VOLUNTARY LIFE INSURANCE
VOLUNTARY LIFE INSURANCE
Leader’s Casual Furniture 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 $10,000 up to $500,000
Under Age 70: $150,000 Age 70 and over” $10,000
Employee Guarantee Issue
Spouse Life
Increments of $5,000 up to 50% of the employee’s coverage (Maximum $200,000)
Under Age 70: $30,000 Age 70 and over” $10,000
Spouse Guarantee Issue
Dependent Life
$5,000 or $10,000, not to exceed 50% of employee amount
Accidental Death & Dismemberment (AD&D)
Included Equal to voluntary life amount
Age Employee Spouse Child
VOLUNTARY LIFE Monthly Life Rates per $1,000 of benefit Includes AD&D Cost
<29
$.107
$.107
$1.028/ $5000
30-34
$.115
$.115
$2.028/ $10,000
COST CALCULATION:
35-39
$.159
$.159
_____________________ Benefit Amount / 1,000 x____________________ Monthly Rate (from chart) = ____________________ x12 /26 =____________________ Approximate bi-weekly Cost
40-44
$.24
$.24
45-49
$.355
$.355
50-54
$.561
$.561
55-59
$.865
$.865
60-64
$1.189
$1.189
65-69
$2.171
$2.171
70+
$3.557
$3.557
9
Made with FlippingBook - Online catalogs