BASIC LIFE AND AD&D & VOLUNTARY LIFE INSURANCE
JL Marine Systems provides life insurance to all active full time employees at no cost to the employee. The chart below provides an overview of the plan.
BASIC LIFE INSURANCE
Benefit Outline
Class 1 (Managers): $50,000 Class 2 (All Other Employees): $30,000
Benefit Amount
At age 65 reduce by 33% of original amount At age 70 reduce by 66% of original amount
Benefit Reduction Schedule
AD&D
Included - Equal to basic life
JL Marine Systems provides all active employees working 30 or more hours per week the option to purchase life insurance coverage through a group plan, at the employee’s cost..
VOLUNTARY LIFE INSURANCE
Employee Life
Increments of $10,000 up to $300,000. Minimum of $10,000
Guarantee Issue
$100,000
Increments of $10,000 up to $250,000. GI - $25,000 ($10,000 for spouse aged 65+)
Spouse Life
Dependent Life
Increments of $1,000 up to $10,000
AD&D (Employee Only)
Optional – If elected equal to life amount
Benefit Reduction Schedule
At age 65 reduce by 33% of original amount At age 70 reduce by 66% of original amount
Monthly Voluntary Life and AD&D Rates per $1,000 *Spousal Rates are based on employee age.
Age Table
Employee
Spouse $0.073 $0.080 $0.120 $0.194 $0.299 $0.487 $0.764 $1.061 $1.959 $3.201
Child(ren)
<29
$0.073 $0.080 $0.120 $0.194 $0.299 $0.487 $0.764 $1.061 $1.959 $3.201
30 – 34 35 – 39
40-44
45 - 49 50 - 54 55 - 59 60 - 64 65 - 69
$0.187
70+
13
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