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.
Between February 2010 and February 2011, the average deductible increased 11.5% for individual policies and 9.9% for families. Half of all individual policyholders paid $149 or less per month in premiums, and half of all family policy holders paid $353 or less for monthly premiums. The average plan lifetime limit per member was $4.2 million. This average applies only to policies with specified limits.