Page 16 - OE Guide
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Voluntary Life Insurance
Franke offers you the ability to Your individual premium rate will depend on your age and is paid for on
purchase voluntary life insurance at an after-tax basis. If you have a birthday during the plan year which takes
competitive group rates. Voluntary you to a higher rate, your premium rate will not change until January 1
life insurance for yourself can following your birthday. View the table to the right to determine how
be purchased in increments of much this beneit will cost.
$10,000 up to a maximum of
$500,000. * The Choicelinx enrollment system will automatically calculate the cost per
pay period of your elected voluntary life coverage as follows.
If you wish to elect voluntary life
insurance for yourself during this 1. Determine the amount of insurance you want to purchase
annual enrollment period, you 2. Using the table, determine the rate based on your age
will be required to complete an 3. Use the formula following to calculate your monthly premium
evidence of insurability (EOI) amount:
form and be approved by CIGNA. Coverage amount/1,000 x Rate = monthly premium
If you do not elect coverage during
this open enrollment period, the Example: 45 year old elects to purchase $100,000 of voluntary life
only other time you may elect insurance
coverage is if you have a qualifying $100,000/1,000 X $2.90 = $29.00; the amount of premium equals
event as described previously, and $29 per month. The per pay period cost is $13.38 ($29.00 * 12 =
you must complete an evidence of $348 / 26 = $13.38)
insurability form and be approved Beneits reduce to:
for coverage.
65 percent of your original beneit at age 65
* You must be considered actively at work
on your effective date for coverage to be 50 percent of your original beneit at age 70
effective.
Spousal coverage terminates at age 70
Employee/Spouse Age Employee Monthly Cost per Spouse Monthly Cost per
$10,000 Unit $10,000 Unit
Under 20 $0.69 $0.69
20–24 $0.69 $0.69
25–29 $0.69 $0.69
30–34 $0.78 $0.78
35–39 $1.00 $1.00
40–44 $1.69 $1.69
45–49 $2.90 $2.90
50–54 $4.81 $4.81
55–59 $7.58 $7.58
60–64 $11.48 $11.48
65–69 $11.82 $11.82
70 + $39.09 -
Franke
Voluntary Life Insurance
Franke offers you the ability to Your individual premium rate will depend on your age and is paid for on
purchase voluntary life insurance at an after-tax basis. If you have a birthday during the plan year which takes
competitive group rates. Voluntary you to a higher rate, your premium rate will not change until January 1
life insurance for yourself can following your birthday. View the table to the right to determine how
be purchased in increments of much this beneit will cost.
$10,000 up to a maximum of
$500,000. * The Choicelinx enrollment system will automatically calculate the cost per
pay period of your elected voluntary life coverage as follows.
If you wish to elect voluntary life
insurance for yourself during this 1. Determine the amount of insurance you want to purchase
annual enrollment period, you 2. Using the table, determine the rate based on your age
will be required to complete an 3. Use the formula following to calculate your monthly premium
evidence of insurability (EOI) amount:
form and be approved by CIGNA. Coverage amount/1,000 x Rate = monthly premium
If you do not elect coverage during
this open enrollment period, the Example: 45 year old elects to purchase $100,000 of voluntary life
only other time you may elect insurance
coverage is if you have a qualifying $100,000/1,000 X $2.90 = $29.00; the amount of premium equals
event as described previously, and $29 per month. The per pay period cost is $13.38 ($29.00 * 12 =
you must complete an evidence of $348 / 26 = $13.38)
insurability form and be approved Beneits reduce to:
for coverage.
65 percent of your original beneit at age 65
* You must be considered actively at work
on your effective date for coverage to be 50 percent of your original beneit at age 70
effective.
Spousal coverage terminates at age 70
Employee/Spouse Age Employee Monthly Cost per Spouse Monthly Cost per
$10,000 Unit $10,000 Unit
Under 20 $0.69 $0.69
20–24 $0.69 $0.69
25–29 $0.69 $0.69
30–34 $0.78 $0.78
35–39 $1.00 $1.00
40–44 $1.69 $1.69
45–49 $2.90 $2.90
50–54 $4.81 $4.81
55–59 $7.58 $7.58
60–64 $11.48 $11.48
65–69 $11.82 $11.82
70 + $39.09 -
Franke
