BASIC AND VOLUNTARY LIFE AND AD&D INSURANCE
Mezrah Consulting provides all full-time employees working 30 or more hours per week the option to purchase voluntary life insurance coverage through a group plan. The chart below provides an overview of the plan.
Basic Life Insurance
Reliance Standard
$15,000 **The Basic Life insurance is paid 100% by Mezrah Consulting.**
Employee Only
Voluntary Life and AD&D Insurance
Reliance Standard
Increments of $10,000 up to a maximum of 5x salary or $500,000, whichever is less. Minimum Election: $10,000
Employee Only
Employees Under Age 65 No evidence of insurability up to max of $100,000 (newly eligible employees only).
Increments of $5,000 up to a maximum of 50% of employee amount or $250,000, whichever is less. Minimum Election: $5,000
Spouse
Spouses Under Age 65
No evidence of insurability up to max of $30,000 (newly eligible dependents only).
At age 65, benefits reduce by 35% of original amount, at age 70, benefits reduce by 35% of in force amount.
Benefit Reduction Schedule
Children
$10,000
Accidental Death & Dismemberment
Matches elected life amount
VOLUNTARY LIFE Life Rates per $10,000 of benefit (Spouse rate is based on employee’s age )
EMPLOYEE ELECTION:
Age Employee/ Spouse Child Life
_____________________ Benefit Amount / 10,000 x___________________ Monthly Rate = ___________________ x12 /24 =____________________ Per Pay Contribution _____________________ Benefit Amount / 10,000 x____________________ Monthly Rate = ___________________ ) = ____________________ x12 /24 =____________________ Per Pay Contribution SPOUSE ELECTION:
<29
$1.15
$2.03
30-34
$1.25
35-39
$1.35
40-44
$1.95
45-49
$3.05
50-54
$4.55
55-59
$6.85
60-64
$10.75
65-69
$18.25
CHILD(REN) ELECTION: $10,000 Example – Voluntary Life and Ad&d – 10k Per Pay Contribution = $ 1.02
70-74
$32.65
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