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
60 ‐ 64
Funding Type
Voluntary
<29
$0.058
$1.141
$10,000 Increments
30 ‐ 34
65 ‐ 69
Plan
$0.067
$3.508
35 ‐ 39
Max Benefit
$500,000
$0.100
70 & Over
$5.626
Under 70: $150,000 Over 70: $10,000
Included with Voluntary Life election
40 ‐ 44
Guarantee Issue
$0.146
AD&D
45 ‐ 49
Spouse Max
$100,000
$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
7
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