BASIC LIFE AND AD&D & VOLUNTARY LIFE INSURANCE
BASIC LIFE INSURANCE Palmetto Prime 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
Employee Benefit Amount
$15,000
35% at age 65 60% at age 70 75% at age 75
Age Reduction Schedule
Included Equal to basic life
Accidental Death & Dismemberment (AD&D)
VOLUNTARY LIFE INSURANCE
Palmetto Prime 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. The chart below provides an overview of the plan. Please note that anyone enrolling outside of their initial open enrollment period is considered a late entrant and will be subject to medical underwriting.
Voluntary Life Insurance
Employee Life
Increments of $25,000 up to $200,000
Employee Guarantee Issue
$100,000 for timely entrants
Spouse Life
Increments of $5,000 up to 100% of employee's amount or $100,000
Spouse Guarantee Issue
$25,000 for timely entrants
10% of employee’s amount not to exceed $10,000 (Coverage limits based on child age.)
Dependent Life
VOLUNTARY LIFE - Weekly
$50,000 Policy (Employee) Election Amount
$75,000 Policy (Employee) Election Amount
$100,000 Policy (Employee) Election Amount
$25,000 Policy (Employee) Election Amount
Age
Employee
Spouse
Child
Employee
Spouse
Child
Employee
Spouse
Child
Employee
Spouse
Child
<30
$0.64
$0.32
$0.09
$1.27
$.64
$.19
$1.90
$.95
$.28
$2.54
$1.27
$.37
30-34
$0.69
$0.35
$0.09
$1.39
$.69
$.19
$2.08
$1.04
$.28
$2.77
$1.39
$.37
35-39
$0.75
$0.38
$0.09
$1.50
$.75
$.19
$2.25
$1.13
$.28
$3.00
$1.50
$.37
40-44
$1.21
$0.61
$0.09
$2.42
$1.21
$.19
$3.64
$1.82
$.28
$4.85
$2.42
$.37
45-49
$2.02
$1.01
$0.09
$4.04
$2.02
$.19
$6.06
$3.03
$.28
$8.08
$4.04
$.37
50-54
$3.12
$1.56
$0.09
$6.23
$3.12
$.19
$9.35
$4.67
$.28
$12.46
$6.23
$.37
55-59
$4.79
$2.39
$0.09
$9.58
$4.79
$.19
$14.37
$7.18
$.28
$19.15
$9.58
$.37
60-64
$6.92
$3.46
$0.09
$13.85
$6.92
$.19
$20.77
$10.39
$.28
$27.69
$13.85
$.37
65-69
$10.96
$5.48
$0.09
$21.92
$10.96
$.19
$32.89
$16.44
$.28
$43.85
$21.92
$.37
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