Page 10 - 2016 WFF Guide 1
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Voluntary Term Life
With voluntary term life insurance you have the freedom to select your
desired level of life insurance coverage to protect the wellbeing of your family
members. Employees have the option to select coverage in $10,000 increments
to a maximum of 5x your annual salary or $500,000, whichever is less.
Coverage is guaranteed up to $200,000. Any elected amounts over $200,000
will be subject to medical underwriting and approval by the insurance company.
Employees can also purchase spouse coverage in $5,000 increments to a
maximum of $500,000 or up to the elected employee amount, whichever is
less. Spouse coverage is guaranteed up to $50,000. Any coverage amounts over
$50,000 will be subject to approval by the insurance company. Child coverage
is available in $2,000 increments to a maximum of $10,000. Child coverage is
guaranteed up to $10,000.
V oluntary L ife P lan M onthly R ates
A ge E mployee L ife * S pouse L ife * * C hild L ife
1 5 – 2 4 0 .5 0 0 0 .3 4 5
2 5 – 2 9 0 .6 0 0 0 .3 9 0
3 0 – 3 4 0 .8 0 0 0 .4 8 0
3 5 – 3 9 0 .9 0 0 0 .6 7 5
4 0 – 4 4 1 .5 1 0 0 .9 6 0
4 5 – 4 9 2 .4 1 0 1 .5 0 5 $ 0 .2 9 6 per $ 2 , 0 0 0
5 0 – 5 4 3 .8 0 0 2 .3 6 0
5 5 – 5 9 5 .8 1 0 3 .6 3 5
6 0 – 6 4 8 .9 3 0 6 .2 9 0
6 5 – 6 9 1 5 .3 5 0 1 0 .8 5 0
7 0 – 7 4 2 7 .3 7 0 1 9 .3 5 0
7 5 + 5 4 .3 5 0 3 8 .2 4 0
* R ate per $ 1 0 , 0 0 0
* * R ate per $ 5 , 0 0 0
Term L ife C alculation W ork sheet
C ov erage A mount I ncrement R ate * M onthly C ost
E mployee $ _ _ _ _ _ _ _ _ / $ 1 0 , 0 0 0 x $ _ _ _ _ _ = $ _ _ _ _ _ _ _
S pouse $ _ _ _ _ _ _ _ _ / $ 5 , 0 0 0 x $ _ _ _ _ _ = $ _ _ _ _ _ _ _
C hild ( ren) $ _ _ _ _ _ _ _ / $ 2 , 0 0 0 x $ 0 .2 9 6 = $ _ _ _ _ _ _ _
A nnual cost X 1 2 = $ _ _ _ _ _ _ _
/ # of paycheck s $ _ _ _ _ _ _ _
C ost P er P aycheck $ _ _ _ _ _ _ _
* To d etermine spouse’ s rate, use employee’ s age
Voluntary Term Life
With voluntary term life insurance you have the freedom to select your
desired level of life insurance coverage to protect the wellbeing of your family
members. Employees have the option to select coverage in $10,000 increments
to a maximum of 5x your annual salary or $500,000, whichever is less.
Coverage is guaranteed up to $200,000. Any elected amounts over $200,000
will be subject to medical underwriting and approval by the insurance company.
Employees can also purchase spouse coverage in $5,000 increments to a
maximum of $500,000 or up to the elected employee amount, whichever is
less. Spouse coverage is guaranteed up to $50,000. Any coverage amounts over
$50,000 will be subject to approval by the insurance company. Child coverage
is available in $2,000 increments to a maximum of $10,000. Child coverage is
guaranteed up to $10,000.
V oluntary L ife P lan M onthly R ates
A ge E mployee L ife * S pouse L ife * * C hild L ife
1 5 – 2 4 0 .5 0 0 0 .3 4 5
2 5 – 2 9 0 .6 0 0 0 .3 9 0
3 0 – 3 4 0 .8 0 0 0 .4 8 0
3 5 – 3 9 0 .9 0 0 0 .6 7 5
4 0 – 4 4 1 .5 1 0 0 .9 6 0
4 5 – 4 9 2 .4 1 0 1 .5 0 5 $ 0 .2 9 6 per $ 2 , 0 0 0
5 0 – 5 4 3 .8 0 0 2 .3 6 0
5 5 – 5 9 5 .8 1 0 3 .6 3 5
6 0 – 6 4 8 .9 3 0 6 .2 9 0
6 5 – 6 9 1 5 .3 5 0 1 0 .8 5 0
7 0 – 7 4 2 7 .3 7 0 1 9 .3 5 0
7 5 + 5 4 .3 5 0 3 8 .2 4 0
* R ate per $ 1 0 , 0 0 0
* * R ate per $ 5 , 0 0 0
Term L ife C alculation W ork sheet
C ov erage A mount I ncrement R ate * M onthly C ost
E mployee $ _ _ _ _ _ _ _ _ / $ 1 0 , 0 0 0 x $ _ _ _ _ _ = $ _ _ _ _ _ _ _
S pouse $ _ _ _ _ _ _ _ _ / $ 5 , 0 0 0 x $ _ _ _ _ _ = $ _ _ _ _ _ _ _
C hild ( ren) $ _ _ _ _ _ _ _ / $ 2 , 0 0 0 x $ 0 .2 9 6 = $ _ _ _ _ _ _ _
A nnual cost X 1 2 = $ _ _ _ _ _ _ _
/ # of paycheck s $ _ _ _ _ _ _ _
C ost P er P aycheck $ _ _ _ _ _ _ _
* To d etermine spouse’ s rate, use employee’ s age
