Life Insurance

The following outlines the life insurance benefit available to Benchmark employees. Coverage is effective on the first day of the month following 60 days of employment.

Basic Life Insurance Coverage (100% Paid by Benchmark) – All full-time and

mezzanine employees receive life insurance coverage equal to one and a half times

their annual base wages, not to exceed $50,000 of coverage. This includes the same

level of Accidental Death and Dismemberment coverage.

Supplemental Life Insurance Coverage (Term Insurance 100% paid by the Employee)

Supplemental insurance allows you to take additional life insurance on yourself, your

spouse and your children. (Note: You must take supplemental coverage for yourself in

order to have coverage for your spouse or children.)

Details of the plan as well as monthly rates are attached. If you choose to take

supplemental term insurance, your premium will be automatically deducted from your

paycheck.

Completing the Enrollment Form

  • You must provide the following information
  • Name
  • Social Security Number
  • Employment Date
  • Date of Birth
  • Sex
  • Occupation
  • Yearly wages
  • Life Benefit (1 ½ times annual salary)
  • AD & D Benefit (1 ½ times annual salary)
  • Supp. Life (if applicable) – Circle the amount of coverage that you wish to purchase (1, 1.5, 2, 2.5, 3 or 3.5 times annual salary
  • Dependent Benefit (if applicable)
  • Primary Beneficiary
  • Secondary Beneficiary (if applicable)
  • Your signature

Benchmark Management

Supplemental Life Insurance

Beyond the company-sponsored life insurance benefit of 1.5x your annual salary (to a maximum coverage of $50,000), you can now enroll in additional coverage for up to three and one-half times your annual salary!

  • You may elect one of the following benefit options:

1x salary, 1.5x salary, 2x salary, 2.5x salary, 3x salary, 3.5x salary

(Maximum benefit, including employee-sponsored and employee supplemental, is $500,000.)

  • You are GUARANTEED a total of up to $275,000 in benefit coverage WITHOUT ANSWERING ANY MEDICAL QUESTIONS!!!!! This guarantee is ONLY AVAILABLE during your time of entry into the plan. For active employees, that is NOW!!!

Should you decide to enroll in supplemental coverage at a later date, you will be required to complete an evidence of insurability questionnaire.

  • You may also elect coverage for your spouse and child(ren).

Spousal coverage is available for 50% of your supplemental amount, to a maximum of $50,000. Spouses are GUARANTEED a minimum of $20,000 without additional medical information!

Children can be covered for a $4000 benefit.

RATES

AGE / RATE per $1,000
<25 / $ .09
25 – 29 / $ .07
30 – 34 / $ .10
35 – 39 / $ .12
40 – 44 / $ .16
45 – 49 / $ .24
50 – 54 / $ .40
55 – 59 / $ .71
60 – 64 / $ 1.11
65 – 69 / $ 1.81
70+ / $ 3.73

Salary (in $1,000’s) x rate per $1,000.00 = monthly cost

For example, a 35 year old earning $30,000 annually, 2X salary: 30 x 2 x .12 = $7.20 monthly

Salary (in $1,000’s)______

Choice: 1, 1.5, 2, 2.5, 3x salary______

Rate (per thousand)______

Monthly Premium______

Employee Paid Spouse Life Insurance: 50% of employee benefit not to exceed $50,000

Guarantee Issue Amount $20,000

Spouse Benefit______

Rate (per thousand)______(based on spouse’s age)

Monthly Premium______

Employee Paid Child Insurance: 2 weeks to age 18 or age 25 if full-time student

Child(ren):$4,000$.56 / month Child(ren)