Page 17 - 2022 Benefits Resource Guide

Life insurance

Company-paid group life insurance
Texas Mutual provides company-paid group life and accidental death
insurance through Voya Financial. The benefit amount is equal to one-
and one-half times your annual salary, rounded up to the nearest $1,000,
subject to a $750,000 maximum. For full benefit details, refer to the
benefit plan summaries posted on the HR page of the intranet.

Supplemental term life insurance
Within the first 31 days of your hire date, you may purchase and receive
automatic approval for employee supplemental life insurance up to
$250,000 and spouse life insurance up to $70,000. To purchase
supplemental spouse life insurance, you must also purchase
supplemental life insurance for yourself in an equal or greater amount.
The maximum you may purchase is $500,000. If you elect more than
the automatic approval amounts, Voya Financial will email you an
application to complete for the amount(s) that are above the guarantee
issue amount.

If you experience a qualify life change (e.g., marriage), you may elect to
purchase supplemental life insurance for yourself and/or for your spouse,
or increase your current coverage up to the guaranteed issue amounts
within 31 days of the event. After this period, any increase in coverage
amount or new enrollment will be subject to medical underwriting.

During annual open enrollment, you may elect to purchase or increase
supplemental life insurance for yourself and/or your spouse by $10,000
on a guarantee issue basis. If you elect to increase your coverage or
your spouse’s coverage by more than $10,000, Voya Financial will email
you an application to complete for the amount(s) that are above the
guarantee issue amount.

Monthly cost for supplemental life coverage
Age Bracket $10,000 The cost per $10,000 is based on the age brackets shown to the left.
<30 0.90 The rates for supplemental life insurance for your coverage and your
30-34 1.00 spouse’s coverage are based on the amount of coverage selected and
your age at the time of enrollment. Your cost for coverage will change
35-39 1.20 at the beginning of the plan year during which you reach a new
40-44 1.50 age bracket.
45-49 2.20 To determine your cost, divide the amount you wish to purchase by
10,000, and then multiply that by the rate shown in your age bracket
50-54 3.40 below. For example, if you are 45 and wish to purchase $100,000, that is
55-59 5.30 10 increments x $2.20 which equates to a monthly premium of $22.00.
60-64 9.20 You can also see the premium cost in Workday when you make your
benefit elections.
65-69 15.90
70+ 35.60 Dependent term life insurance
You have the option to purchase dependent term life insurance of
$10,000 for your dependent child(ren) up to age 26, with no medical
underwriting. The monthly cost is $1.00 and covers each of your
eligible child(ren).

14 Employee Benefits Guide