Page 10 - 2020 Goodwill Benefits Guide
P. 10
LIFE INSURANCE
Basic Life and Spouse Optional Life Insurance
Accidental Death Coverage can be purchased in $5,000 increments up to the lesser of
and Dismemberment the employee election or $200,000. A spousal guaranteed issue amount
(AD&D) of $50,000 is available for newly eligible participants. Evidence of
These beneits are provided at Insurability (EOI) is required for all coverage over $50,000 or any increase
no cost to you. You will be auto- in coverage. Employee must be enrolled in Employee Optional Life. The
enrolled into these plans the Spouse Optional Life amount will reduce to 65% when the employee
day you meet eligibility for the attains age 70 and to 50% at age 75.
Goodwill Beneits Plan. Basic
Life and AD&D Insurance is Child(ren) Optional Life
provided at one times your annual Coverage can be purchased in $1,000 increments up $10,000. The
salary (two times annual salary for premium is the same no matter how many children are covered.
exempt employees). Your coverage Employee must be enrolled in Employee Optional Life.
amount will reduce to 65% when
you attain age 70 and to 50% at Cost of Optional Life Insurance
age 75.
Employee Optional Life and Spouse Optional Life Cost
Employee Optional Life Based on amount elected and employee age. Divide amount elected for each plan
by $1,000 and multiply by the following amount, based on your age as of January 1,
Insurance 2020. Divide that amount by 2 for the semi-monthly rate.
Coverage is available from $10,000 Age Per $1,000 Age Per $1,000
to $500,000 in $10,000 increments. 15-29 $0 .05 55-59 $0 .64
The maximum amount you can 30-34 $0 .06 60-64 $1 .11
elect is the lesser of ive times 35-39 $0 .09 65-69 $1 .78
your annual salary, or $500,000. 40-44 $0 .15 70-74 $2 .85
A guaranteed issue amount 45-49 $0 .24 75+ $4 .84
is available for newly eligible 50-54 $0 .37
participants in the amount of Child(ren) Optional Life Cost
$200,000. Evidence of Insurability Based on amount elected. Divide amount elected by $1,000 and multiply by $0.074.
Divide that amount by 2 for the semi-monthly rate.
(EOI) is required for all coverage
over $200,000 or any increase
in coverage. Your Optional Life Important Life Insurance Notes
amount will reduce to 65% when Life insurance premiums may increase based on the age-banded rating
you attain age 70 and to 50% at Evidence of Insurability (EOI) is required for anyone enrolling in Optional
age 75. Life after the initial enrollment period
The employee must be enrolled in Optional Life in order to elect
Spouse or Child(ren) coverage
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Basic Life and Spouse Optional Life Insurance
Accidental Death Coverage can be purchased in $5,000 increments up to the lesser of
and Dismemberment the employee election or $200,000. A spousal guaranteed issue amount
(AD&D) of $50,000 is available for newly eligible participants. Evidence of
These beneits are provided at Insurability (EOI) is required for all coverage over $50,000 or any increase
no cost to you. You will be auto- in coverage. Employee must be enrolled in Employee Optional Life. The
enrolled into these plans the Spouse Optional Life amount will reduce to 65% when the employee
day you meet eligibility for the attains age 70 and to 50% at age 75.
Goodwill Beneits Plan. Basic
Life and AD&D Insurance is Child(ren) Optional Life
provided at one times your annual Coverage can be purchased in $1,000 increments up $10,000. The
salary (two times annual salary for premium is the same no matter how many children are covered.
exempt employees). Your coverage Employee must be enrolled in Employee Optional Life.
amount will reduce to 65% when
you attain age 70 and to 50% at Cost of Optional Life Insurance
age 75.
Employee Optional Life and Spouse Optional Life Cost
Employee Optional Life Based on amount elected and employee age. Divide amount elected for each plan
by $1,000 and multiply by the following amount, based on your age as of January 1,
Insurance 2020. Divide that amount by 2 for the semi-monthly rate.
Coverage is available from $10,000 Age Per $1,000 Age Per $1,000
to $500,000 in $10,000 increments. 15-29 $0 .05 55-59 $0 .64
The maximum amount you can 30-34 $0 .06 60-64 $1 .11
elect is the lesser of ive times 35-39 $0 .09 65-69 $1 .78
your annual salary, or $500,000. 40-44 $0 .15 70-74 $2 .85
A guaranteed issue amount 45-49 $0 .24 75+ $4 .84
is available for newly eligible 50-54 $0 .37
participants in the amount of Child(ren) Optional Life Cost
$200,000. Evidence of Insurability Based on amount elected. Divide amount elected by $1,000 and multiply by $0.074.
Divide that amount by 2 for the semi-monthly rate.
(EOI) is required for all coverage
over $200,000 or any increase
in coverage. Your Optional Life Important Life Insurance Notes
amount will reduce to 65% when Life insurance premiums may increase based on the age-banded rating
you attain age 70 and to 50% at Evidence of Insurability (EOI) is required for anyone enrolling in Optional
age 75. Life after the initial enrollment period
The employee must be enrolled in Optional Life in order to elect
Spouse or Child(ren) coverage
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