BASIC LIFE AND AD&D & VOLUNTARY LIFE INSURANCE
BASIC LIFE INSURANCE
Creative Sign Designs provides life insurance to all active full time employees at no cost to the employee. The chart below provides an overview of the plan.
Basic Life Insurance
Employee Benefit Amount
$20,000
Age Reduction Schedule
35% at age 65; 50% at age 70; 75% at age 75
Accidental Death & Dismemberment (AD&D)
Included - Equal to basic life
VOLUNTARY LIFE INSURANCE
Creative Sign Designs 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
Employee Guarantee Issue
$100,000 (for timely entrants under age 65 only)
Spouse Life
Increments of $5,000 up to $250,000 (not to exceed 50% of Employee’s amount)
Spouse Guarantee Issue
$25,000 (for timely entrants under age 65 only)
Dependent Life
Increments of $1,000 up to $10,000 (not to exceed 50% of Employee’s amount)
Accidental Death & Dismemberment (AD&D)
Included - Equal to Voluntary Life amount
Age Reduction Schedule
35% at age 65; 50% at age 70
Age
Employee
Spouse
Child
VOLUNTARY LIFE Life Rates per $1,000 of benefit Includes AD&D Cost
<24
$.07
$.07
$.23
25-29
$.07
$.07
30-34
$.09
$.09
COST CALCULATION:
35-39
$.15
$.15
_____________________ Benefit Amount / 1,000 x____________________ Monthly Rate (from chart) = ____________________ x12 /26 =____________________ Approximate Bi-Weekly Cost
40-44
$.22
$.22
45-49
$.35
$.35
50-54
$.56
$.56
55-59
$.86
$.86
60-64
$1.32
$1.32
65-69
$2.34
$2.34
70-74
$4.17
$4.17
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