What is an example of an optional benefit?
Optional Benefits means those District-approved insurance programs optionally available to employees outside the Basic Benefits programs, including short-term disability, additional individual life, long-term care, pre-paid legal, and cancer insurance programs, which are not Basic Benefits as described in Section 7.2.
Do you pay life insurance for the rest of your life?
This is insurance you buy for the length of your life. Unlike term insurance, whole life policies don't expire. The policy will stay in effect until you pass or until it is canceled. The initial cost of premiums is higher than it is with term insurance because of the length of the policy.
What are examples of direct benefits?
These types of benefits may include group insurance (health, dental, vision, life etc.), disability income protection, retirement benefits, daycare, tuition reimbursement, sick leave, vacation (paid and non-paid), and funding of education.
What are the three categories of benefits?
Benefits are any perks offered to employees in addition to salary. The most common benefits are medical, disability, and life insurance; retirement benefits; paid time off; and fringe benefits.
What are different types of benefit categories?
- Benefits that are required by law.
- Medical insurance.
- Life insurance.
- Retirement plans.
- Disability insurance.
- Fringe benefits.
What is optional life?
Optional Term Life Insurance provides additional coverage — up to two times your annual salary when you retired (Election 1 or 2). Maximum coverage is $400,000. The monthly premium is based on your coverage election, your salary and your age. Coverage begins to decrease when you reach age 70.
What is the meaning of optional benefits?
Optional benefits are additional insurance that can be added to your existing plan. They enhance the coverage that you receive through your employer.
What is an example of an optional benefit?
Optional Benefits means those District-approved insurance programs optionally available to employees outside the Basic Benefits programs, including short-term disability, additional individual life, long-term care, pre-paid legal, and cancer insurance programs, which are not Basic Benefits as described in Section 7.2.
What is optional life?
Optional Term Life Insurance provides additional coverage — up to two times your annual salary when you retired (Election 1 or 2). Maximum coverage is $400,000. The monthly premium is based on your coverage election, your salary and your age. Coverage begins to decrease when you reach age 70.
How is AD&D different from life insurance?
AD stands for Anno Domini, Latin for “in the year of the Lord”, while BC stands for “before Christ”.
What does AD&D stand for?
AD stands for Anno Domini, Latin for “in the year of the Lord”, while BC stands for “before Christ”.
What happens when my life insurance ends?
Generally, when term life insurance expires, the policy simply expires, and no action needs to be taken by the policyholder. A notice is sent by the insurance carrier that the policy is no longer in effect, the policyholder stops paying the premiums, and there is no longer any potential death benefit.
Do you get all the money from life insurance?
Upon death, any cash value generally reverts back to the life insurance company. Your beneficiaries get the policy's death benefit, not the death benefit plus cash value. That said, some policy types will offer the death benefit plus cash value, but for a higher price.
Do you get your money back at the end of a term life insurance?
You can get money back after term life insurance, but not with all term plans. There are. Some term insurance plans offer only death benefits. In contrast, other term insurance plans allow you to get your premiums back after the policy maturity.
How long do you have to pay life insurance?
A term life insurance policy is the simplest, purest form of life insurance: You pay a premium for a period of time – typically between 10 and 30 years – and if you die during that time a cash benefit is paid to your family (or anyone else you name as your beneficiary).