Life Insurance

Wicomico County Board of Education (WCBOE) provides basic group term life insurance and accidental death and dismemberment (AD&D) insurance to all benefit eligible employees through The Standard. The coverage is automatic, and the premiums are 100% employer paid. Group Life Insurance Policy and Certificate

Employees enrolled in the Aetna Retirement Plan receive an additional layer of basic term life insurance and AD&D coverage through The Standard. The coverage is automatic, and the premiums are 100% employer paid.

Life Insurance Description Coverage Maximum Coverage
Basic Group Term Life All Benefit Eligible Employees 1.5 x Annual Salary $100,000
AD&D All Benefit Eligible Employees 1.5 x Annual Salary $100,000

Aetna Plan Participants Additional Basic Life & AD&D

Aetna Retirement Plan Participants 1 x Annual Salary $100,000

Basic Term Life Insurance and AD&D Benefits

  • Life and AD&D Benefits reduce to 75% at age 70 and 66.67% at age 75. Benefits terminate at retirement or resignation.

  • Accelerated Benefit Provision - active employee can elect a payment of up to 90% of the Basic Term Life Insurance coverage if their life expectancy is twelve (12) months or less

  • 100% employer paid

 

AD&D Benefits are paid out based on the type of Loss within 365 days of accident:

% of Principal Sum
Life 100%
Both Hands or Both Feet 100%
Sight in Both Eyes 100%
One Hand and Foot 100%
One Hand or One Foot and Sight of One Eye 100%
One Hand or One Foot 50%
Sight of One Eye 50%
Speech 50%
Hearing in Both Ears 50%
Speech & Hearing in Both Ears 100%
Thumb & Index Finger of Same Hand 25%
Quadriplegia 100%
Paraplegia 75%
Hemiplegia 50%
Exposure and Disappearance Benefit ** Within one (1) year
Coma 1% up to 100 months, less  any other Principal Sum benefits paid after one month of continuous coma

**See the policy for further details.

 
Voluntary Supplemental Term Life Insurance

  • Can be purchased in increments of $10,000 up to $200,000 

  • Rates are based on the employee's age and the coverage amount elected

  • Rates each plan year are based on the employee's age as of September 1st

  • Age Reduction Formula:

    • 75% at age 70

    • 66.67% at age 75

  • At initial hire, guarantee issue for any amount up to the $200,000

  • If an employee declines coverage at initial hire and applies for coverage during open enrollment, the employee is subject to evidence of insurability and may be denied coverage

  • If an employee elects coverage at initial hire, the employee may increase their coverage amount by $10,000 during open enrollment guarantee issue. If the employee wants to increase their coverage by more than $10,000, the employee is subject to evidence of insurability and may be denied coverage

  • Accelerated Benefit Provision - if you qualify, you may be able to elect a payment of up to 90% of the Supplemental Term Life Insurance coverage if you have a qualifying medical condition. Qualifying Medical Condition means you are terminally ill as a result of an illness or physical condition which is reasonably expected to result in death within 12 months.

  • 100% employee paid

Dependent Term Life Insurance:

  • Coverage Requirement: (1) amount of insurance on any dependents may not exceed 100% of employee's basic and supplemental life insurance combined (2) if both spouses work for Wicomico BOE, dependent life insurance will not provide life insurance coverage for the spouse; only the children will be covered

  • Spouse Benefit Coverage - $25,000

  • Dependent Child(ren) Benefit Coverage – $10,000 for your child from live birth through age 25.  Refer to the policy for information regarding a disabled child.

  • Cost for the coverage is $2.82 per pay regardless of the number of eligible dependents

  • The Standard rates are guaranteed until 8/31/2020

  • 100% employee paid

Portability of Dependent Term Life Insurance and Voluntary Supplemental Term Life Insurance

  • If employee retires or resigns, the employee can elect to keep their coverage on a direct-billed basis

  • Premiums remain the same as long as WCBOE is an active group with The Standard

  • Continued benefits will reduce to 60% at age 65; 50% at age 70 and terminate at age 75

  • See the Life Insurance Portability provision in the policy for further information.