LIFE INSURANCE
BASIC LIFE AND AD&D INSURANCE
MicroLumen provides life insurance to all active full time employees at no cost to the employee.
Basic Life and AD&D Insurance
Employee Benefit Amount
$25,000
35% at age 65 60% at age 70 75% at age 75 85% at age 80
Age Reduction Schedule
Included Equal to Basic Life
Accidental Death & Dismemberment (AD&D)
Portability and Conversion
Included
VOLUNTARY LIFE INSURANCE
VOLUNTARY LIFE INSURANCE
MicroLumen offers 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).
Rates are based on five year age bands, if you move age bands mid year, the rate will adjust as of the first of the month following your birthday. The rate for a spouse’s coverage is based on the employee’s age. The reduction of benefits, starting at age 65, also applies to Voluntary Life. See chart above, included within Basic Life and AD&D Insurance.
This coverage is available through United Healthcare.
Voluntary Life Insurance
Employee
Spouse
Child(ren)
Benefit must be purchased in increments of:
$10,000
$5,000
$5,000
To a maximum of:
$500,000 (not to exceed 5x the employee’s salary)
$250,000 (not to exceed 50% of employee benefit)
$10,000 (not to exceed 50% of employee benefit)
Guaranteed issue amounts (applicable during 2018 open enrollment and newly eligible employees) $150,000 (not to exceed 3x the employee’s salary) $25,000
$10,000
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