Life and Accidental Death and Dismemberment Insurance

LIfe

Life insurance provides your loved ones with the protection needed to ease the financial burden in the event of your death. Truman Arnold Companies feels that life insurance is a valuable asset and should be a part of everyone’s financial plan. That is why we offer an impressive life and accidental death insurance package.

Who is eligible?

All regular full-time and regular part-time employees are eligible. Application to participate must be submitted within the first thirty days from the date of hire to be automatically enrolled. Otherwise, you may have to submit, at your expense, evidence of insurability to the insurance company and receive their approval.

Coverage goes into effect the first of the month following one month of employment.

How much insurance coverage is provided?

The face value of the policy (the amount paid to your beneficiary in the event of your death) is $50,000. In the event of your death in an accident, the policy pays $100,000.

One of the most important aspects of your life insurance coverage is the designation of your beneficiary. When you initially apply, it is simple enough to designate, but there are several possible events that may create the need to change your beneficiary- marriage, divorce, the death or incapacitation of the current beneficiary, etc. You may change your beneficiary at any time by simply contacting the Human Resources Department and requesting the appropriate forms.

How much does it cost?

Because this is a group insurance product, the premiums are lower than you might find with an individual policy. That is why we recommend that even employees with their own life insurance policy participate. TAC pays 75% of the total monthly premium.

Life Insurance Premiums (Per Pay Period) $1.39

Supplemental Life

While no one likes to think about life insurance, it plays a vital role in providing for your family after death. TAC’s Supplemental Life Insurance Plan gives participants an affordable way to purchase life insurance coverage on themselves, their spouse and their children.

Who is eligible?

All regular full-time and regular part-time employees are eligible. Participants must apply within the first thirty days from the date of hire to be automatically enrolled. Otherwise, they may be required to provide the insurance company (at your expense) with evidence of insurability and receive their approval. Coverage goes into effect the first of the month following one month of employment. Coverage for spouse and children requires employee coverage.

Plan Highlights

Employee

Employee election may be made in increments of $10,000, not to exceed five times your salary or $500,000, whichever is less. Should you elect an amount that exceeds the lesser of three times your salary or guaranteed issue amount of $100,000, you will need to provide evidence of good health that is satisfactory to UNUM Insurance before the excess can become effective.

Spouse

Election for a spouse may be made in increments of $5,000 to a maximum of $50,000, but may not exceed 50% of employee’s approved election. Should a spouse elect an amount that exceeds the guaranteed issue amount of $20,000, evidence of good health satisfactory to UNUM must be provided before the excess can become effective. Rates and premiums are based on the employee’s age.

Children

You may elect coverage for your children in the amount of $10,000.

How much does it cost?

Rates are based on the age of the employee.

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