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Prudential Life Insurance Company’s Group
Life Insurance Plan provides financial protection for your beneficiary(ies)
by paying a benefit in the event of your death. The amount your
beneficiary(ies) receive(s) is based on the amount of coverage in effect
just prior to the date of your death according to the terms and provisions
of the plan. In an effort to make sure your benefit program is
comprehensive and responsive to your needs, your employer is providing this
coverage at no cost to you.
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Benefits |
Group Term Life Insurance |
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Eligibility |
All active full-time employment and who
have met their eligibility requirements (see enclosed schedule). |
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Benefit Schedule |
The employee’s regular annual earnings
plus commissions, if applicable, for the year, multiplied by 200%,
rounded to the next higher multiple of $1,000, if not an exact multiple
thereof. |
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Non-Medical Maximum |
$500,000 |
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Overall Maximum |
$1,000,000 |
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Accidental Death & Dismemberment
Benefit |
An additional benefit amount may be
payable if a covered loss results directly from an accidental injury
that occurs while the employee is insured for this benefit. |
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Conversion Privilege |
When coverage ends under the Plan, you
can convert your coverage to an individual life policy, without evidence
of insurability. |
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Accelerated Benefit |
If you become terminally ill while you
are insured by the plan, Prudential contract will pay you a portion of
your life insurance benefit one time. The payment will be paid (a) one
time only, in a single lump sum; or (b) monthly for up to twelve
months. Total payment will equal 50% of the smaller of:
(a) your life insurance amount on the date of the claim; or (b) the
reduced face amount of insurance which would remain after an age
reduction, if that reduction is due to apply within twelve months of
claim period. However, the entire benefit paid will not be less than
$5,000 or more than a total of $250,000. |
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Age Reductions
(for Active Employees) |
Age 65
Age 66
Age 70 to 74
Age 75 and above |
80% of the pre-age 65 benefit amount
65% of the pre-age 65 benefit amount
25% of the pre-age 65 benefit amount
10% of the pre-age 65 benefit amount |
This outline is a general description of
the group term life insurance program available to you and is designed for
your use as a convenient reference. It does not alter any of the terms of
the policy. If questions arise, the policy will govern.
For more detailed information on your Group Term Life
Insurance, click here.
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