LIFE
INSURANCE PROGRAM FOR
EMPLOYEES
OF NORTH EAST INDEPENDENT SCHOOL DISTRICT
San Antonio, Texas
This brochure presents a summary of the Group Life Insurance Program. The MasterGroup Policy in your Central Office contains specific details.
AMERICAN
NATIONAL
American National Insurance Company
One Moody Plaza, Galveston, Texas 77550
GENERAL
Group Term Life Insurance has in the past, and undoubtedly will be in the future an important factor to consider when planning for financial security. As an employer, North East Independent School District is fully aware of the financial security it has and will provide for their employees. The following information explains the Group Term Life Insurance Program available to you as an employee of North East Independent School District and encourages you to give it consideration in your planning for Financial Security.
THE BENEFITS
BASIC
GROUP TERM LIFE INSURANCE BENEFIT:
Under the Basic
Group Term Life Insurance portion of the plan, you can purchase an amount of
life insurance as shown in the Schedule of Benefits below.
ACCIDENTAL
DEATH AND DISMEMBERMENT BENEFIT:
In addition
to the Basic Group Term Life Insurance Benefit, you can purchase Accidental
Death and Dismemberment coverage which, should you suffer any of the losses
shown in the following schedule as a direct result of bodily injuries from extreme,
violent and accidental means and within 90 days after an accident causing the
injuries, the benefit as set forth below will be paid. The principal sum is
the amount shown for your classification in the Schedule of Benefits shown below.
FOR LOSS OF:
THE BENEFIT IS:
LIFE
The Principal Sum
(In Addition to the Amount of Life Insurance)
Both Hands or Feet
The Principal Sum
Sight of Both Eyes
The Principal Sum
One Hand and One Foot
The Principal Sum
One Hand and Sight of One Eye
The Principal Sum
One Foot and Sight of One Eye
The Principal Sum
One Hand or One Foot
One-Half the Principal Sum
Sight of One Eye
One-Half the Principal Sum
SCHEDULE
OF BENEFITS
BASIC
GROUP TERM LIFE INSURANCE BENEFIT:
YOU CAN PURCHASE A MINIMUM AMOUNT OF $l 0,000
OR
A MAXIMUM AMOUNT OF $50,000
OR
ANY AMOUNT IN $10,000 INCREMENTS
IN BETWEEN
ACCIDENTAL DEATH AND DISMEMBERMENT BENEFIT:
You can purchase Accidental Death and Dismemberment coverage in the same amount you select for Basic Group Term Life Insurance.
OPTIONAL GROUP TERM LIFE INSURANCE
You also have the option
of purchasing an additional $10,000 of Group Term Life Insurance for $12.80
a month. However, evidence of insurability satisfactory to the Insurance Company
is required to qualify for the additional amount. The Accidental Death and Dismemberment
Benefit is not available with this Optional Group Term Life Insurance.
Should you desire this additional amount, you need to enter in the amount on
the enrollment form and complete the Statement of health on the reverse side.
SCHEDULE OF MONTHLY PREMIUMS
Group
Term Accidental Death
Monthly
Monthly
Total
Insurance and Dismemberment
Group Term AD&D
Monthly
Amount Insurance
Amount Life Premium
Premium Premium
$10,000
$10,000
$ 7.20
$ .60
$ 7.80
$20,000
$20,000
$14.40
$1.20
$15.60
$30,000
$30,000
$21.60
$1.80
$23.40
$40,000
$40,000
$28.80
$2.40
$31.20
$50,000
$50,000
$36.00
$3.00
$39.00
METHOD OF PAYING PREMIUMS
Premium for the Group
Term Life Insurance will be deducted monthly from your salary and forwarded
by your employer to the Insurance Company.
WAIVER
OF PREMIUM FOR TOTAL AND PERMANENT DISABILITY
If you become totally
disabled prior to age 60 and while the Group Term Life Insurance program is
in force, your insurance shall continue without payment of premium subject to
satisfactory written proof of continuance of total disability.
Total disability means disability resulting from injury or sickness which completely
prevents you from performing any work or engaging in any occupation for wage
or profit.
BENEFICIARY
You can name anyone you desire as beneficiary of the insurance and change the beneficiary at any time without the beneficiary's consent by giving written notice to the Insurance Company through your employer.
CERTIFICATE OF INSURANCE
If you participate in the Group Insurance Plan you will receive a certificate issued by the Insurance Company as evidence of your insurance coverage under the Master Policy.
COVERAGE TERMINATES
Insurance coverage will automatically terminate on the earliest of the following dates -when termination of employment occurs -the last day for which your premium has been paid -the date the Master Policy terminates.
CONVERSION PRIVILEGE
If your coverage is terminated for one of the reasons outlined above, you will have the right to convert without evidence of insurability to some permanent plan of insurance. Application for conversion and payment of the required premium must be made within 31 days from the date of termination of Group Insurance coverage. If you should die during this 31-day period, the amount of insurance which you are entitled to convert will be paid to the beneficiary even if you have not applied for the conversion.
CONTINUATION OF COVERAGE AFTER RETIREMENT
If you are eligible to retire with the Teacher Retirement System, you can retain one half of the Group Term Life Insurance excluding Accidental Death and Dismemberment Benefits you have in force at the time of retirement. The monthly premium per $ 1,000 for this coverage will be the current premium being charged the group's active employees as adjusted from time to time.
ENROLLMENT
When you join the North East Independent School District, you will have 30 days from the date of employment in which to enroll. If you do not enroll within the allotted time and subsequently wish to participate in the Group Term Life Insurance Program, you must show evidence of insurability. To enroll, you must complete an enrollment card and submit it to either the Insurance representative or you supervisor.
SOMETHING TO CONSIDER.
As a concerned employer, North East independent School District is fully aware that the Group Term Life Insurance Program it sponsors is a valuable, low cost benefit for its employees. However, they also realize that Group Term Life Insurance is at best, temporary in nature. The basis for long range financial security should be permanent life insurance, with group insurance, when available, enhancing the overall program.
Permanent insurance not only provides a benefit for loved ones in case of death, but enables an insured to accumulate funds for the future which, if necessary, can be borrowed or withdrawn in case of emergencies, major illnesses, college costs for children, financial opportunities or utilized for supplemental retirement income.
SOMETHING TO CONSIDER
North East Independent School District is not endorsing the use of any particular insurance company for the purchase of a Permanent Life Insurance Policy. If you are interested in receiving more information concerning the Permanent Life Insurance products that are available, contact the group representative or fill out the enclosed reply card and mail. If you presently have a personal insurance agent, contact him or her for further information.
Todd
Insurance Services
P.O.
Box 790686
San Antonio, TX 78279
(210) 691-2455