EMPLOYEE LIFE INSURANCE BENEFITS
The Marion County School Board provides, without cost to you, group term life insurance in the amount of one and one half times your annual base salary with a minimum of $20,000. Your basic life insurance includes an accidental death benefit, which doubles the amount. (Your amount of basic and optional life and accidental death and dismemberment insurance reduces to 65% when you reach age 70, to 50% when you reach age 75 and to 30% when you reach age 80.)
WAIVER OF PREMIUM
If you are planning to take a leave of absence or are presently on leave of absence and are considered disabled, you may qualify for "waiver of premium". Please contact the Benefits Section for information.
OPTIONAL LIFE INSURANCE COVERAGES THROUGH PAYROLL DEDUCTION
(1) An additional $30,000 of group term life on yourself for a cost of $104.40 per year or $5.22 per bi-weekly check (rates effective January 1, 2011). This option includes an accidental death benefit, which doubles the amount.
(2) $7,500 group term life on your spouse and $5,000 group term life on each eligible dependent child at a cost of $40.60 per year or $2.03 per bi-weekly check. There is no double indemnity value included in this benefit. (This benefit is not able to be pre-taxed.)
If Sun Life receives satisfactory certification that you are "terminally ill", part of your life insurance may be payable to you while you are still living. You must have been actively at work on October 1, 1999 and have been insured for Life Insurance for at least 60 days. (This includes any period of time you were insured under the prior insurer's group life policy. You can request up to 75% of the amount of your life insurance currently in force. If you want more information on this benefit please contact the Benefits Section at 671-6910.
If you have experienced a family status change such as marriage, death or divorce in the past year, it is imperative that you make sure your beneficiary is correct. Please take the time to stop by the Benefits Section or call if you feel your beneficiary has not been included.
NEW ONLINE EVIDENCE OF INSURABILITY SYSTEM
If you, as an employee, need to submit a new Evidence of Insurability application, you can do it electronically on Sun Life's Plan Members web site. Click here for more information on the web site.
LIFE INSURANCE FRINGE
The taxable benefit of up to $50,000 of group-term life insurance provided by the Board is excluded from the wages of insured employees. However, we must include in our employee’s wages, subject to taxes, the cost of group-term life insurance that is more than the cost of $50,000 of coverage. This is based on an IRS Table and is calculated using the amount of life insurance that exceeds $50,000 of coverage and your age. This amount is not a deduction from your paycheck but simply increases your taxable income and the amount of taxes that you pay. More information on this taxable fringe benefit can be found in the IRS Publication 15-B. If you have any questions, please do not hesitate to contact the Payroll Department.