Life Insurance

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    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. 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.
     
    Group Life Insurance Policy and Certificate
     
    Life Insurance Description Coverage Maximum Coverage
    Basic Group Term Life All Benefit Eligible Employees 1.5 x Annual Salary $150,000
    AD&D All Benefit Eligible Employees 1.5 x Annual Salary $150,000

    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.