Page 14 - Peak Technologies 2023 Benefit Guide

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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