Originally Posted by
Shades of Blue
Establishing a Trust for probate purposes and the lawyers were asking about life insurance policy info. All I can find in our Benefits section is that it's through Metlife but the value isn't listed other than a generic 50k or 1xAnnual salary. I thought we had a significantly better benefit as a pilot group but can't find the info anywhere. Does anyone have a better source for the value and where I can find it listed? Thanks for any assistance.
It's in the R&I Benefits Handbook. You can find it on the ALPA Site, search for Benefits Handbook. The link is titled "DAL MEC RI Handbook 2020" Here's the key paragraph:
Your beneficiary(ies) will receive the proceeds of a Company-paid term life insurance
policy covering the pilot. Per the PWA, the amount is equal to 2,500 times the 12-year captain hourly rate on the highest-paying aircraft type outlined in the PWA in effect on January 1 of each year. Applying this formula, the Company-paid life insurance in effect is $885,000 in 2020. Note: A pilot may elect a lower amount of Company-paid life insurance, as explained below. You may designate any individual(s) or trust(s) as beneficiary for the Company-paid term life insurance.
It's in PWA 26.G