The National IAM Benefit Trust Fund offers Life Insurance and AD&D benefits to participating employees who are also enrolled in a Benefit Trust Fund medical plan. Although typically provided only for employees, the Fund can provide dependent life coverage, if a quote for the cost of coverage is requested by a contributing employer.
To be eligible for coverage, the life and AD&D plan, along with the medical plan, must be negotiated into a group's applicable Collective Bargaining Agreement.
Life and Accidental Death and Dismemberment Coverage
The Benefit Trust Fund life and AD&D plan pays benefits to eligible employees and their beneficiaries. Benefits are provided through CIGNA Group Insurance.
If an employee dies while covered under the life insurance coverage, the life insurance benefits will be paid to his or her beneficiaries. If an employee does not designate a beneficiary, benefits will be paid to the employee's spouse. If the employee does not have a spouse, benefits will be paid in the following order: to the employee's children, parents, siblings or estate.
If an employee is injured as the result of an accident while covered under the Accidental Death and Dismemberment plan, the AD&D benefit for a covered accident will be paid to the employee. A full benefit is paid for accidental loss of life that is covered by the plan, or for the loss of both hands, both feet or both eyes (or any combination of same). Half of the full benefit is paid for the loss of a single hand, foot, or eye. No more than the full benefit will be paid for all losses sustained from a single accident.
Various benefit levels are available to meet the needs of any group.
Life and AD&D Summary Plan Descriptions
When a life and AD&D plan is negotiated, the plan language is added to the associated medical plan Summary Plan Description. For details about how the plans work, including information about enrollment and benefit payment schedules, refer to your applicable medical plan SPD. You can view or download sample language for a $25,000 life and AD&D benefit below.
Summary of Material Modifications
Whenever a change is made to the life and AD&D plan, the Fund Office will send a Summary of Material Modification (SMM). SMMs should be retained in your Summary Plan Description for future reference. All changes made to the life and AD&D plan since the last printing of the Summary Plan Description will be included when the booklet is revised and a new edition of the SPD is issue.