Page 15 - 2016 Nortek Enrollment Guide
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Life and Disability Insurance
Life Insurance Monthly Cost of Optional Life
Life insurance can provide valuable inancial protection and Nortek Coverage
offers you the choice of different levels of coverage to meet your You pay a monthly premium for each
needs. Nortek offers two Term Life Insurance Plans: the Basic Term $1,000 of coverage. Your premium is
Life Insurance Plan and the Optional Term Life Insurance Plan. The based on your age as of January 1.
Life Insurance Plans are insured and administered by the Standard Life Employee and Spouse
Insurance Company (The Standard). Employee Voluntary Life Rates
Age (Monthly cost per
$1,000)
Basic Term Life Insurance Plan Less than 29 $0.067
The Basic Term Life Insurance Plan is provided automatically by 30–34 $0.080
Nortek, to employees working 30 hours per week or more, at no cost 35–39 $0.090
$0.124
40–44
to you. You will automatically receive Basic Term Life Insurance of two 45–49 $0.209
times your salary, up to $300,000. The Life Insurance Plan pays a lump 50–54 $0.374
sum beneit to your beneiciary in the event of your death while actively 55–59 $0.609
employed by Nortek. 60–64 $0.801
$1.379
65–69
70–74 $2.133
The Plan also can pay a living beneit. If you become terminally ill, you 75 and older $4.325
may elect to have the Plan pay out a beneit while you are still living.
Any amount you receive will reduce the beneit paid to your beneiciary. How to Calculate Your
Optional Term Life Monthly
Optional Term Life Insurance Plan Premium Cost
You may elect additional amounts of coverage of one, two, three, Example: an employee, age 41, with
four, or ive times your salary up to a maximum of $500,000. This is in an annual salary of $40,000, elects
addition to your Basic Life. Optional Term Life Insurance coverage is optional term life insurance of 3x
paid by the employee with post-tax dollars. salary ($120,000).
We encourage you to use the tool called “Determine My Life Needs” to Amount of optional term life $120,000
determine what amount may meet your speciic needs. You will ind the insurance
120
link on the election page in Workday (www.standard.com/lifeneeds). Divide by 1,000 $0.124
Multiply rate at age 41, from
table above
Your total monthly premium $14.88
2016 Open Enrollment
Life and Disability Insurance
Life Insurance Monthly Cost of Optional Life
Life insurance can provide valuable inancial protection and Nortek Coverage
offers you the choice of different levels of coverage to meet your You pay a monthly premium for each
needs. Nortek offers two Term Life Insurance Plans: the Basic Term $1,000 of coverage. Your premium is
Life Insurance Plan and the Optional Term Life Insurance Plan. The based on your age as of January 1.
Life Insurance Plans are insured and administered by the Standard Life Employee and Spouse
Insurance Company (The Standard). Employee Voluntary Life Rates
Age (Monthly cost per
$1,000)
Basic Term Life Insurance Plan Less than 29 $0.067
The Basic Term Life Insurance Plan is provided automatically by 30–34 $0.080
Nortek, to employees working 30 hours per week or more, at no cost 35–39 $0.090
$0.124
40–44
to you. You will automatically receive Basic Term Life Insurance of two 45–49 $0.209
times your salary, up to $300,000. The Life Insurance Plan pays a lump 50–54 $0.374
sum beneit to your beneiciary in the event of your death while actively 55–59 $0.609
employed by Nortek. 60–64 $0.801
$1.379
65–69
70–74 $2.133
The Plan also can pay a living beneit. If you become terminally ill, you 75 and older $4.325
may elect to have the Plan pay out a beneit while you are still living.
Any amount you receive will reduce the beneit paid to your beneiciary. How to Calculate Your
Optional Term Life Monthly
Optional Term Life Insurance Plan Premium Cost
You may elect additional amounts of coverage of one, two, three, Example: an employee, age 41, with
four, or ive times your salary up to a maximum of $500,000. This is in an annual salary of $40,000, elects
addition to your Basic Life. Optional Term Life Insurance coverage is optional term life insurance of 3x
paid by the employee with post-tax dollars. salary ($120,000).
We encourage you to use the tool called “Determine My Life Needs” to Amount of optional term life $120,000
determine what amount may meet your speciic needs. You will ind the insurance
120
link on the election page in Workday (www.standard.com/lifeneeds). Divide by 1,000 $0.124
Multiply rate at age 41, from
table above
Your total monthly premium $14.88
2016 Open Enrollment
