Benefits At a Glance

The Langdale Company provides Basic Life insurance, at no cost, to all full-time employees, who are enrolled in The Langdale Company Health Insurance Plan.

Coverage is designed to protect you while you are an employee. If you retire or your employment ends, you can take this coverage with you according to the terms outlined in the policy contract.

NOTE: Employees of Commercial Banking Company are covered by a group life insurance plan insured through the Georgia Bankers Association instead of this plan.

Amount of Insurance and Features

If your amount of insurance increases due to a change in your earnings, your increase will take effect immediately upon the date of change as long as you are actively at work on that day. Evidence of insurability is not required for the increase due to earnings increase.

Amounts of $20,000 or more include an Accelerated Death Benefit which allows you to receive up to 75% in the event of diagnosis of a terminal illness.

In case of your permanent and total disability, your premiums are waived and coverage is continued to age 65, provided your disability commences prior to your age 60. If you become permanently and totally disabled at age 60 or thereafter, coverage will be continued for one year from your last day actively at work. To continue coverage under the Waiver of Premium provision, a claim form must be submitted to the insurance carrier within one year from your last day actively at work.

Conversion to a Whole Life Policy is available to continue this coverage after termination of employment.

Benefit Reductions

Benefits reduce to 65% of the original amount at age 70 and to 50% at age 75. The coverage terminates upon your retirement.

NOTE: Employees of Commercial Banking Company are covered by a group life insurance plan insured through the Georgia Bankers Association instead of this plan.

 

Benefits Schedule

Class– Links to Summary Below: Employee Annual Earnings Life Amount AD&D Amount
Class 1 $15,000 but less than $22,000 $30,000 $30,000
Class 2 $22,000 but less than $30,000 $40,000 $40,000
Class 3 $30,000 or more or employee who is a LANCO over-the-road truck driver; Langdale Forest Products Co. Framing Crew $50,000 $50,000