Program Coverage
The Benefits for Life program provides peace of mind for you, your family and your employer. Through this one solid program, you enjoy income protection during your working years and greater financial security in retirement. The program provides:
Benefits for Life is an employer-paid program with monthly premiums based on a percentage of your annual compensation.
Coverage begins when your application is accepted and your employer has paid the first month’s premium. During your working years, your employer continues to pay your membership premium. A significant percentage of this premium goes into your Retirement Plan account. The balance provides your disability, life insurance and other survivor benefits.
All of the money contributed to your retirement account buys accumulation units. Each unit has a dollar value, which fluctuates daily based on investment gains and losses. You may direct the investment of your account among a wide range of professionally managed investment funds to meet your financial objectives.