The Plan at a Glance

About This Handbook

|

Benefits Handbook Archive

|

|

Handbook
Home

Print this Page

Print a Section

	Personal Life Insurance Plan

	The Plan at a Glance

	Participating in the Plan

	How the Plan Works

	Filing a Claim

	Glossary

The Plan at a Glance

This whole life insurance plan provides you with coverage for permanent insurance protection that also builds up a cash value. The chart below contains some important Plan features. For more information, see "How the Plan Works."


Plan Feature	Highlights
Plan Type	The Plan is a whole life insurance policy; meaning that you own the policy outright. Premiums will remain level and will never change unless you change your coverage amount.
How the Plan Works	You may purchase coverage for yourself and you may also elect to cover your spouse (or approved domestic partner) and dependent children under this program. You are eligible for up to three times your annual base salary for a maximum of $200,000 under Contingent Guaranteed Issue guidelines as a new employee. Coverage is also available from $201,000 up to $500,000 with Simplified Underwriting. The Company will pay 26% of the employee's premium up to $100,000 in coverage.
Additional Features	The policy is owned by you and is completely portable The cash value that your policy accumulates is guaranteed. Plus, should the need arise, you can take a loan from your policy's cash value The full death benefit will be paid as long as the policy is in effect; it will not decrease as you grow older At retirement you can elect to take reduced paid-up insurance, depending on the amount in your policy's cash value, with no further premium payments
Eligibility	You are eligible to participate in this program if you meet the eligibility requirements described below. See "Participating in the Plan" for details, including eligibility requirements for your spouse/domestic partner and eligible children.
Enrollment	You can enroll at any time, but Evidence of Insurability is required if you enroll after 30 days from your eligibility date. To enroll, contact Marsh Voluntary Benefits. Once enrolled, you may view your deduction amount by accessing MMC PeopleLink's MMC Benefits Online from the PeopleLink homepage. If you wish to change coverage, where eligible, you must contact the Plan Administrator.
How Your Benefit is Calculated	At death, the benefit plus paid-up insurance bought with dividends less any outstanding loan balances (including principal plus interest) will be paid to designated beneficiaries.
Advanced Payment of Benefit	The Plan contains an Accelerated Benefit Option for employees. If you are certified by a medical physician to have a life expectancy of six months or less and you are not expected to recover, you may receive an "advance" (subject to certain maximum limitations) against life insurance proceeds payable at the time of your death. See "How the Plan Works" for details.
Contact Information	For more information, contact : Marsh Voluntary Benefits, an MMC Company, formerly known as Marsh @WorkSoultions. Phone: (800) 695-7451 Claims Administrator (insurer): Metropolitan Life Insurance Company One Madison Ave New York, NY 10010-3690 MMC does not administer this Plan. The Personal Life Insurance Plan's Claims Administrator's decisions are final and binding.