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Options in Selecting the Right Life Insurance
2008-06-30 22:50:22

The city supplies applicable companies numerous types of life insurance policies for employees receiving an income, not limited to accidental death or dismemberment coverage, basic life insurance, and commuter and motorist life insurance. These programs are entirely funded by the City of Mesa, Arizona. Supplemental life insurance is also offered at a premium cost that the employee is responsible for funding. Basic Life Insurance Basic life insurance is provided by standard life insurance to full-time employees at no cost. The benefit is equivalent to the employee?s yearly salary rounded up to the next $1,000. When hired, the employee is asked to designate a beneficiary for the policy. It is highly recommended to verify the beneficiary every few years, particularly if a major life event occurs, such as marriage, divorce, or the birth or death of family members. Accidental Death or Dismemberment Similar to the basic life insurance policy, this kind of coverage is granted through standard life insurance to full-time employees. It is entirely funded by the city. The benefit is also equivalent to the employee?s yearly salary rounded up to the next $1,000. The beneficiary for this policy is the same individual that that is designated for the Basic Life Insurance described above. Commuter Life Insurance Provided through CIGNA Life Insurance, this type of policy provides a $200,000 death benefit to a beneficiary if the holder of the policy is killed as a result of an accident that happens during the commute to or from work using the normal route. This kind of policy does not cover travel by aircraft, however. If an employee travels by air on a regular basis for work, they may want to look into specialized life insurance that covers travel by air. The beneficiary for this policy is the same individual that is designated for the Basic Life Insurance described above. Supplemental Life Insurance Supplemental, also knows as voluntary, Life Insurance offers the opportunity to enroll in added life insurance coverage for the policy holder, their spouse, and/or any dependent children. Coverage for the policy holder and their spouse is available in $10,000 increments up to the total sum of the amount of life insurance that the City supplies in addition to what the employee obtains for supplemental life, but cannot exceed a total of $300,000. As an example, if an employee makes $30,000 annually, the City will provide a $30,000 policy at zero cost to the employee. If the employee chooses to then purchase $100,000 in supplemental or voluntary life insurance, the employee?s spouse can procure up to $130,000 ($30,000 granted by the City in addition to the $100,000 supplemental/voluntary purchased by the employee). Premiums for this type of coverage are the policy holder?s responsibility and will be withheld by payroll. The City does not monetarily contribute to this coverage. To add or increase coverage and for more company life insurance basics the employee will need to complete an application form, which can be found at http://www.mesachip.org (click on ?Benefit Forms?). If the employee does not wish to make any changes at this time, they do not need to re-enroll. If previous enrollment in Supplemental Life Insurance has not already been completed, or if an employee wishes to increase coverage for them self or their spouse, they are forewarned that their application will be subject to underwriting and authorization by the carrier administering the plan. This coverage may be transferable should the employee terminate employment with and/or retire from the City of Mesa. However, the coverage must be active at the time employment ends. If the employee does not meet the eligibility requirements to transfer coverage, the employee may choose to convert their policy instead. Please refer to the Life Insurance Certificate of Coverage.

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Options in Selecting the Right Life Insurance-Finances,Kheir Consulting provides small and medium sized businesses with consulting in the areas of marketing and strategy.