There are circumstances under which an employee may elect or be reassigned to a position in a lower salary band. When an employee is reassigned to a job in a lower salary band on an involuntary basis, the employeeâs salary may be decreased to reflect the responsibilities of the new job. The supervisor and Human Resources will discuss salary implications in advance of the employeeâs change in position.
Term life insurance covers a person for a fixed term, usually 10 or 20 years, though some companies offer term policies in one-year increments from three to 30 years. Whole life insurance, by contrast, provides coverage from the day a person takes out the policy until the day he dies.
On the downside, no matter how the stock market performs, the insurers pay a minimum guaranteed rate, often ranging from 1 or 2 percent. As with all universal life insurance, index universal life insurance policyholders can make flexible premium payments. Sales of index universal life insurance have grown 192 percent from 2006 through 2010--an average of 38 percent annually, according to LIMRA in Windsor, Conn.