obtained
from your site administrator, and should be completed and submitted with
your enrollment form.
Enrollment Required
At a minimum, sections 1 and 2 of the form
must be completed (even if you are waiving the coverage). The form must be
signed, dated, and returned to the Department of Human Resources within 30
days of initial employment. If you elect additional coverage that
requires submission of the Evidence of Insurability, then the original of
that form should be submitted with your enrollment application. We recommend
that you make a copy of this form for your records. Note that this
coverage is available to SMCPS permanent employees only. The form,
however, is the insurance company's (ReliaStar) standard form. For SMCPS,
the section on "persons to be underwritten" should be completed only for "self".
Other Benefits:
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