Page 12 - 2019 Sertek Enrollment Guide
P. 12
2019 BENEFITS ENROLLMENT
VOLUNTARY LIFE INSURANCE
Employee Spouse Franke offers you the ability to purchase voluntary life insurance at
Employee/ Monthly Monthly competitive group rates. Voluntary life insurance for yourself can be purchased
Spouse Cost per Cost per
Age $10,000 $10,000 in increments of $10,000 up to a maximum of $500,000.*
Unit Unit
Under 20 $0.69 $0.69 A true open enrollment will be ofered for 2019. This means you
20–24 $0.69 $0.69 have the opportunity to enroll or increase current elections up to the
25–29 $0.69 $0.69 guarantee issue amount of $150,000 without completing evidence of
30–34 $0.78 $0.78 insurability (EOI).
35–39 $1.00 $1.00
40–44 $1.69 $1.69
45–49 $2.90 $2.90 For future open enrollments, you may only increase your election by $10,000
50–54 $4.81 $4.81
55–59 $7.58 $7.58 without completing EOI.
60–64 $11.48 $11.48 * You must be considered actively at work on your effective date for coverage to be
65–69 $11.82 $11.82 effective.
70 + $39.09 $39.09
The Ultipro enrollment system will automatically calculate the cost per pay
period of your elected voluntary life coverage as follows.
1. Determine the amount of insurance you want to purchase
2. Using the table, determine the rate based on your age
3. Use the following formula to calculate your monthly premium amount:
Coverage amount/10,000 × rate = monthly premium
Example: 45 year old elects to purchase $100,000 of voluntary life
insurance
$100,000/10,000 × $2.90 = $29.00; the amount of premium equals $29
per month. The per pay period cost is $13.38
($29.00* 12 = $348/26 = $13.38)
Your individual premium rate will depend on your age and is paid for on an
after-tax basis. If you have a birthday during the plan year which takes you to a
higher rate, your premium rate will not change until January 1 following your
birthday. View the table to the right to determine how much this benefit will
cost.
Benefits reduce to:
65% of your original benefit at age 65
50% of your original benefit at age 70
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VOLUNTARY LIFE INSURANCE
Employee Spouse Franke offers you the ability to purchase voluntary life insurance at
Employee/ Monthly Monthly competitive group rates. Voluntary life insurance for yourself can be purchased
Spouse Cost per Cost per
Age $10,000 $10,000 in increments of $10,000 up to a maximum of $500,000.*
Unit Unit
Under 20 $0.69 $0.69 A true open enrollment will be ofered for 2019. This means you
20–24 $0.69 $0.69 have the opportunity to enroll or increase current elections up to the
25–29 $0.69 $0.69 guarantee issue amount of $150,000 without completing evidence of
30–34 $0.78 $0.78 insurability (EOI).
35–39 $1.00 $1.00
40–44 $1.69 $1.69
45–49 $2.90 $2.90 For future open enrollments, you may only increase your election by $10,000
50–54 $4.81 $4.81
55–59 $7.58 $7.58 without completing EOI.
60–64 $11.48 $11.48 * You must be considered actively at work on your effective date for coverage to be
65–69 $11.82 $11.82 effective.
70 + $39.09 $39.09
The Ultipro enrollment system will automatically calculate the cost per pay
period of your elected voluntary life coverage as follows.
1. Determine the amount of insurance you want to purchase
2. Using the table, determine the rate based on your age
3. Use the following formula to calculate your monthly premium amount:
Coverage amount/10,000 × rate = monthly premium
Example: 45 year old elects to purchase $100,000 of voluntary life
insurance
$100,000/10,000 × $2.90 = $29.00; the amount of premium equals $29
per month. The per pay period cost is $13.38
($29.00* 12 = $348/26 = $13.38)
Your individual premium rate will depend on your age and is paid for on an
after-tax basis. If you have a birthday during the plan year which takes you to a
higher rate, your premium rate will not change until January 1 following your
birthday. View the table to the right to determine how much this benefit will
cost.
Benefits reduce to:
65% of your original benefit at age 65
50% of your original benefit at age 70
12
