Life Insurance

There are four life insurance options available to Marine Corps NAF employees. Standard Life Insurance, Optional Life Insurance #1, Optional Life Insurance #2, and Optional Dependent Life Insurance.

Standard Life

This options provides life insurance volume determined by your annual salary. Your volume of insurance is determined by rounding your annual salary to the next highest thousand dollar and adding $2,000 dollars (i.e. $14,358 = $15,000 +$2,000= $17,000 of life insurance) Enrollment in this initial layer of life insurance is a pre-requisite to enroll in the Optional Life and Optional Dependent Life plans. If you do not enroll in the Standard Life insurance plan, there are no other options available to you. Rates for this insurance are determined by your annual salary and are shared equally by your employer.

Optional Life Insurance #1

This life insurance option provides Standard Life participants an opportunity to buy an additional layer of life insurance equal to that provided by the Standard Life Insurance. Cost for this coverage is borne solely by the participant and is determined by the volume of insurance and the participant's age.

Optional Life Insurance #2

This life insurance option became effective 1 January 2001 and is available to employees enrolled in Standard and Optional Life #1. Eligible employees already enrolled in prerequisite options were eligible to enroll in Optional Life #2 without evidence of good health during the annual selection period (16 Oct  17 Nov 00) only. Employees not already enrolled in the prerequisite plans or who elect enrollment in Optional Life #2 after this eligibility period will be required to complete Personal Health Statements and submit to Unicare for approval prior to enrollment.

Employees hired or becoming eligible after 1 January 2001 will be eligible to enroll in this new coverage during their 31 day benefit eligibility period.

This insurance option provides a third layer of life insurance. Volume for this third layer is calculated the using the same method as Standard Life. By enrolling in this option employees will have three times the volume of Standard insurance (i.e. $10,500 salary = $13,000 volume for Standard Life + $13,000 Optional Life #1 + $13,000 Optional life #2 = $39,000)

The cost for this insurance is borne solely by the participant. The premium is calculated using the same method as that of Optional Life #1. EXAMPLE: if you are enrolled in Optional Life #1 at cost of $6.00 per pay period, your Optional Life #2 will be an additional $6.00 per pay period for a total Optional Life premium (#1 + #2) of $12.00 per pay period. For additional questions regarding actual premiums please contact your local personnel office.

Optional Dependent Life Insurance

The Group Life Insurance Plan provides participants of the Standard Life Plan the opportunity to buy group term life insurance for eligible dependents (as defined by Plan provisions). There are four Optional Dependent Life Insurance Plans to select from:

Optional Dependent Life #1 - Provides life insurance in the amount of $5,000 for the eligible spouse (or SSDP eff. January 1, 2012) of the Standard Life participant and $2,500 is provided for eligible dependent child(ren) of the Standard Life participant.

Optional Dependent Life #2 - Provides life insurance in the amount of $10,000 for the eligible spouse (or SSDP eff. January 1, 2012) of the Standard Life participant and $5,000 is provided for eligible dependent child(ren) of the Standard Life participant.

Optional Dependent Life #3 - Provides life insurance in the amount of $15,000 for the eligible spouse (or SSDP eff. January 1, 2012) of the Standard Life participant, and $7,500 is provided for eligible dependent child(ren) of the Standard Life participant.

Optional Dependent Life #4 - Provides life insurance in the amount of $20,000 for the eligible spouse (or SSDP eff. January 1, 2012) of the Standard Life participant, and $10,000 is provided for eligible dependent child(ren) of the Standard Life participant.

The cost of Optional Dependent Life Insurance is borne by the participant and is a minimal flat premium, regardless of the number of covered dependents.

If a husband and wife (or SSDP eff. January 1, 2012) are both employed by MCCS or another Marine Corps NAF activity, they may not insure each other for dependent life.