Page 10 - 2016 WFF Guide 3
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Voluntary Term Life
With voluntary term life insurance you have the freedom to select your
desired level of life insurance coverage to protect the wellbeing of your family
members. Employees have the option to select coverage in $10,000 increments
to a maximum of 5x your annual salary or $500,000, whichever is less.
Coverage is guaranteed up to $200,000. Any elected amounts over $200,000
will be subject to medical underwriting and approval by the insurance company.
Employees can also purchase spouse coverage in $5,000 increments to a
maximum of $500,000 or up to the elected employee amount, whichever is
less. Spouse coverage is guaranteed up to $50,000. Any coverage amounts over
$50,000 will be subject to approval by the insurance company. Child coverage
is available in $2,000 increments to a maximum of $10,000. Child coverage is
guaranteed up to $10,000.
Voluntary Life Plan Monthly Rates
Age Employee Life * Spouse Life ** Child Life
15–24 0.500 0.345
25–29 0.600 0.390
30–34 0.800 0.480
35–39 0.900 0.675
40–44 1.510 0.960
45–49 2.410 1.505 $0.296 per $2,000
50–54 3.800 2.360
55–59 5.810 3.635
60–64 8.930 6.290
65–69 15.350 10.850
70–74 27.370 19.350
75+ 54.350 38.240
* Rate per $10,000
** Rate per $5,000
Term Life Calculation Worksheet
Coverage Amount Increment Rate * Monthly Cost
Employee $________ /$10,000 x $_____ = $_______
Spouse $________ /$5,000 x $_____ = $_______
Child(ren) $_______ /$2,000 x $0.296 = $_______
Annual cost X 12 = $_______
/ # of paychecks $_______
Cost Per Paycheck $_______
* To determine spouse’s rate, use employee’s age
Voluntary Term Life
With voluntary term life insurance you have the freedom to select your
desired level of life insurance coverage to protect the wellbeing of your family
members. Employees have the option to select coverage in $10,000 increments
to a maximum of 5x your annual salary or $500,000, whichever is less.
Coverage is guaranteed up to $200,000. Any elected amounts over $200,000
will be subject to medical underwriting and approval by the insurance company.
Employees can also purchase spouse coverage in $5,000 increments to a
maximum of $500,000 or up to the elected employee amount, whichever is
less. Spouse coverage is guaranteed up to $50,000. Any coverage amounts over
$50,000 will be subject to approval by the insurance company. Child coverage
is available in $2,000 increments to a maximum of $10,000. Child coverage is
guaranteed up to $10,000.
Voluntary Life Plan Monthly Rates
Age Employee Life * Spouse Life ** Child Life
15–24 0.500 0.345
25–29 0.600 0.390
30–34 0.800 0.480
35–39 0.900 0.675
40–44 1.510 0.960
45–49 2.410 1.505 $0.296 per $2,000
50–54 3.800 2.360
55–59 5.810 3.635
60–64 8.930 6.290
65–69 15.350 10.850
70–74 27.370 19.350
75+ 54.350 38.240
* Rate per $10,000
** Rate per $5,000
Term Life Calculation Worksheet
Coverage Amount Increment Rate * Monthly Cost
Employee $________ /$10,000 x $_____ = $_______
Spouse $________ /$5,000 x $_____ = $_______
Child(ren) $_______ /$2,000 x $0.296 = $_______
Annual cost X 12 = $_______
/ # of paychecks $_______
Cost Per Paycheck $_______
* To determine spouse’s rate, use employee’s age
