Page 18 - Benefits Guide
P. 18
Cost of Coverage
Your individual premium rate will depend on your age and will be
relected during your online enrollment process. View the age/rate table
to determine how much this beneit will cost.
1. Determine the amount of insurance you want to purchase.
2. Using the table, determine the rate based on your age. Your spouse’s
rate is based on his/her age.
3. Use the following formula to calculate your monthly premium
amount.
Coverage amount/1,000 x rate = bi-weekly premium.
Example
45 year old elects to purchase $100,000 of voluntary life insurance.
$100,000/1,000 X 0.325 = $3.25. The amount of premium equals $1.50
($3.25 X 12/26) per bi-weekly pay period.
Age Range Monthly Rate Per $1,000 of Coverage
Under 30 $0 .105
30–34 $0 .115
35–39 $0 .145
40–44 $0 .205
45–49 $0 .325
50–54 $0 .595
55–59 $0 .925
60–64 $1 .085
65–69 $1 .925
70+ $3 .735
18 2017–18 Benefits Enrollment
Your individual premium rate will depend on your age and will be
relected during your online enrollment process. View the age/rate table
to determine how much this beneit will cost.
1. Determine the amount of insurance you want to purchase.
2. Using the table, determine the rate based on your age. Your spouse’s
rate is based on his/her age.
3. Use the following formula to calculate your monthly premium
amount.
Coverage amount/1,000 x rate = bi-weekly premium.
Example
45 year old elects to purchase $100,000 of voluntary life insurance.
$100,000/1,000 X 0.325 = $3.25. The amount of premium equals $1.50
($3.25 X 12/26) per bi-weekly pay period.
Age Range Monthly Rate Per $1,000 of Coverage
Under 30 $0 .105
30–34 $0 .115
35–39 $0 .145
40–44 $0 .205
45–49 $0 .325
50–54 $0 .595
55–59 $0 .925
60–64 $1 .085
65–69 $1 .925
70+ $3 .735
18 2017–18 Benefits Enrollment
