|
Eligibility
Requirements: You
must be enrolled in SAMBA’s Group Term
Life Insurance Plan. Evidence of insurability is required.
This Plan may also be continued into retirement. (See details
below)
Benefits
offered by the Plan:
•
Group Term Life Insurance: This program offers Group Term
Life Insurance benefits for eligible dependents, including your
spouse and unmarried eligible children who are under the age of
22.
•
Accelerated Death Benefit: If your spouse has a Terminal
Medical Condition, the Accelerated Death Benefit can make a
difficult time a little easier for your family. The plan can
make available up to 75% of the Term Life insurance amount, up
to a maximum of $250,000. This can be used to help pay medical
expenses or begin putting the family’s financial affairs in
order. A Terminal Medical Condition is one that, with reasonable
medical certainty will result in death within 12 months and was
diagnosed by a physician on or after coverage became effective.
The Accelerated Death Benefit does not apply to dependent
children. This benefit terminates on the earlier of the date
this benefit is paid or the date the policy terminates. The
accelerated payment received will reduce the death benefit.
•
Survivor Benefit: Your dependents are eligible to continue
their coverage in the event of your death.
Your
coverage can continue even after you retire
If
you continue your own Group Term Life Insurance into retirement,
you may also continue coverage for your family under the
Dependent Group Term Life Insurance Plan. Your family coverage
amount will be linked to the Group Term Life plan option you
select for retirement. (See chart below)
This plan ends when you reach age 70. If you wish to continue
coverage, SAMBA has made arrangements for you to purchase (under
another policy) up to $5,000 of insurance coverage. Click here
for information for coverage “Beyond
Age 70”.
Rates
effective January 1, 2004
Dependent
Coverage for Active Employees
|
|
Job
Classification
|
Spouse
Insurance Amount
|
Child
Insurance Amount
|
Biweekly
Premium
|
| GS-9
& Below |
 |
|
If
eligible children |
|
If
no eligible children |
|
|
| $20,000 |
| $25,000 |
|
$10,000
|
|
| $3.00 |
| $3.00 |
|
| GS-10
thru GS-15 |
|
|
If
eligible children |
|
If
no eligible children |
|
|
| $30,000 |
| $35,000 |
|
$10,000
|
|
| $4.00 |
| $4.00 |
|
| SES
& SL |
|
|
If
eligible children |
|
If
no eligible children |
|
|
| $45,000 |
| $50,000 |
|
$10,000
|
|
| $5.00 |
| $5.00 |
|
Rates
effective January 1, 2004
|
Dependent
Coverage for Retired Employees
|
|
GTL
Plan Selected by Retired Member
|
Spouse’s
Insurance Amount
(Based on Member’s Age)
|
Child’s
Insurance Amount |
Quarterly
Premium |
| Thru
Age 59 |
Ages
60-64
|
Ages
65-69
|
| 1,
2, 3, 4 |
$20,000 |
$15,000
|
$10,000
|
$5,000
|
$40.00
|
| 5,
6, 7 |
$25,000 |
$17,500
|
$12,500
|
$5,000
|
$50.00
|
| 8 |
$35,000 |
$25,000
|
$17,500
|
$5,000
|
$70.00
|
|
