LIFE AND AD&D INSURANCE
PAR continues to provide all full-time eligible employees Life Insurance with a $50,000 benefit. This coverage is through Mutual of Omaha.
Please note there is a reduction of benefits to 65% at age 65 and 50% reduction at age 70. Reductions become effective on the first of the month that coincides with or follows the day you reach stated age. Any reduced amount of insurance will round to the nearest dollar.
VOLUNTARY LIFE INSURANCE
PAR continues to offer all full-time eligible employees the option to purchase additional Life Insurance . If you purchase additional life insurance for yourself you may also purchase life insurance for your spouse and/or child(ren). This coverage is through Mutual of Omaha.
Please note there is a reduction of benefits to 65% at age 65 and 50% reduction at age 70. Spouse coverage terminates at age 70. Children 14 days and older are eligible dependents.
Voluntary Life Insurance
Employee
Spouse
Child(ren)
Benefits must be purchased in increments of:
$10,000
$5,000
$5,000
To a maximum of:
5x your annual salary, up to $300,000
100% of the employee’s benefit, up to $100,000
$10,000
Guarantee issue (applicable for newly eligible employees) : Lesser of, 5x your annual salary or $100,000
Lesser of, 100% of the employee’s benefit or $10,000
$10,000
Calculate your cost for coverage:
$
/
=
x $
= $
1,000
Monthly cost for coverage
Benefit Amount Requested
Rate based on age (see charts)
Employee
Spouse
Child(ren) Monthly Cost
Benefit $5,000 $10,000
Cost per $1,000 of benefit
Age
$1.00 $2.00
Smoker Non-Smoker
0 -29
0.12 0.16 0.21 0.28 0.48 0.75 1.28 1.78 2.83 5.77
0.07 0.09 0.10 0.13 0.22 0.34 0.58 0.97 1.57 4.07
0.07 0.09 0.10 0.13 0.22 0.34 0.58 0.97 1.57 4.07
30 - 34 35 - 39 40 - 44 45 - 49 50 - 54 55 - 59 60 - 64 65 - 69
70 +
9
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