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.
The result is, many insurance carriers offer level term life insurance policies. In essence, theyâll cover you until age 95, but for 10, 15, 20, or 30 years the premium is fixed. To determine your level premium, life insurance companies add up the payments for each year in the 10 year term and divide it by 10.