Life Insurance

Life insurance offered under the Benefits plan is “term” life insurance and the rates increase based on your age.  The life insurance plans available to you through The Standard are:

Basic Life Insurance, Group Policy #649404:  employer-paid, provided for the employee, spouse, and children.

  • Employee coverage is 1.5 X salary, up to a max of $200,000
  • Spouse coverage is 50% of the Employee coverage, up to a max of $50,000
  • Dependent coverage is $10,000 per child
  • Group Basic Life Insurance – The Standard

Supplemental Life Insurance:  buy-up options for employee or spouse.

For any increase or decrease in Supplemental Life Insurance coverage, you must apply in writing to The Standard.  Your application will be subject to a medical underwriting process.  Once your application has been completed, please allow 6-12 weeks for processing.  Please complete the following two forms:

Supplemental Form – (return to Benefits Dept)
State-specific Medical History Statement – (return to The Standard)

Turning 65 or 70 soon?  Here’s what happens to your life insurance:

The Basic and Supplemental Life Insurance coverage through The Standard for both the employee and the spouse is reduced by 35% when an employee turns Age 65 and by 50% at Age 70.  This change occurs automatically and your premiums will be adjusted on the first of the month following your birthday to reflect the new coverage amount.