Page 13 - 2020 Stein Mart Benefits Guide - Semi-Monthly
P. 13
LIFE AND AD&D INSURANCE
Basic Life and Accidental Death and Dismemberment (AD&D)
We partner with Lincoln Financial to provide you with company paid basic
life and accidental death and dismemberment (AD&D) coverage.
Stein Mart automatically enrolls you with a benefit of 2.5 times your annual
salary at no cost to you. Benefits reduce after age 70 and age 75. There is an
accelerated life benefit available if you are diagnosed with a terminal illness.
Voluntary Life Insurance
We partner with Voya Financial to offer you the ability to purchase additional
life insurance. This coverage will provide you or your family with additional
financial protection if you or a family member experience a covered loss.
Associate Voluntary Life
You are eligible to purchase additional life insurance in increments of
$10,000 up to a maximum of $80,000.
Spouse Voluntary Life
If you elect coverage for yourself, you can elect voluntary life coverage
for your spouse in coverage levels of $10,000 or $20,000.
Dependent Voluntary Life
Eligibility starts at birth until age 26. If you elect coverage for yourself,
you can elect voluntary life coverage for your children in coverage
levels of:
$5,000 ($0.22 per week; $0.49 per semi monthly check)
$10,000 ($0.45 per week; $0.97 per semi monthly check)
Associate/Spouse Calculate your Cost
Monthly Rates per Follow the steps to calculate your per
$1,000 of Coverage paycheck rate based on the amount of
Associate or Monthly Rate insurance elected OR logon to
www.myworkplace.net to have the system
Spouse Age (non tobacco) automatically calculate your rate.
<24 $0.08
25-29 $0.09 Step 1 Enter the monthly rate based on age
30-34 $0.11 using the chart to the left: ________________
35-39 $0.12 Step 2 Divide the amount of insurance
40-44 $0.13 elected by 1,000: ______________________ Guaranteed Issue
45-49 $0.19 (Example: For $80,000 of coverage, enter “80”) Voluntary Life Insurance is
50-54 $0.28 guaranteed to each eligible
55-59 $0.51 Step 3 Multiply lines 1 and 2: ____________ associate who enrolls,
(this is your monthly cost for amount of coverage)
60-64 $0.77 regardless of individual
65-69 $1.46 Step 4 Multiple line 3 by 12: _____________ health status. No evidence
70+ $2.35 (this is your annual cost for amount of coverage) of insurability is required.
Premiums shown are non-tobacco user Step 5
rates. Tobacco user rates differ. Weekly: Divide line 4 by 52: ______________
Semi Monthly: Divide line 4 by 24: _________
(this is your per paycheck cost for amount of coverage)
Assistant Store Managers, Asset Protection and Loss 12
Prevention and Semi-Monthly Associates For 2020 Benefits
Basic Life and Accidental Death and Dismemberment (AD&D)
We partner with Lincoln Financial to provide you with company paid basic
life and accidental death and dismemberment (AD&D) coverage.
Stein Mart automatically enrolls you with a benefit of 2.5 times your annual
salary at no cost to you. Benefits reduce after age 70 and age 75. There is an
accelerated life benefit available if you are diagnosed with a terminal illness.
Voluntary Life Insurance
We partner with Voya Financial to offer you the ability to purchase additional
life insurance. This coverage will provide you or your family with additional
financial protection if you or a family member experience a covered loss.
Associate Voluntary Life
You are eligible to purchase additional life insurance in increments of
$10,000 up to a maximum of $80,000.
Spouse Voluntary Life
If you elect coverage for yourself, you can elect voluntary life coverage
for your spouse in coverage levels of $10,000 or $20,000.
Dependent Voluntary Life
Eligibility starts at birth until age 26. If you elect coverage for yourself,
you can elect voluntary life coverage for your children in coverage
levels of:
$5,000 ($0.22 per week; $0.49 per semi monthly check)
$10,000 ($0.45 per week; $0.97 per semi monthly check)
Associate/Spouse Calculate your Cost
Monthly Rates per Follow the steps to calculate your per
$1,000 of Coverage paycheck rate based on the amount of
Associate or Monthly Rate insurance elected OR logon to
www.myworkplace.net to have the system
Spouse Age (non tobacco) automatically calculate your rate.
<24 $0.08
25-29 $0.09 Step 1 Enter the monthly rate based on age
30-34 $0.11 using the chart to the left: ________________
35-39 $0.12 Step 2 Divide the amount of insurance
40-44 $0.13 elected by 1,000: ______________________ Guaranteed Issue
45-49 $0.19 (Example: For $80,000 of coverage, enter “80”) Voluntary Life Insurance is
50-54 $0.28 guaranteed to each eligible
55-59 $0.51 Step 3 Multiply lines 1 and 2: ____________ associate who enrolls,
(this is your monthly cost for amount of coverage)
60-64 $0.77 regardless of individual
65-69 $1.46 Step 4 Multiple line 3 by 12: _____________ health status. No evidence
70+ $2.35 (this is your annual cost for amount of coverage) of insurability is required.
Premiums shown are non-tobacco user Step 5
rates. Tobacco user rates differ. Weekly: Divide line 4 by 52: ______________
Semi Monthly: Divide line 4 by 24: _________
(this is your per paycheck cost for amount of coverage)
Assistant Store Managers, Asset Protection and Loss 12
Prevention and Semi-Monthly Associates For 2020 Benefits
