Page 17 - Union Guide
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Life and Disability Insurance
Life Insurance
Life insurance can provide valuable inancial protection and Nortek Monthly Cost of Optional Life
offers you the choice of different levels of coverage to meet your Coverage
needs. Nortek offers two Term Life Insurance Plans: the Basic Term You pay a monthly premium for each
Life Insurance Plan and the Optional Term Life Insurance Plan. The $1,000 of coverage. Your premium is
Life Insurance Plans are insured and administered by the Standard Life based on your age as of January 1.
Insurance Company (The Standard).
Employee Voluntary Life
Rates
Basic Term Life Insurance Plan Employee (Monthly cost per
Age
The Basic Term Life Insurance Plan is provided automatically by Less than 29 $1,000)
$0.067
Nortek, to employees working 30 hours per week or more, at no cost 30–34 $0.080
to you. You will automatically receive Basic Term Life Insurance of two 35–39 $0.090
times your salary, up to $300,000. The Life Insurance Plan pays a lump 40–44 $0.124
sum beneit to your beneiciary in the event of your death while actively 45–49 $0.209
50–54
$0.374
employed by Nortek. 55–59 $0.609
60–64 $0.801
The Plan also can pay a living beneit. If you become terminally ill, you 65–69 $1.379
may elect to have the Plan pay out a beneit while you are still living. 70–74 $2.133
Any amount you receive will reduce the beneit paid to your beneiciary. 75 and older $4.325
Optional Term Life Insurance Plan How to Calculate Your
You may elect additional increments of $10,000 up to a maximum of Optional Term Life Monthly
Premium Cost
$500,000. This is in addition to your Basic Life. Optional Term Life
Insurance coverage is paid by the employee with post-tax dollars. Example: an employee, age 41, with
an annual salary of $40,000, elects
We encourage you to use the tool called “Determine My Life Needs” to optional term life insurance of 3x
determine what amount may meet your speciic needs. You will ind the salary ($120,000).
link on the election page in Workday (www.standard.com/lifeneeds).
Amount of optional term life $120,000
insurance
Divide by 1,000 120
Multiply rate at age 41, from $0.124
table above
Your total monthly premium $14.88
2016 Open Enrollment
Life and Disability Insurance
Life Insurance
Life insurance can provide valuable inancial protection and Nortek Monthly Cost of Optional Life
offers you the choice of different levels of coverage to meet your Coverage
needs. Nortek offers two Term Life Insurance Plans: the Basic Term You pay a monthly premium for each
Life Insurance Plan and the Optional Term Life Insurance Plan. The $1,000 of coverage. Your premium is
Life Insurance Plans are insured and administered by the Standard Life based on your age as of January 1.
Insurance Company (The Standard).
Employee Voluntary Life
Rates
Basic Term Life Insurance Plan Employee (Monthly cost per
Age
The Basic Term Life Insurance Plan is provided automatically by Less than 29 $1,000)
$0.067
Nortek, to employees working 30 hours per week or more, at no cost 30–34 $0.080
to you. You will automatically receive Basic Term Life Insurance of two 35–39 $0.090
times your salary, up to $300,000. The Life Insurance Plan pays a lump 40–44 $0.124
sum beneit to your beneiciary in the event of your death while actively 45–49 $0.209
50–54
$0.374
employed by Nortek. 55–59 $0.609
60–64 $0.801
The Plan also can pay a living beneit. If you become terminally ill, you 65–69 $1.379
may elect to have the Plan pay out a beneit while you are still living. 70–74 $2.133
Any amount you receive will reduce the beneit paid to your beneiciary. 75 and older $4.325
Optional Term Life Insurance Plan How to Calculate Your
You may elect additional increments of $10,000 up to a maximum of Optional Term Life Monthly
Premium Cost
$500,000. This is in addition to your Basic Life. Optional Term Life
Insurance coverage is paid by the employee with post-tax dollars. Example: an employee, age 41, with
an annual salary of $40,000, elects
We encourage you to use the tool called “Determine My Life Needs” to optional term life insurance of 3x
determine what amount may meet your speciic needs. You will ind the salary ($120,000).
link on the election page in Workday (www.standard.com/lifeneeds).
Amount of optional term life $120,000
insurance
Divide by 1,000 120
Multiply rate at age 41, from $0.124
table above
Your total monthly premium $14.88
2016 Open Enrollment
