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.
Length of coverage. Term insurance provides coverage for a specific period, such as 10, 15, 20, 25 or 30 years, and is renewable after those terms are up. Permanent insurance, which includes whole life and universal life, is designed to provide lifelong financial protection as long as the policy is in force.