Page 15 - 2018 Franke Enrollment
P. 15
Franke
Voluntary Life Insurance
Franke offers you the ability to purchase voluntary life insurance at Employee Spouse
Monthly
Monthly
competitive group rates. Voluntary life insurance for yourself can be Employee/ Cost per Cost per
purchased in increments of $10,000 up to a maximum of $500,000.* Spouse Age $10,000 $10,000
Unit Unit
If you elect voluntary life insurance for yourself when initially eligible, Under 20 $0.69 $0.69
20–24
$0.69
$0.69
you may elect up to $150,000 of coverage without answering any medical 25–29 $0.69 $0.69
questions. If you do not elect coverage when initially eligible, the only 30–34 $0.78 $0.78
time you may elect coverage is if you have a qualifying event as described 35–39 $1.00 $1.00
$1.69
40–44
$1.69
previously or during annual enrollment, and you must complete an evidence 45–49 $2.90 $2.90
of insurability form and be approved for coverage. 50–54 $4.81 $4.81
55–59 $7.58 $7.58
* You must be considered actively at work on your effective date for coverage to be effective. 60–64 $11.48 $11.48
65–69 $11.82 $11.82
The Cigna Guided Solutions enrollment system will automatically calculate 70 + $39.09 -
the cost per pay period of your elected voluntary life coverage as follows.
1. Determine the amount of insurance you want to purchase
2. Using the table, determine the rate based on your age
3. Use the formula following to calculate your monthly premium amount:
Y Coverage amount/10,000 × rate = monthly premium
Y Example: 45 year old elects to purchase $100,000 of voluntary life
insurance
Y $100,000/10,000 × $2.90 = $29.00; the amount of premium equals
$29 per month. The per pay period cost is $13.38
($29.00* 12 = $348/26 = $13.38)
Your individual premium rate will depend on your age and is paid for on an
after-tax basis. If you have a birthday during the plan year which takes you
to a higher rate, your premium rate will not change until January 1 following
your birthday. View the table to the right to determine how much this beneit
will cost.
Beneits reduce to:
X 65% of your original X 50% of your original X Spousal coverage
beneit at age 65 beneit at age 70 terminates at age 70
15
Voluntary Life Insurance
Franke offers you the ability to purchase voluntary life insurance at Employee Spouse
Monthly
Monthly
competitive group rates. Voluntary life insurance for yourself can be Employee/ Cost per Cost per
purchased in increments of $10,000 up to a maximum of $500,000.* Spouse Age $10,000 $10,000
Unit Unit
If you elect voluntary life insurance for yourself when initially eligible, Under 20 $0.69 $0.69
20–24
$0.69
$0.69
you may elect up to $150,000 of coverage without answering any medical 25–29 $0.69 $0.69
questions. If you do not elect coverage when initially eligible, the only 30–34 $0.78 $0.78
time you may elect coverage is if you have a qualifying event as described 35–39 $1.00 $1.00
$1.69
40–44
$1.69
previously or during annual enrollment, and you must complete an evidence 45–49 $2.90 $2.90
of insurability form and be approved for coverage. 50–54 $4.81 $4.81
55–59 $7.58 $7.58
* You must be considered actively at work on your effective date for coverage to be effective. 60–64 $11.48 $11.48
65–69 $11.82 $11.82
The Cigna Guided Solutions enrollment system will automatically calculate 70 + $39.09 -
the cost per pay period of your elected voluntary life coverage as follows.
1. Determine the amount of insurance you want to purchase
2. Using the table, determine the rate based on your age
3. Use the formula following to calculate your monthly premium amount:
Y Coverage amount/10,000 × rate = monthly premium
Y Example: 45 year old elects to purchase $100,000 of voluntary life
insurance
Y $100,000/10,000 × $2.90 = $29.00; the amount of premium equals
$29 per month. The per pay period cost is $13.38
($29.00* 12 = $348/26 = $13.38)
Your individual premium rate will depend on your age and is paid for on an
after-tax basis. If you have a birthday during the plan year which takes you
to a higher rate, your premium rate will not change until January 1 following
your birthday. View the table to the right to determine how much this beneit
will cost.
Beneits reduce to:
X 65% of your original X 50% of your original X Spousal coverage
beneit at age 65 beneit at age 70 terminates at age 70
15
