Life Insurance
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Basic Life, AD&D
Life Insurance
provides benefits to your named beneficiary if you die. If you die
accidentally, AD&D (Accidental Death & Dismemberment) pays your
beneficiary an additional amount equal to your Life Insurance. AD&D
may also pay a benefit to you if you lose a limb such as an arm or
leg. Eligible employees automatically receive a basic life
insurance:
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Administrators - $20,000 Life |
MetLife (as of 1/1/2008) |
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All
Other Employees - $10,000 Life |
Employees can
purchase additional life insurance up to $350,000, in increments of
$10,000 (see optional life section).
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Increasing your Life
Insurance Coverage
You decide how much Life and AD&D coverage you need when you
first enroll in benefits. Then, each year during open
enrollment, you have the opportunity to increase the amount
of your initial coverage. However, before your new coverage
can take effect, an "Evidence of Insurability" form
will have to be submitted to and approved by the insurance
company.
The "Evidence of Insurability" form can be obtained from
Employee Benefits Office during Open Enrollment. When
completed, the form is sent to the insurance company for
review. The benefit goes into effect after it has been
approved by the company. |
Optional
Term Life Insurance
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In
addition to Basic Life and AD&D you have the opportunity to
purchase Optional Life and AD&D insurance up to
$350,000, in increments of $10,000 . |
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At
initial hire, the "Guarantee Issue Amount", (the amount you can be issued without submitting Evidence of
Insurability) is $100,000. After initial hire, any
additional coverage will require an "Evidence of Insurability"
form to be completed. Approval is granted or denied by
the insurance company. |
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The
optional life insurance plan is insured by MetLife (as of
1/1/2008).
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At age
65, this benefit will be reduced to 65% of the face amount.
At age 70, this benefit will be reduced to 50% of the face
amount. |
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Cost is
$2.82 per month for $10,000. Costs shown below are on
a semi monthly basis. |
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Portability - ability to
take insurance with you should you leave the district for
other than retirement is a new feature that is offered by
MetLife with this contract. |
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Benefit |
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Benefit |
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Benefit |
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Amount |
Cost |
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Amount |
Cost |
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Amount |
Cost |
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$10,000 |
$1.41 |
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$130,000 |
$18.33 |
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$250,000 |
$35.25 |
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$20,000 |
$2.82 |
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$140,000 |
$19.74 |
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$260,000 |
$36.66 |
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$30,000 |
$4.23 |
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$150,000 |
$21.15 |
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$270,000 |
$38.07 |
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$40,000 |
$5.64 |
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$160,000 |
$22.56 |
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$280,000 |
$39.48 |
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$50,000 |
$7.05 |
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$170,000 |
$23.97 |
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$290,000 |
$40.89 |
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$60,000 |
$8.46 |
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$180,000 |
$25.38 |
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$300,000 |
$42.30 |
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$70,000 |
$9.87 |
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$190,000 |
$26.79 |
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$310,000 |
$43.71 |
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$80,000 |
$11.28 |
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$200,000 |
$28.20 |
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$320,000 |
$45.12 |
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$90,000 |
$12.69 |
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$210,000 |
$29.61 |
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$330,000 |
$46.53 |
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$100,000 |
$14.10 |
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$220,000 |
$31.02 |
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$340,000 |
$47.94 |
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$110,000 |
$15.51 |
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$230,000 |
$32.43 |
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$350,000 |
$49.35 |
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$120,000 |
$16.92 |
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$240,000 |
$33.84 |
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* Note:
Employees may increase their life insurance during Open Enrollment,
with an Evidence
of Insurability form.
Optional
life insurance is paid for by the employee.
Dependent Life
and Retiree Life Insurance
Dependent Life
Insurance
Dependent Life Insurance is available for your eligible
dependents. The plan provides a benefit of $10,000 for your spouse
and $5,000 for each child. Cost for the dependent life insurance
(covers everyone in your family) is $2.75 per month. This coverage
will end if the following occurs:
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your
employment ends from the School Board of Alachua County;
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your
dependent children no longer meet the eligibility requirements
(age 19, or not longer a full-time or part-time student).
* This
benefit is paid for by the employee.
Retiree Life
Insurance
Employees that officially retire from the School Board of
Alachua County may continue with their Optional Life Insurance
benefits, up to a maximum of $100,000 and with their dependent life
insurance. The following restrictions apply:
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At
age 65 the benefit will be reduced to 65% of the face
amount; and at age 70 the benefit will be reduced to 50% of
the face amount. |
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Coverage
for dependent children terminates when the child no longer
meets the eligibility requirements (age 19 or no longer a
full-time or part-time student).
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Cost for retiree
life insurance is $2.82 per $1,000 coverage, per month, which
includes AD&D. Cost for dependent life insurance is $2.75 per
month.
* This
benefit is paid for by the retiree.
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