VOLUNTARY LIFE INSURANCE Florida Safety Contractors offers employees the option to purchase voluntary life insurance, this coverage is though Florida Blue. WHAT’S GUARENTEE ISSUE? Guarantee Issue (GI) is the amount you can purchase as a newly eligible employee without having to provide evidence of good heath (Evidence of Insurability (EOI)). The GI is $100,000 or 5x your annual salary (whichever is lesser). WHEN WOULD I NEED TO SHOW EVIDENCE OF GOOD HEALTH TO GET LIFE INSURANCE? If you elect a benefit over GI as a new hire, a benefit outside of your newly eligible period, or an increase to your current benefit you will be required to provide Evidence of Insurability (EOI). Completed EOIs should be submitted to Florida Blue directly, the fax number is listed on the form. HOWMUCH LIFE INSURNACE CAN I PURCHASE? You may purchase a benefit in increments of $10,000 for as little as $10,000 and as much as $500,000 , or 5x your annual salary (whichever is lesser).
Cost for coverage (per $1,000)
Age
WHAT’S THE COST? See the below chart to locate your age bracket. The rates shown are per $1,000 of life benefit, simply find the bi-weekly cost for coverage using the calculation below.
0-24
$0.055 $0.060 $0.080 $0.090 $0.118 $0.180 $0.314 $0.541 $0.753 $1.371 $2.713 $4.155
25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74
$
/ 1,000 =
X
Step 1
Desired benefit
75 +
X
x $
x 12 = $
/ 26
= $
Step 2
Your age rate
Annual cost for coverage
Cost per paycheck
WHAT HAPPENS WHEN I MOVE AGE BRACKETS? When you age into a new age bracket your rate will adjust accordingly as of the beginning of the new policy year. When you reach the ages listed below or are of the ages listed below your benefit amount will reduce by the percentages listed below.
Age Reduction Schedule
At age…
Your benefit will reduced by …
65 70 75
35% 60% 75%
6
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