Life Insurance Benefits Overview
|Benefit||Plan Description||Key Features||What’s New This Year?|
|Basic Life Insurance||
Full premium paid by Sparrow. For eligible Full-Time Caregivers, the life insurance benefit is equal to the amount of a Caregiver’s base annual salary. Eligible Part-Time Caregivers, the life insurance benefit is equal to $10,000.
Age reduction provisions apply beginning at age 65. Please refer to the benefit policy for details.
Supplemental Life Insurance
Offers Caregivers the opportunity to add life insurance coverage beyond basic Sparrow-provided coverage to expand coverage for themselves, their legal spouse and dependents under the age of 26. Elections must be made within 30 days for date of hire or qualifiying status change or during Annual Open Enrollment.
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This is a summary of the benefits provided by each insurance carrier and it is not intended to fully describe the details of each benefit plan. Should any questions arise, the contracts in effect will take precedence.