Page 14 - Guide
P. 14
2017 Benefits Enrollment
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 an after-tax basis. If you have a birthday during the plan year which takes
at competitive group rates. you to a higher rate, your premium rate will not change until January 1
Voluntary life insurance for following your birthday. View the table to the right to determine how much
yourself can be purchased in this beneit will cost.
increments of $10,000 up to a
maximum of $500,000.* The Cigna Beneits Technology Solutions enrollment system will
automatically calculate the cost per pay period of your elected voluntary
If you wish to elect voluntary life life coverage as follows.
insurance for yourself during this 1. Determine the amount of insurance you want to purchase
annual enrollment period, you
will be required to complete an 2. Using the table, determine the rate based on your age
evidence of insurability (EOI) 3. Use the formula following to calculate your monthly premium amount:
form and be approved by CIGNA. Coverage amount/10,000 x rate = monthly premium
If you do not elect coverage Example: 45 year old elects to purchase $100,000 of voluntary life
during this open enrollment insurance
period, the only other time you
may elect coverage is if you have $100,000/10,000 X $2.90 = $29.00; the amount of premium equals
a qualifying event as described $29 per month. The per pay period cost is $13.38
previously, and you must complete ($29.00* 12 = $348 / 26 = $13.38)
an evidence of insurability form Beneits reduce to:
and be approved for coverage.
65% of your original beneit at age 65
* You must be considered actively at work
on your effective date for coverage to be 50% of your original beneit at age 70
effective.
Spousal coverage terminates at age 70
Employee Monthly Cost per Spouse Monthly Cost per
Employee/Spouse Age $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 -
14
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 an after-tax basis. If you have a birthday during the plan year which takes
at competitive group rates. you to a higher rate, your premium rate will not change until January 1
Voluntary life insurance for following your birthday. View the table to the right to determine how much
yourself can be purchased in this beneit will cost.
increments of $10,000 up to a
maximum of $500,000.* The Cigna Beneits Technology Solutions enrollment system will
automatically calculate the cost per pay period of your elected voluntary
If you wish to elect voluntary life life coverage as follows.
insurance for yourself during this 1. Determine the amount of insurance you want to purchase
annual enrollment period, you
will be required to complete an 2. Using the table, determine the rate based on your age
evidence of insurability (EOI) 3. Use the formula following to calculate your monthly premium amount:
form and be approved by CIGNA. Coverage amount/10,000 x rate = monthly premium
If you do not elect coverage Example: 45 year old elects to purchase $100,000 of voluntary life
during this open enrollment insurance
period, the only other time you
may elect coverage is if you have $100,000/10,000 X $2.90 = $29.00; the amount of premium equals
a qualifying event as described $29 per month. The per pay period cost is $13.38
previously, and you must complete ($29.00* 12 = $348 / 26 = $13.38)
an evidence of insurability form Beneits reduce to:
and be approved for coverage.
65% of your original beneit at age 65
* You must be considered actively at work
on your effective date for coverage to be 50% of your original beneit at age 70
effective.
Spousal coverage terminates at age 70
Employee Monthly Cost per Spouse Monthly Cost per
Employee/Spouse Age $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 -
14
