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Survivor Income Benefit

Payment of Benefit

The Survivor Income Benefit is a form of life insurance that provides your survivor(s) with a monthly income rather than one lump sum.

In the event of your death, a non-taxable monthly benefit is payable to your Survivor Income beneficiary starting on the first day of the month following your death.

When you designate more than one person as beneficiary, we will assume the benefit amount is to be divided equally, unless you specify otherwise. If your designated beneficiary is under age 18, you should appoint a trustee for this beneficiary and have a trust agreement drawn up and signed. This trustee will receive and give discharge for any benefit amount which becomes payable while your beneficiary is a minor. If no beneficiary survives you, the benefit amount will be paid to your estate.

Waiver of Premium

If your Life Insurance premium is being waived, the premium for this benefit will also be waived.

Duration of the Survivor Income Benefit

If your beneficiary is your Spouse, the benefit is payable for your Spouse’s lifetime. If you Spouse dies before 10 years of payments are made, the benefit will continue to your Spouse’s estate for the balance of the 10-year period.

If your beneficiary is other than your Spouse, the benefit is payable for 10 years of payments. If your beneficiary dies before 10 years of payments have been made, the payments for the balance of the 10-year period will be payable to your beneficiary.

Claims

In the event of your death, the Plan Administration office must be contacted within 30 days, and a completed claim form along with any proof required must be received within 90 days . However, no payment will be made on any claim submitted later than 1 year from the date of death.