Gracepoint 2020 Benefits at a Glance

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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