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Your Life and AD&D Plans MUTUAL OF OMAHA | 800‐877‐5176 MUTUALOFOMAHA.COM | GROUP NUMBER: 0BPFL Life AD&D insurance offers financial protection by providing you coverage in case of an un takes away your income‐earning ability. Life benefits are payable to your beneficiaries in
LIFE AND AD&D PLANS LINCOLN FINANCIAL GROUP
Benefit Summary Company Paid Life Insurance
$10,0
800-423-2765 | LFG.COM GROUP NUMBER: 1025385
Voluntary Employee Life and AD&D
$10,000 up to the lesser o
$5,000 up to the lesser of $250 volum ($200,000 fo
Voluntary Spouse Life and AD&D
Life and AD&D insurance offers financial protection by providing you coverage in case of an untimely death or accident that takes away your income-earning ability. Life benefits are payable to your beneficiaries in the event you pass away. Voluntary Child Life and AD&D ( children up to age 26)
$1,000 up to
EVIDENCE OF INSURABILITY As a new hire, Evidence of Insurability (EOI) is required to purchase insurance above $200,000 for yourself and above $50,000 for spouse coverage. EOI requires you to complete a medical questionnaire, obtain a physical (at the carrier’s request) and receive carrier approval before your insurance goes into effect. If you do not elect during your new hire enrollment period, EOI will be required for any volume you choose. If you are currently enrolled and want to increase coverage during Open Enrollment, you may do so by one increment ($10,000) without EOI.
NAME YOUR BENEFICIARIES It’s important to name a b company paid and optional lif your benefit will be paid accor guidelines. You are automatica for any dependent life insuran You can update your benefici any time. 1. Navigate to workforcenow 2. Click Personal Information Beneficiaries
Benefit Summary Company Paid Life and AD&D
$10,000
Voluntary Employee Life and AD&D
$10,000 up to the lesser of $500,000 or 5x Salary
Voluntary Spouse Life and AD&D
$5,000 up to $250,000 not to exceed 50% of employee amount
Voluntary Child Life and AD&D (children up to age 26)
$1,000 up to $10,000
Evidence of Insurability As a new hire, Evidence of Insurability (EOI) is required to purchase insurance above $300,000 for yourself and above $50,000 for spouse coverage. EOI requires you to complete a medical questionnaire, obtain a physical (at the carrier’s request) and receive carrier approval before your insurance goes into effect. Name Your Beneficiaries It’s important to name a beneficiary for both your company paid and optional life insurance. If you do not, your benefit will be paid according to insurance company guidelines. You are automatically listed as the beneficiary for any dependent life insurance you may select. You can update your beneficiary information in ADP at any time. 1. Navigate to workforcenow.adp.com 2. Click Personal Information, then click Dependents & Beneficiaries
Calculate Your Voluntary Life and AD&D Bi‐Weekly Payroll Deduction Voluntary Life and AD&D: Rate is based on age and benefit volume. Spouse rate is based on Employee’s Age. EMPLOYEE _________ ÷ 1,000 = _________ x _________ = _________x 12 ÷ 26 = _________ Volume Desired # of Units Employee Age Monthly Cost Per Pay Cost From Rate Table SPOUSE _________ ÷ 1,000 = _________ x _________ = _________x 12 ÷ 26 = _________ Volume Desired # of Units Employee Age Monthly Cost Per Pay Cost From Rate Table CHILD _________ ÷ 1,000 = _________ x _________ = _________ x 12 ÷ 26 = ________ Volume Desired # of Units Rate from Table Monthly Cost Per Pay Cost
A g e
0 –29 30 – 34 35 – 39 40 – 44 45 – 49 50 – 54 55 – 59 60 – 64 65 – 69 70 ‐ 74
A g e
*To calculate your weekly cost, divide by 52 instead of 26
6 mo ‐26
Vol. Life AD&D Rate per $1,000 of coverage
Age
0-29
$0.134
30-34
$0.143
35-39
$0.162
40-44
$0.227
45-49
$0.348
50-54
$0.544
55-59
$0.814
60-64
$1.243
65-69
$2.194
70-74
$3.489
Child (6 mo - 26)
$0.12
14
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