Page 16 - 2022 Fives Landis Corp Benefit Guide

VOLUNTARY LIFE AND

AD&D INSURANCE

Voluntary Employee Life Voluntary Dependent Life

Voluntary life insurance equal to 1 to 6 times your annual The employee must be enrolled in a minimum of 1x salary
base salary may be purchased. of employee voluntary life insurance to be eligible to select
Spouse or Children coverage.

— New hires may enroll up to 3x base salary up to
$500,000, without medical review. If you elect coverage Spouse—May elect increments of $5,000 up to $200,000.
in excess of 3 times base salary, you must provide
“evidence of Insurability” (EOI) and the election is subject — New Hires may enroll up to $50,000 without
to approval by Voya. medical review.
— Elections over $50,000 will require “evidence of
— 2022 annual open enrollment: employees currently insurability” and are subject to approval by Voya.
enrolled can increase 1x up to 3x or $500,000, without — 2022 annual open enrollment: if currently enrolled
medical review. coverage may be increased by $5,000 up to $50,000,
without medical review.
— Cost is based on age, amount of coverage and — Cost is based on age, amount of coverage and
non-smoker/smoker rate. Refer to the rate chart to the non-smoker rate. Refer to the rate chart for further
right for cost information. information.

Non-smoker Smoker Child — 2022 annual open enrollment : May elect
Age
Employee or Spouse Employee increments of $5,000 to $20,000 without medical review.
Under 30 $0.06 $0.07
30-34 $0.08 $0.10 — Cost is $.50 per month for each $5,000 of coverage for
all eligible children.
35-39 $0.09 $0.10
40-44 $0.13 $0.17
45-49 $0.15 $0.17

50-54 $0.40 $0.77 Voluntary Accidental Death & Dismemberment
55-59 $0.47 $0.84
60-64 $0.69 $1.10 — The employee can enroll for coverage in increments of
65-69 $1.27 $1.27 $25,000, up to $1,000,000. The rate is .03 per $1,000 of
70-74 $2.95 $4.55 coverage per month.

74+ $5.40 $7.75
— The family can enroll for coverage in increments of
TO CALCULATE THE MONTHLY LIFE INSURANCE PREMIUM: $25,000, up to $1,000,000. The rate is $.05 per $1,000 of
coverage per month. The employee benefit is 100%
— Annual Base Salary (rounded up to the nearest 1000 of the enrolled amount. The spouse benefit is 65% of
divided by 1000 x rate on chart above = monthly rate the amount elected; the child benefit is 15% of the
amount elected.
13
10 — Example: (Salary $45,000 & age 50-54)
$45,000 /1,000 x 0.40 = $18/month