Issue link: http://townofcary.uberflip.com/i/1520327
BASIC LIFE & ACCIDENTAL DEATH & DISMEMBERMENT INSURANCE Cary provides the following for free to benefit eligible employees: • Basic life insurance: Employees receive one times their annual salary up to a maximum of $250,000. In the event of your death, the benefit is paid out to your beneficiary. • Dependent Life Insurance Coverage: Cary also provides $1,500 of life insurance for an eligible spouse/domestic partner and/or dependent children for free. You are the beneficiary. It is the employee's responsibility to let HR know you have a dependant/ spouse/domestic partner/child. • Accidental Death & Dismemberment: Employees receive one times their annual salary, rounded to the nearest thousand. In the event of an accidental death the benefit is paid to your beneficiary. VOLUNTARY GROUP LIFE INSURANCE You may also purchase supplemental voluntary life insurance for yourself and dependents: VOLUNTARY EMPLOYEE LIFE VOLUNTARY SPOUSE/ DOMESTIC PARTNER LIFE VOLUNTARY CHILD LIFE ELECTION AMOUNT Five times their annual salary, up to $500,000 Same amount as voluntary employee life, up to $500,000 Set amount of $2,500, $5,000, $7,500 or $10,000 INCREMENTS $10,000 increments $10,000 increments $2,500 increments APPLICATION REQUIRED Any amount over $200,000 would be subject to review and approval. Any amount over $50,000 would be subject to review and approval. Not applicable COST OF BENEFIT Based on your age and amount elected Based on spouse's age and amount elected Based on amount elected BENEFICIARY Individual you list Employee Employee You can also add or increase life insurance with a qualifying life event. Any amount over the guarantee issued amount is subject to review and approval by Reliance Standard. ADDITIONAL LIFE AND AD&D BENEFITS Employees enrolled in life insurance products prior to November 1, 2015 may be grandfathered into different rules. And some employees may be grandfathered into the Voluntary AD&D product. For more info call HR. ADDITIONAL INFORMATION & QUESTIONS For questions on Life Insurance or AD&D, contact Human Resources at 919-469-4070 or TotalEmployeeHealth@ carync.gov ? CARY Benefits Handbook Page 29 Life Insurance NEWSFLASH You should review and update your beneficiary information at least once a year. To make a change to change to your beneficiaries, visit CNET.