Basic Group Life Insurance Coverage
In the case of your death while employed by a NEBS employer, your beneficiary will receive a benefit payment.
Your employer has two options for life insurance benefits.
Check with your employer to find out which of the following two options they offer employees.
OPTION 1
- If you are under 65 years of age at the time of death your beneficiary will be paid 3 times your annual salary rounded up to the next $1,000, to a maximum benefit of $300,000.
OPTION 2
- If you are under 65 years of age at the time of death your beneficiary will be paid 1.5 times your annual salary, rounded up to the next $1,000, to a maximum benefit of $150,000.
- If you are 65 years of age or older at the time of death your beneficiary will be paid 50% of the amount in effect immediately prior to your 65th birthday.
- If you are 70 years of age or older at the time of your death your beneficiary will be paid 25% of the amount in effect immediately prior to your 65th birthday.
- Your salary means your regular annual salary, not including bonuses, commissions, overtime, moneys paid in lieu of holidays or for traveling expenses, subsistence allowance, housing allowance, settlement allowance, living allowance, honorarium, fees or any other moneys paid in addition to your ordinary salary or wages.
- If you become terminally ill you may be eligible for Living Assistance Benefits, as an advance payment of life insurance, to help meet your medical or other health and welfare expenses. Certain conditions apply and this benefit is at the sole discretion of the insurance company.
Your basic group life insurance benefit terminates at age 75. You and/or your spouse’s optional group life insurance terminates when you are age 70.