Basic Life Insurance

Life insurance coverage is available for both you and your eligible family members. DriveTime pays the cost of a basic life insurance policy equal to  1X your annual salary up to $50,000.

You may supplement this basic coverage by purchasing additional amounts of coverage for yourself. You may also purchase dependent coverage for your spouse and children.

For a complete description of all DriveTime group life insurance plans, you can access the Certificates of Coverage online or if you do not have access to the intranet, refer to your copy of the Summary Plan Desciptions.

Supplemental Life Insurance

As a DriveTime employee you may purchase additional life insurance on your own life at group rates. 
 
Three Supplemental Plan Options
You may elect from the following  supplemental coverage options:

• 1x Salary
• 2x Salary
• 3x Salary

Cost of Coverage
You pay the entire cost for supplemental life insurance. Premiums are based on the amount covered.

Payment of Benefits

In the event of your death, benefits will be paid to your designated beneficiary(ies). If you have not designated a beneficiary(ies) or there is no designated beneficiary living at the time of your death, benefits will be paid to your surviving family members in the following order:

• Spouse
• Child or children (to be shared equally among survivors, or to the survivor)
• Parents (to be shared equally, or to the survivor)
• Sisters or brothers (to be shared equally among survivors, or to the survivor)
• Estate of the insured

Dependent Life Insurance

You may purchase life insurance for your spouse (unless legally separated or if your spouse is also an employee of DriveTime) and eligible children. Eligible children are covered from birth to age 19 or to age 23 if your dependent child qualifies as a full-time student.

Eligible children 21 or older and primarily supported by you and incapable of self-sustaining employment by reason of mental or physical handicap are also eligible for coverage. Proof of the child’s condition and dependence must be submitted within 31 days after the date the child ceases to qualify above. The insurer may, from time to time, require proof of the continuation of such condition and dependence. Dependent children cannot be covered twice if both parents are employees of DriveTime.
 

Conversion

You can convert your basic and supplemental life insurance to an individual converted life policy without a medical examination if you apply in writing within 31 days after the date your coverage is terminated or when DriveTime cancels the group policy entirely. Should you die within this 31-day period, the amount of your insurance will be paid to your beneficiary.