Basic Term Life Insurance:
Basic Term Life Insurance, which is paid for by Glynn County Board of Commissioners, provides you with a certain level of coverage for your loves ones in the event of your death. Your designated Beneficiary would receive this benefit which could be used for funeral and other expenses they may face.
Glynn County Board of Commissioners provides employees with Basic Life coverage equal to 1 x annual earnings, rounded to the next higher $1000 if not already a multiple thereof. Coverage is also provided for dependents of employees: $5000 for eligible spouse and $5000 for eligible child(ren).
It’s not easy to think about how our loved ones will survive financially should we no longer be with them. Although Basic Life Insurance does provide them with some benefit in the event of our death, will that be enough? Unfortunately, when a primary wage earner passes away, 34% of households would have immediate trouble paying everyday living expenses; 29% could cover everyday living expenses for only several months; and only 36% could cover everyday living expenses well into the future.1 While there are many different ways to estimate how much money your dependents may need, we suggest a combined amount of term life insurance that is five to eight times your annual income as a good starting place. Again, this is an estimated amount of life insurance coverage you and your family could consider. A complete financial plan for your family should take into account your specific circumstances including your debt, other obligations, available resources and many other factors.
Employees of Glynn County Board of Commissioners may elect additional life insurance coverage in increments of $10,000 up to the lesser of $500,000 or 5 x annual earnings. New employees may elect up to $200,000 of coverage without providing evidence of insurability. A Glynn County employee may also elect additional life coverage for his or her spouse and child(ren). Spousal life coverage is available in increments of $10,000 up to a maximum of $250,000 and cannot exceed 1/2 the employee coverage amount. Evidence of insurability is required for a spousal election of over $50,000. Employees may elect additional life coverage for child(ren) in increments of $5,000 up to a $20,000 maximum.