Life Insurance
New:
Monthly Premiums for the State of South Carolina Optional Life Insurance:
Employee, Spouse & Children, effective 01/01/06
A life insurance policy is a contract under which the insurance
company promises to pay a benefit upon the death of the person who
is insured. Vendors product portfolio usually cover:
- Term Life Insurance
- Universal Life Insurance
- Variable Life Insurance
- Whole Life Insurance
There are several life insurance options available through the
State System managed by the Hartford
Life Insurance Company:
- South Carolina Retirement Systems Death Benefit
An employee who is a member of SCRS or ORP with at least one year
of service will be covered by a death benefit equal to one year
of budgeted salary. Exceptions may apply, if job related injury
results in death.
- State Death Benefit
If enrolled in one of the health insurance plans, you qualify
for a $3000 life insurance policy at no cost to you. This benefit
also provides a $3000 accidental death benefit if death is the
result of an accident.
In addition, the following vendors have been authorized through
automatic payroll deduction:
Features
on optional term life insurance plans may include:
- Accidental Death and Dismemberment benefits
- Seat Belt Rider for automobile accidental death
- Living benefits for terminal illness
- Disability Waiver of Premium for up to one year
- Felonious Assault Benefit
- Day Care Benefit
- Education Benefit
You may also purchase dependent life insurance coverage for your
spouse and/or child(ren). |
