Page 14 - On Locaiton 2023 Benefit Guide
P. 14

Voluntary Life and AD&D




          The following Voluntary Life Insurance protection is available:

                 •   Voluntary Life Insurance
                 •   Voluntary Accidental Death and DismembermentInsurance

          What is Accident Insurance?
          Accidental Death & Dismemberment (AD&D) – also called Accident Insurance – is similar to regular life
          insurance. If you die in an accident, the amount of your AD&D coverage is paid to your beneficiary in addition
          to your Group Term Life Insurance. However, accident insurance also pays a benefit if you are seriously injured
          in an accident. Part of your benefit may be paid to you if you lose a limb or the ability to see.



            Life Insurance                             Benefit
                                                       Employee – Increments of $10,000 to maximum of
            Voluntary Life Insurance                   $500,000 or 5X salary (whichever is less)
                                                       Spouse – $5,000 to $50,000 or 100% of Employee coverage
                                                       Child - $5,000


            AD&D Insurance                             Benefit
                                                       Employee – Equal to Voluntary Life Coverage
            Voluntary AD&D                             Spouse – Equal to Voluntary Life Coverage
                                                       Child(ren) – Equal to Voluntary Life Coverage


                Evidence of Insurability is required for amounts in excess of the guaranteed issue for all eligible employees

                                               Monthly Voluntary Life Rates
                                                  Cost per $1,000 of benefit           Cost per $1,000 of benefit
                  Age Bands                           Employee & Spouse                        Child
                     <20                                  0.090                               $0.091
                    20-24                                 0.090                                  -
                    25-29                                 0.102                                  -
                    30-34                                 0.102                                  -
                    35-39                                 0.131                                  -
                    40-44                                 0.169                                  -
                    45-49                                 0.242                                  -
                    50-54                                 0.380                                  -
                    55-59                                 0.626                                  -
                    60-64                                 0.971                                  -
                    65-69                                 1.580                                  -
                    70-74                                 2.748
                    75-79                                 4.619
                     80+                                  8.027


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