This document describes the Research Foundation's (RF) life insurance plans, plan administrators, payment amounts, when coverage begins and ends, and coverage continuation requirements.
The RF offers a Basic Life Insurance Plan and an Optional Life Insurance Plan to provide benefits for survivors of deceased employees, as well as Optional Dependent Life Insurance to provide benefits to employees in the event of the death of one of their covered dependents.
All plans provide additional Accidental Death and Dismemberment (AD&D) insurance. AD&D coverage provides benefits for accidental death or dismemberment provided that the death or dismemberment occurs within 180 days of, and as a direct result of, the injury-sustaining accident.
The RF contracts with Prudential Life Insurance company to administer basic life insurance, optional life insurance, and AD&D insurance benefit claims.
Employees who choose to purchase optional life and AD&D insurance coverage pay for the insurance through biweekly deductions, based on the amount of additional insurance desired. The biweekly amount is determined by applying an age-based "rate" to the coverage amount.
The "enrollment kit" (which includes rates and examples) and the "Certificate of Coverage" may be provided to employees to assist in their decision to choose optional life/AD&D insurance.
Operating locations are provided with a "Certificate of Coverage," that applies to basic life insurance, optional life insurance, and AD&D insurance. The certificate can be provided to full-time employees upon request.
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