Optional Employee, Dependent Life, and Voluntary
AD&D
Optional Employee Term Life You have the option of purchasing
1,2,3,4, or 5 times your annual salary, to a maximum of $500,000.
Eligibility - All full-time active regular employees,
who are scheduled to work 1,400 or more hours per year
Effective Date of Coverage New Employees – First
of the month following or coincident with the day of employment
or transfer to full-time status.
Non-Medical Maximum (also known as the Guaranteed Issued
Amount) – Lesser of 3 times basic annual earnings or $400,000
Maximum Benefit Amount - $500,000
Health Statement Required – A long-form health
statement is required for amounts greater than non-medical maximum
Reduction Formula – Benefits reduce to 65% at age
70; 50% at age 75
Living Benefit Option – Living benefit option is
available for someone with the life expectancy of 6 months.
You may collect 75% of the face amount of insurance, generally
tax-free to a maximum of $300,000 (combined Basic Life and Optional
Life coverages).
Waiver of Premium – If you become disabled while
covered, your premium could be waived.
Portability – This allows employees to keep their
coverage on a direct billed basis after it would normally terminate.
Employee Optional Life
(Rates are per $1,000 of coverage)
| Less than age 25
|
$0.06 |
| 25 – 29 |
$0.07 |
| 30 – 34 |
$0.09 |
| 35 – 39 |
$0.10 |
| 40 – 44 |
$0.11 |
| 45 – 49 |
$0.17 |
| 50 – 54 |
$0.25 |
| 55 – 59 |
$0.47 |
| 60 – 64 |
$0.73 |
| 65 –69 |
$1.40 |
| 70 – 74 |
$2.27 |
| 75 and over |
$3.40 |
|
Optional Dependent Term Life
You will have the option of purchasing life insurance for your
spouse and/or your children as follows:
Coverage |
Description |
Dependents |
Monthly
Cost |
BiWeekly
Cost |
| Option 1 |
$25,000/$10,000 |
Spouse/Child(ren) |
$5.25 |
$2.42 |
| Option 2 |
$10,000/$5,000 |
Spouse/Child(ren) |
$2.25 |
$1.04 |
| Option 3 |
$25,000 |
Spouse Only |
$4.05 |
$1.87 |
| Option 4 |
$10,000 |
Child(ren) Only |
$1.20 |
$0.55 |
| Option 5 |
$10,000 |
Spouse Only |
$1.65 |
$0.76 |
| Option 6 |
$5,000 |
Child)ren) Only |
$0.60 |
$0.28 |
Voluntary Accidental Death & Dismemberment (VAD&D)
Voluntary AD&D offers additional accidental
death and dismemberment coverage for you and your family. You
can elect up to 10 times your annual salary, maximum of $500,000,
in increments of $10,000.
Employee Only
- $ .02 per $1,000 of coverage
Family
- $ .04 per $1,000 of coverage
If your family consists of spouse only your spouse is covered
at 60% of your elected coverage amount to a maximum of $300,000.
If your family consists of Child(ren) only your child(ren)
are covered at 20% of your elected coverage amount for each
child to a maximum of $25,000 for each child .
If your family consists of Spouse & Child(ren) your spouse
is covered at 50% of your elected coverage amount and child(ren)
are covered at 15% of your elected coverage amount for each
child. |