Page 14 - NH Guide
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Voluntary Life Insurance
Franke offers you the ability to The Choicelinx enrollment system will automatically calculate the cost per
purchase voluntary life insurance at pay period of your elected voluntary life coverage as follows.
competitive group rates. Voluntary
life insurance for yourself can 1. Determine the amount of insurance you want to purchase
be purchased in increments of 2. Using the table, determine the rate based on your age
$10,000 up to a maximum of 3. Use the formula following to calculate your monthly premium
$500,000. * amount:
Coverage amount/10,000 x Rate = monthly premium
If you elect voluntary life insurance
for yourself when initially eligible, Example: 45 year old elects to purchase $100,000 of voluntary life
you may elect up to $150,000 insurance
of coverage without answering $100,000/10,000 X $2.90 = $29.00; the amount of premium
any medical questions. If you do equals $29 per month. The per pay period cost is $13.38 ($29.00 *
not elect coverage when initially 12 = $348 / 26 = $13.38)
eligible, the only other time you
may elect coverage is if you have Beneits reduce to:
a qualifying event as described 65 percent of your original beneit at age 65
previously or during annual 50 percent of your original beneit at age 70
enrollment, and you must complete
an evidence of insurability form Spousal coverage terminates at age 70
and be approved for coverage. Employee/Spouse Age Employee Monthly Cost per Spouse Monthly Cost per
$10,000 Unit
$5,000 Unit
* You must be considered actively at work Under 20 $0.69 $0.345
on your effective date for coverage to be 20–24 $0.69 $0.345
effective. 25–29 $0.69 $0.345
30–34 $0.78 $0.39
Your individual premium rate will 35–39 $1.00 $0.50
depend on your age and is paid for 40–44 $1.69 $0.845
on an after-tax basis. If you have a 45–49 $2.90 $1.45
50–54
$2.41
$4.81
birthday during the plan year which 55–59 $7.58 $3.79
takes you to a higher rate, your 60–64 $11.48 $5.74
$5.91
$11.82
65–69
premium rate will not change until 70 + $39.09 Coverage terminates at
January 1 following your birthday. age 70
View the table to the right to
determine how much this beneit
will cost.
Franke
Voluntary Life Insurance
Franke offers you the ability to The Choicelinx enrollment system will automatically calculate the cost per
purchase voluntary life insurance at pay period of your elected voluntary life coverage as follows.
competitive group rates. Voluntary
life insurance for yourself can 1. Determine the amount of insurance you want to purchase
be purchased in increments of 2. Using the table, determine the rate based on your age
$10,000 up to a maximum of 3. Use the formula following to calculate your monthly premium
$500,000. * amount:
Coverage amount/10,000 x Rate = monthly premium
If you elect voluntary life insurance
for yourself when initially eligible, Example: 45 year old elects to purchase $100,000 of voluntary life
you may elect up to $150,000 insurance
of coverage without answering $100,000/10,000 X $2.90 = $29.00; the amount of premium
any medical questions. If you do equals $29 per month. The per pay period cost is $13.38 ($29.00 *
not elect coverage when initially 12 = $348 / 26 = $13.38)
eligible, the only other time you
may elect coverage is if you have Beneits reduce to:
a qualifying event as described 65 percent of your original beneit at age 65
previously or during annual 50 percent of your original beneit at age 70
enrollment, and you must complete
an evidence of insurability form Spousal coverage terminates at age 70
and be approved for coverage. Employee/Spouse Age Employee Monthly Cost per Spouse Monthly Cost per
$10,000 Unit
$5,000 Unit
* You must be considered actively at work Under 20 $0.69 $0.345
on your effective date for coverage to be 20–24 $0.69 $0.345
effective. 25–29 $0.69 $0.345
30–34 $0.78 $0.39
Your individual premium rate will 35–39 $1.00 $0.50
depend on your age and is paid for 40–44 $1.69 $0.845
on an after-tax basis. If you have a 45–49 $2.90 $1.45
50–54
$2.41
$4.81
birthday during the plan year which 55–59 $7.58 $3.79
takes you to a higher rate, your 60–64 $11.48 $5.74
$5.91
$11.82
65–69
premium rate will not change until 70 + $39.09 Coverage terminates at
January 1 following your birthday. age 70
View the table to the right to
determine how much this beneit
will cost.
Franke
