Page 15 - Summit Group 2 Benefits Eff 12-1-19
P. 15

Voluntary Life / AD&D:


        Lincoln Financial






                                                                                          Child Life
                              Employee Life / AD&D        Spouse Life / AD&D        Pay Period Cost per
                               Pay Period Cost per        Pay Period Cost per       $15,000 Benefit (ALL
                                  $1,000 Benefit             $1,000 Benefit
                                                                                     Child(ren) Included

                  Under 20           $ 0.0375                   $ 0.0375                    $ 1.00


                  20—24              $ 0.0375                   $ 0.0375                    $ 1.00

                  25—29              $ 0.0375                   $ 0.0375                     n/a

                  30—34              $ 0.0375                   $ 0.0375                     n/a

                  35—39              $ 0.0525                   $ 0.0525                     n/a


                  40—44              $ 0.0825                   $ 0.0825                     n/a

                  45—49              $ 0.1175                   $ 0.1175                     n/a

                  50—54              $ 0.2125                   $ 0.2125                     n/a

                  55—59              $ 0.3275                   $ 0.3275                     n/a


                  60—64              $ 0.3425                   $ 0.3425                     n/a

                  65—69              $ 0.6275                   $ 0.6275                     n/a

                  70—74              $ 1.3125                      n/a                       n/a


                  75—79              $ 3.8525                      n/a                       n/a

                  80—99              $ 8.3675                      n/a                       n/a

         Employees are responsible for paying the cost of voluntary life coverage through payroll deduction.  Calculate the cost by dividing the
         amount of voluntary life insurance by 1,000 and multiply by the  appropriate rate above. Below is an example of your monthly cost.


           Example amount            Divided by 1,000         Multiplied by rate for        Example Cost Per
              of Insurance                                        a 32 year old                Pay Period

                $100,000               / 1000 = 100                 X 0.0525                      $5.25


           Example amount           Divided by 1,000        Multiplied by rate for    Example Cost Per          Pay
             of Insurance                                       a 32 year old                    Period

               $200,000               / 1000 = 200                 X 0.0525                      $10.50

                                                             15
   10   11   12   13   14   15   16   17   18   19   20