About Saint Mary's
Basic Life Insurance
Effective April 01st, 2017
All eligible employees are covered for basic life insurance equal to 2 times annual earnings.
Contact Human Resources for additional information if continuing to work beyond age 65.
The benefit is rounded to the next higher $1,000 if not already a multiple of $1,000 and is subject to a maximum of $300,000.
Earnings for this purpose mean employees' normal earnings, which exclude overtime, bonus, and commissions, shift differentials and automobile allowance.
In the event of an employee's death while insured, the amount of life insurance is payable to the designated beneficiary. Employees may change beneficiary information any time by completing the required beneficiary form.
Waiver of Premium for Disability
If an employee becomes totally disabled before age 65 and is receiving long-term disability benefits, the employee's basic life insurance will continue without payment of premium until the employee ceases to be totally disabled or reaches age 65, whichever occurs first.
Basic life insurance continues for 31 days following either the termination of employment, or classification changing to one in which an employee is not insured. During this 31 day period the employee may convert the amount of life insurance, subject to a maximum amount of $300,000 and provided the employee is under 66 years of age, to any individual whole life or convertible one-year term or term to age 65 plan without submitting evidence of health. The premium rate will be determined from the employee's age and class of risk at the time of conversion.