VOLUNTARY LIFE INSURANCE
VOLUNTARY LIFE INSURANCE
Colonial Distributing. 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.
Voluntary Life Insurance
Employee Life
Increments of $10,000 up to $500,000
Employee Guarantee Issue
$100,000 for timely entrants
Spouse Life
Increments of $5,000 up to lesser of 100% of employee's amount or $250,000
Spouse Guarantee Issue
$25,000 for timely entrants
Dependent Life
Increments of $5,000 up to lesser of 100% of employee’s amount or $10,000
Accidental Death & Dismemberment (AD&D)
Equal to voluntary life amount
VOLUNTARY LIFE/AD&D Life Rates per $1,000 of benefit Cost of AD&D included. *Spouse premium is based on employee age.
Age
Employee
Spouse*
Child
<30
$0.172
$0.10
$0.10
30-34
$0.11
$0.11
35-39
$0.14
$0.14
40-44
$0.18
$0.18
45-49
$0.28
$0.28
50-54
$0.45
$0.45
55-59
$0.67
$0.67
60-64
$1.02
$1.02
65-69
$2.10
$2.10
70+
$4.17
$4.17
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