Voluntary Term Life
Voluntary Term Life and AD&D coverage is a group benefit through Principal that gives you the peace of mind that your beneficiary (or beneficiaries) will be taken care of financially in the event you pass away, are in a serious accident or become dismembered. Newly eligible employees can elect up to the guaranteed amount without question. If employees elect over the guaranteed amount or make an election outside of their new hire/eligibility window, they will be subject to medical underwriting. A summary of the benefits offered is listed below. Refer to the plan certificate for detailed Voluntary Term Life coverage information or visit www.principal.com .
MONTHLY STEP RATES PER $1,000 OF BENEFIT (SPOUSE RATE IS BASED UPON HIS/HER INDIVIDUAL AGE)
BENEFITS
Funding Type
Voluntary
<29
$0.058
60 ‐ 64
$1.141
$10,000 Increments
Plan
30 ‐ 34
$0.067
65 ‐ 69
$3.508
Max Benefit
$500,000
35 ‐ 39
$0.100
70 & Over
$5.626
Under 70: $150,000 Over 70: $10,000
Included with Voluntary Life election
Guarantee Issue
40 ‐ 44
$0.146
AD&D
Spouse Max
$100,000
45 ‐ 49
$0.226
Child(ren)
$1.60/family
Under 70: $30,000 Over 70: $10,000
Spouse Guarantee Issue
50-54
$0.402
To calculate your monthly cost to the right, please use the following formula:
Benefit Amount ÷ $1,000 = ___ x Rate = Monthly Cost
Dependent Child Amount
$10,000
55-59
$0.664
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