Examples of how to calculate Optional Life Insurance bi-weekly rates
BI-WEEKLY RATES FOR EMPLOYEE AND SPOUSE OPTIONAL LIFE INSURANCE COVERAGE
SPOUSE rATE PER $1,000
eMPLOYEE rATE PER $1,000
Employee: Age 40; 2x annual base salary elected $40,000 x 2 = $80,000 benefit $80,000 divided by $1,000 = 80 x $0.074 = $5.92 per payroll Spouse: Age 40; $50,000 elected $50,000 divided by $1,000 = 50 x $0.074 = $3.70 per payroll Child(ren): $15,000 elected $15,000 divided by $1,000 = 15 x $0.055 = $0.83 per payroll
AGE ON 1.1.18
Less than 30
$0.032 $0.037 $0.051 $0.074 $0.115 $0.198 $0.360 $0.540 $1.019 $1.588
$0.032 $0.037 $0.051 $0.074 $0.115 $0.198 $0.360 $0.540 $1.019 $1.588
30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69
70 and over
Employee-Paid Optional Employee, Spouse, and Child Accidental Death & Dismemberment (AD&D) You can elect additional AD&D coverage for yourself and your eligible dependents under the Optional AD&D Plan through Liberty Mutual. However, in order to elect coverage for your eligible dependents, you must elect additional coverage for yourself. Your coverage options, along with the plan features and rates, are summarized in the tables below.
FEATURE
YOU
YOUR SPOUSE
CHILD(REN)
$5,000 increments, not to exceed the lesser of 50% of your Basic and Optional AD&D coverage amounts combined or $250,000
$5,000 increments up to $15,000 for children up to age 26 (election must be the same for all children)
1x – 5x annual base salary, rounded to the next $1,000, up to $500,000
Coverage Amount
Evidence of Insurability (Health Statement) Reduction Schedule Coverage Rate (biweekly)
Not required
Not required
Not required
Ages 70-74: reduced to 65% Ages 75 & up: reduced to 50%
Ages 70-74: reduced to 65% Ages 75 & up: reduced to 50%
N/A
$0.009 per $1,000
$0.0138 per $1,000
$0.0138 per $1,000
DISABILITY BENEFITS Short-term and long-term disability insurance provides you with income protection if you are unable to work due to a non-work related illness or injury. MAA provides disability insurance through Liberty Mutual at no cost to eligible full time associates. Short-Term Disability Insurance (STD) If you are out of work due to a non-work related injury or illness, you have a 7-day elimination (waiting) period before your benefits begin. During that time, you must use available Sick Time and/or PTO. If your disability claim is approved by Liberty Mutual, your STD benefits will begin on the 8th day of absence, as indicated in the table below. STD benefits are paid to you by MAA, according to the normal biweekly payroll schedule. Long-Term Disability Insurance (LTD) In the event your disability continues beyond the STD period, your LTD benefits will be paid to you directly by Liberty Mutual as indicated in the following table.
Disability Plan
When Benefits Begin
Duration of Benefits
Payments
Maximum Benefit
8th day of absence from work due to a non-work related injury or illness 181st day of disabling condition
60% of weekly earnings*
26 weeks (includes 7-day elimination period)
Short-Term Disability
$2,000/week
To age 65 or as determined by the plan
60% of monthly earnings*
Long-Term Disability
$10,000/month
*Earnings are defined as base salary plus bonuses and/or commissions paid in the prior calendar year.
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