Benefits Summary

 

The Machinist Custom Choices Worksite Benefits program has offered IAM Represented employees additional financial security since 1997. Benefits offered include: Life Insurance, Critical Illness, Disability Income, Accident, and Cancer Insurance.

• Life, critical illness, accident, and disability income products are all guaranteed issue for employees during their first year of eligibility. This means no health questions of any kind!
• Fully portable with no change in benefits or cost (except Disability).
• Available to family members.
• Individually owned – lifetime benefits.
• Strike Waiver of Premium provision on all plans.
• Premiums collected through payroll deduction.

Life Insurance

• Available to employees on a truly guaranteed issue basis during your first year of eligibility.
• Cost of life insurance will never go up and death benefit will never go down.
• Policies are available for employee, spouse, children and grandchildren. Employee need not apply in order to cover other family members.
•   Employees purchasing $2 per week are guaranteed future increases in coverage.

Critical Illness

• Employee coverage of $15,000, $25,000, or $50,000
• $25,000 benefit available to employees on a guaranteed issue basis
• Children covered at no additional cost.
• Employee may also elect coverage on their spouse.
• Entire benefit amount paid directly to the insured upon diagnosis of heart attack, stroke, cancer, organ transplant, and/or end stage renal failure.
• Additional occurrence and reoccurrence benefits.
• Health screening benefit of $50 per year.

Accident Plan   -   Protection for the Unexpected!

• 24 - Hour coverage for accidents, on or off the job.
• Available to employees on a truly guaranteed issue basis.
• Guaranteed Renewable for life.
• $350 Emergency Room benefit.
• $1,000 plus $250 per day hospital admission benefit.
• Up to $50,000 accidental death benefit.
• Additional benefits for transportation, lodging, dismemberment, common accidental injuries, and follow-up care.
• Benefits do not coordinate with group insurance.

Disability Income – Protect Your Most Valuable Asset – Your Income

• Available to employees on a truly guaranteed issue basis during your first year of eligibility.
• Employees chose a benefit amount from $300 to $2,100 per month.
• Tax-free benefits begin after 6 months of disability, and are payable for up to 5 years.

Cancer Insurance

• Provides up to $20,000 per year of benefit for chemo and radiation therapy.
• Provides a lump sum initial diagnosis benefit of $3000.
• Covers in and outpatient charges, travel and transportation expenses, and cancer wellness screenings.
• Provides $300 per day if in Intensive Care/CCU
• Benefits do not coordinate with group insurance and are payable directly to policyholder.   

 

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