BASIC AND VOLUNTARY LIFE INSURANCE
Gracepoint provides all full-time employees working 30 or more hours per week the option to purchase voluntary life insurance coverage through a group plan. The chart below provides an overview of the plan.
Basic Life Insurance
Sunlife
1x annual basic earnings up to a maximum of $150,000. **The Basic Life insurance is paid 100% by Gracepoint.**
Employee Only
Voluntary Life Insurance
Sunlife
Increments of $10,000 up to a maximum of 5x salary or $500,000, whichever is less. Minimum Election: $20,000
Employee Only
Employees Under Age 65
No evidence of insurability up to max of $100,000 (newly eligible employees only).
Increments of $5,000 up to a maximum of 50% of employee amount or $100,000, whichever is less. Minimum Election: $10,000
Spouse
Spouses Under Age 65
No evidence of insurability up to max of $25,000 (newly eligible dependents only).
At age 65, benefits reduce by 35% of original amount, at age 70, benefits reduce by 35% of in force amount.
Benefit Reduction Schedule
Children
$10,000
EMPLOYEE ELECTION:
VOLUNTARY LIFE Life Rates per $10,000 of benefit (Spouse rate is based on employee’s age )
_____________________ Benefit Amount / 10,000 x____________________ Monthly Rate (from chart) = ____________________ x12 /26 =____________________ Bi-Weekly Contribution
Employee/ Spouse
Age
Child
29 and under
$.80
$1.95
30-34
$.90
SPOUSE ELECTION:
35-39
$1.30
_____________________ Benefit Amount / 10,000 x____________________ Monthly Rate (from chart) = ____________________ x12 /26 =____________________ Bi-Weekly Contribution
40-44
$2.10
45-49
$3.30
50-54
$5.50
55-59
$9.20
60-64
$11.10
CHILD(REN) ELECTION: $10,000
65-69
$16.30
Bi-weekly contribution for all children in the family is $0.91 ( The cost is not based on the number of children)
70+
$30.80
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