BASIC & VOLUNTARY LIFE INSURANCE
Jagged Peak provides Basic Life insurance to all full-time employees working 30 or more hours per week. Eligible employees also have the option to purchase voluntary life insurance coverage through the group plan. The chart below provides an overview of the plan.
What is Life Insurance? Having adequate Life Insurance can help your family manage expenses and make a difficult transition less stressful by providing them with financial support after your death. AD&D (Accidental Death & Dismemberment) provides a benefit if you suffer a covered accidental death or injury.
BASIC LIFE AND AD&D
$20,000 for all employees **Basic Life and AD&D coverage is paid 100% by Jagged Peak**
Employee Only
Age Reductions
35% at age 65, 60% at age 70, 75% at age 75, 85% at age 80
VOLUNTARY LIFE
Employee
Increments of $10,000 up to a maximum of $500,000 or 5x annual salary, whichever is less.
Employees Under Age 65
No evidence of insurability up to max of $150,000 (newly eligible employees only).
Increments of $5,000 up to a maximum of $100,000 or 100% of Employee amount, whichever is less.
Spouse
Spouses Under Age 65
No evidence of insurability up to max of $50,000 (newly eligible dependents only).
Children
Option of $1,000, $2,000, $4,000, $5,000 or $10,000 – 6 months to 26 years
VOLUNTARY LIFE Monthly rates per $1,000 of benefit
Age
Employee/Spouse
Child
<29
$0.043
$0.240
VOLUNTARY LIFE COST CALCULATION PER PAY PERIOD:
30-34
$0.049
35-39
$0.073
_____________________ Benefit Amount / 1,000 x____________________ Monthly Rate (from chart) = ____________________ x12 / # of pay periods (26) =____________________ Per Pay Period Cost
40-44
$0.134
45-49
$0.206
50-54
$0.313
55-59
$0.492
60-64
$0.834
65-69
$1.379
All employees = 26 pay periods
70+
$2.674
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