Update My Life Insurance

1. Basic Life Insurance is provided by American United Life Insurance Company and is part of your benefit package. The coverage provides group life insurance and accidental death & dismemberment insurance in the amount of your annual regular earnings (accidental death pays an additional one times your annual earnings). Each newly eligible employee must complete a beneficiary form within 30 days of eligibility. Beneficiary designations continue in effect from year to year unless a subsequent beneficiary form is completed. Beneficiary changes can be made at any time at the Benefits Office.

2. In addition to the basic life insurance and accidental death & dismemberment insurance provided by the district, eligible employees can elect to extend their group life insurance by enrolling for optional life insurance/accidental death dismemberment insurance.

You may enroll for the amount of your annual earnings (accidental death pays an additional one times your annual salary) or twice your annual earnings (accidental death pays an additional two times your annual salary). At age 70 the amount of the benefit is reduced to $5,000.

The premium is 14.5 cents per thousand dollars of annual earnings. Payroll deductions for optional life insurance can be calculated by multiplying your regular earnings for each monthly pay period x 12 (annualize) x.00145. If your earnings vary monthly, the premium will vary monthly as well. However, the insurance benefits are paid on your annual rate of earnings

During the first 30 days of employment, only an enrollment form needs to be completed at the Benefits Office to affect your optional life insurance on the first day of employment in an eligible position. If you desire to enroll after 30 days of employment, a health statement and enrollment form must be completed and accepted by the insurance company.

http://www.nsd.org/index.cfm?fuseaction=benefits.life_insurance