E M P L OY E R PA I D L I F E A N D A D & D Plateau Excavation provides all Full-Time employees a $20,000 basic life and Accidental Death & Dismemberment (AD&D) benefit. Life insurance pays your named beneficiary in the event of your death. AD&D insurance will provide a benefit to your beneficiary if your death is the result of an accident. AD&D insurance will provide a benefit to you if you suffer certain accidental injuries, such as the loss of limb (arm/leg), loss of eyesight or permanent paralysis. This coverage is now provided through Unum and is paid for by Plateau Excavation.
Life benefit amounts will reduce to 65% of the original amount at age 65, to 50% at age 70, to 35% at age 75, to 20% at age 80. Benefits terminate at retirement.
S U P P L E M E N TA L L I F E A N D A D & D Employees may elect additional life insurance up to 5x annual earnings, up to a maximum of $500,000. Spouses may elect increments of $5,000 up to a maximum of $500,000, subject to guaranteed issue schedule. The spouse's Voluntary Life benefit cannot exceed 100% of the employee's Voluntary Life amount. Dependent Child(ren) coverage is available in increments of $2,000, up to a maximum benefit of $10,000. Voluntary Life is provided through Unum.
Guaranteed Issue Schedule • • •
Employee: $150,000 Spouse: $25,000 Child: All coverage is guarantee issue
Voluntary Life benefit amounts will reduce to 65% of the original amount at age 65, to 50% at age 70, to 35% at age 75, to 20% at age 80. Benefits terminate at retirement. The spouse's Voluntary Life benefit amount will reduce in accordance with the employee’s age.
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