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- What is voluntary term life insurance?
- Who is eligible?
- Is there an Eligibility Waiting Period?
- What is included in my “base annual earnings” as it applies to this program?
- What coverage amounts are available under the FEDERAL FIRST Voluntary Term Life Insurance Program?
- What other features and services are available?
- What is not covered?
- Who will receive my death benefit if I don’t name a beneficiary?
- Can I name my children as beneficiaries?
- If I become disabled, will premiums be waived?
- What is a Family Status Change?
- If both my spouse and I are eligible employees working for the Judicial Branch of the U.S. Government, can we be covered as both employee and dependent?
What is voluntary term life insurance?
FEDERAL FIRST Voluntary Term Life Insurance, underwritten by Aetna Life Insurance Company (Aetna) provides protection for a “specific” period of time (term). In the event of your death, your beneficiaries will receive the death benefit you purchased under the policy. This insurance helps ensure that if something happens to you, your beneficiaries will have the financial resources they may need to help protect their home, pay bills, and maintain their standard of living.
You are eligible to enroll for the FEDERAL FIRST Voluntary Term Life Insurance Program if you are:
- A regular active, benefited full-time employee of the Judicial Branch of the U.S. Government working 20 or more hours per week during your employer’s work week; and
- A qualified member as defined in the bi-laws of the National Conference of Bankruptcy Clerks or Federal Court Clerks Association.
If you are an eligible employee who elects this coverage, you may also purchase coverage for your spouse and dependent children.
For a child to be eligible they must be your dependent, unmarried children. They must be age 14 days to age 19, or to age 25 if they are a full-time student going to school on a regular basis and depending solely on you for support. Dependent children include your biological children, adopted children, stepchildren and any other child you support who lives with you in a parent-child relationship.
Is there an Eligibility Waiting Period?
There is no eligibility waiting period. You will be eligible to enroll for coverage as of the day you meet the definition of an eligible employee.
What is included in my "base annual earnings" as it applies to this program?
For Federal Judiciary employees, the base annual earnings include base pay locality pay, scheduled overtime, availability pay, hazard and danger pay for law enforcement officers (if applicable) and net transcript fees for court reporters.
Commissions, awards, bonuses, non-scheduled overtime or any other extra compensation are excluded.
What coverage amounts are available under the FEDERAL FIRST Voluntary Life Insurance Program?
Eligible employees can elect from a range of coverage options*.
- Active employees can elect coverage in $10,000 increments up to the lesser of $500,000 or 5 times your base annual earnings, rounded to the next lower $10,000.
You can elect coverage for your spouse and dependent children. This family coverage is a bundled package and cannot be separated to cover only a spouse or only a child.
- Your Spouse and Dependent Children can be enrolled for coverage under one of these options*:
- Option 1: $ 5,000 Spouse / $ 2,500 per Child
- Option 2: $10,000 Spouse / $ 5,000 per Child
- Option 3: $15,000 Spouse / $ 7,500 per Child
- Option 4: $20,000 Spouse / $10,000 per Child
- Option 5: $25,000 Spouse / $12,500 per Child
* Please review your enrollment package or consult with your Human Resources Specialist to determine if coverage elected is subject to evidence of insurability.
What other features and services are available?
Some additional features and services included with this program are:
Employee and dependent life insurance includes a two year suicide exclusion.
Who will receive my death benefit if I don’t name a beneficiary?
If you don’t name a beneficiary or a named beneficiary dies before you, payment will be paid as follows to those who survive you.
- Your spouse, if any.
- If there is no spouse, in equal shares to your children.
- If there is no spouse or children, in equal shares to your parents.
- If there is no spouse, children or parents, in equal shares to your brothers and sisters.
- If none of the above survives, to your executors or administrators.
We recommend you designate a beneficiary or beneficiaries and update your beneficiary information periodically. You may change your beneficiary designation by completing a Beneficiary Designation Form and sending it to the FEDERAL FIRST Service Center.
Can I name my children as beneficiaries?
Yes. However, it is not always advisable to do so. If your children are minors at the time of your death, a Legal Guardian may need to be appointed until they reach your state’s age of majority, 18 or 21. This process generally involves legal formalities, delays, expenses, and restrictions as to who can become the guardian and to the guardian’s authority to manage the funds on the children’s behalf.
If I become disabled, will premiums be waived?
Yes. Aetna will waive your premium payment if you are less than age 60 and have been totally and permanently disabled for nine months. You will not have to make premium payments until the earlier of the date you are determined not to be disabled or reach 65. You must pay premiums until the date Aetna determines and notifies you that you no longer need to pay premiums.
If both my spouse and I are eligible employees working for the Judicial Branch of the U.S. Government, can we be covered as both employee and dependent?
No. An individual cannot be covered as both an employee and dependent nor can an individual be coverage as a dependent for more than one employee.
This voluntary term life insurance program contains Limitations and Exclusions.
Policy forms issued in OK include: GR-9/GR-9N.
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Form 26.36.317.1 (06-08)