| 2009 Basic Life Insurance |
|
|
|
 |
| Notice |
|
This Web page presents summary information only. Any error or omission here is unintentional and will be resolved in favor of plan documents or applicable federal or state law or rule. See plan documents for details.
|
|
|
| Eligibility |
|
All PEBB-eligible employees are automatically enrolled in basic life insurance coverage.
|
|
|
| Premium Rates |
|
Premiums for $25,000 in coverage are paid by the employer and PEBB. The employer pays premiums for $5,000 in coverage; PEBB pays premiums for $20,000 in coverage. The premium rate is $1.10 per five thousand dollars in coverage.
|
|
|
| Description of Benefit |
|
This is term life insurance. Term life insurance means that the insurance benefit is payable only if the insured person dies during period specified by the policy. The beneficiary receives the benefit payment if the insured person dies while covered under the policy. In this case, that is while the person is a PEBB-eligible state employee. The carrier pays the benefit upon death from any cause (excluding suicide during the first two years of coverage). This insurance does not accumulate any kind of cash value.
|
|
|
| Tax Treatment |
|
For employee life insurance, your premium payment for the first $50,000 in coverage (including the $25,000 basic life coverage) is taken pretax. Premium payments for coverage over $50,000 is taken post-tax.
|
|
|
| Effective Date |
|
Your coverage becomes effective the first of the month following when you first become eligible. It is automatic. You do not need to enroll for this coverage.
|
|
|
| Beneficiaries |
|
You choose the beneficiaries of your basic life insurance coverage. If you do not name your beneficiaries, the designation reverts to the standard designation established by Oregon law.
The standard designation pays benefits according to the chain of family beneficiaries. It automatically accounts for such life changes as marriage, divorce, death, birth or adoption within your family.
You can make your beneficiary designations online. You will need to enter:
- The person’s (or trust’s) legal name and relationship to you
- The whole-number percentage you wish the person to receive from your benefit
- Whether the person is a primary or a contingent beneficiary.
This designation will not change until you change it.
|
|
|
| Continuing Coverage |
|
You may not continue this coverage when you lose eligibility.
|
|
|
|
