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 majority of people in these younger age ranges will opt for a term life insurance policy. Term life insurance will provide protection over a specific period of time. For most people, this is 10 years, 20 years, or 30 years. Since the life insurance carrier knows exactly how long youâll pay your premiums, this is the most cost-effective form of life insurance.