Life Insurance

 

In the event of your death from any cause, at a time when you are eligible for benefits, your designated beneficiary will receive $10,000.  This benefit is underwritten by a life insurance company.

 

Designation of Beneficiary: 

You may name anyone you wish as your beneficiary on a form provided for that purpose by the Fund Office.  You may change your designation at any time by signing the appropriate form and filing it with the Fund Office.  Payment will be made in a lump sum to your designated beneficiary or beneficiaries in equal shares unless you request otherwise when you file your beneficiary form.  You may name a contingent beneficiary who will receive your life insurance if all the primary beneficiaries die before you. 

If you have not named a beneficiary, the insurance company will pay your estate.  It may, however, pay your surviving relatives as follows: a) all to your surviving spouse; b) if your spouse does not survive you, in equal shares to your surviving children; or c) if no children survive you, in equal shares to your surviving parents.  If the beneficiary is a minor who does not have a legal guardian, the insurance company may, until a guardian is appointed, pay the person it deems to be caring and supporting him or her.  Such payments will be made in monthly installments of not more than $50.00. 

 

Termination: 

In the event your employment ends or you are no longer eligible for benefits under the FA Benefit Fund, coverage will cease as previously described.  However, you have the right to convert to an individual policy.  Please contact the Fund Office if you wish to exercise this option. 

 

Accidental Death or Dismemberment (AD&D):

In the event of your death from an accident or an accidental dismemberment, you or your beneficiary can receive benefits from this coverage.  The loss must occur within 90 days of the accident.  Benefits are paid based on the following schedule:

Accidental death    $10,000

  • Accidental loss of both hands, both feet, the sight of both eyes, or any combination of these  $10,000
  • Accidental loss of one hand, one foot, or the sight of one eye $5,000

Limitations: 

No payment will be made for an accidental death or accidental dismemberment resulting from or caused directly, wholly or partly, by:

  • intentional self-destruction or intentional self-inflicted injury, while sane or insane, or
  • participation in the commission of a crime, or
  • war or an act of war, or service in any military, naval or air organization of any country while such country is engaged in war, counterinsurgency operations or a policing type of activity.

 

Obtaining Benefits: 

In order to obtain these benefits, you or your beneficiary should contact the Fund Office for the appropriate form.  This form should be submitted, along with a certified copy of the death certificate or physician's verification of the accidental loss, to the insurance company.