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Life

Please note that information on this website is only intended to provide jargon-free information about the IARC benefits and does not cover every exception or possibility. The policy documents for the various benefits are controlling.


Coverage

If you are a full- or part-time employee of a Center, the death benefit offered is equal to 3 or 5 times your annual base salary, rounded to next higher $1,000. The salary of a part-time employee shall be deemed as the pro-rated salary (the amount actually paid on an annual basis). The Center will provide you with your employment status upon enrollment into the Plan, along with the benefit amount for which you are eligible.

Your death benefit coverage will be reduced according to the following age restrictions:

  • From age 70 to 74, you will receive 75% of the full benefit.
  • From age 75 to 79, you will receive 50% of the full benefit.
  • At age 80, your coverage will cease.

If you are a short-term employee or long-term consultant of a Center, the death benefit offered is a flat fixed amount of $50,000 or $100,000.

The Plan offers a level of free coverage to which you are entitled without the need to provide the insurer with any evidence of health. This means that —

  1. if your life benefit does not exceed the maximum Free Cover Limit of $1.5 million, you are immediately accepted under the Plan for full benefits, or
  2. if your life benefit exceeds the maximum Free Cover Limit, you will need to follow the underwriting process as described in the IARC Death & Disability Benefit Plan Explanatory Booklet.

Effective Date of Coverage

If you are a full- or part-time employee, or long-term consultant, life coverage becomes effective five days prior to your official date of employment at your Center and life coverage will end 25 days (the grace period) after you have terminated employment from your Center.

If you are a short-term employee or short-term consultant, life coverage becomes effective on the date of employment and life coverage will end on the day you terminate employment from your Center.