Page 10 - 2016 Enrollment
P. 10
Open Enrollment
Voluntary Life Rates Voluntary Spouse Life
Employee Age Semi-Monthly Rate per
Band $1,000 In addition to electing voluntary life coverage for yourself, you
Under 30 $0.03 can elect coverage for your spouse. Your current spousal life
30-34 $0.03 coverage will rollover with our new carrier. You can purchase
35-39 $0.05 coverage in increments of $5,000 up to 2.5 times your annual
40-44 $0.07
45-49 $0.11 salary, to a maximum of $250,000.
50-54 $0.21
55-59 $0.32 Also during this year’s open enrollment period, The
60-64 $0.38 Hartford will be offering all employees an opportunity to
65-69 $0.67 increase their spousal life insurance coverage by FIVE (5)
70-74 $1.32
75+ $3.59 increments or $25,000, up to the guarantee issue limit of
$30,000 without requiring evidence of insurability. Keep in
To determine the semi-monthly premium mind your spousal life coverage cannot exceed 50 percent of
for voluntary life coverage, follow these your employee beneit and you must elect coverage on yourself
simple steps. before you can elect spousal coverage.
1. Determine the amount of insurance The cost per each $1,000 of coverage is based on the employee’s
you want to purchase age. Use the table shown to determine your monthly cost for
2. Using the table, determine the rate your spouse’s coverage.
based on your age Voluntary Dependent Life
3. Use the formula below to calculate Dependent child life coverage is available in $2,000 increments
your semi-monthly premium amount: up to $10,000. Dependents are eligible from 15 days old through
coverage amount/1,000 x rate = semi- age 25, unless disabled prior to attaining age 26. See beneit
monthly premium details for more information. The cost for dependent child
Example: 45-year-old elects to purchase coverage is based on the amount of coverage chosen.
$100,000 of voluntary life insurance
($100,000/1,000 X 0.11 = $11.00). The Voluntary Dependent Life Rates
semi-monthly premium equals $11.00 per Coverage Semi-Monthly
pay period. $2,000 $0.20
$4,000 $0.40
Voluntary AD&D $6,000 $0.60
$8,000
You also have the option of purchasing $10,000 $0.80
$1.00
voluntary AD&D coverage. This coverage
pays a beneit if you or your spouse
is either killed or injured as a result of
an accident. The semi-monthly cost for
voluntary AD&D is $0.023 per $1,000 of
coverage.
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Voluntary Life Rates Voluntary Spouse Life
Employee Age Semi-Monthly Rate per
Band $1,000 In addition to electing voluntary life coverage for yourself, you
Under 30 $0.03 can elect coverage for your spouse. Your current spousal life
30-34 $0.03 coverage will rollover with our new carrier. You can purchase
35-39 $0.05 coverage in increments of $5,000 up to 2.5 times your annual
40-44 $0.07
45-49 $0.11 salary, to a maximum of $250,000.
50-54 $0.21
55-59 $0.32 Also during this year’s open enrollment period, The
60-64 $0.38 Hartford will be offering all employees an opportunity to
65-69 $0.67 increase their spousal life insurance coverage by FIVE (5)
70-74 $1.32
75+ $3.59 increments or $25,000, up to the guarantee issue limit of
$30,000 without requiring evidence of insurability. Keep in
To determine the semi-monthly premium mind your spousal life coverage cannot exceed 50 percent of
for voluntary life coverage, follow these your employee beneit and you must elect coverage on yourself
simple steps. before you can elect spousal coverage.
1. Determine the amount of insurance The cost per each $1,000 of coverage is based on the employee’s
you want to purchase age. Use the table shown to determine your monthly cost for
2. Using the table, determine the rate your spouse’s coverage.
based on your age Voluntary Dependent Life
3. Use the formula below to calculate Dependent child life coverage is available in $2,000 increments
your semi-monthly premium amount: up to $10,000. Dependents are eligible from 15 days old through
coverage amount/1,000 x rate = semi- age 25, unless disabled prior to attaining age 26. See beneit
monthly premium details for more information. The cost for dependent child
Example: 45-year-old elects to purchase coverage is based on the amount of coverage chosen.
$100,000 of voluntary life insurance
($100,000/1,000 X 0.11 = $11.00). The Voluntary Dependent Life Rates
semi-monthly premium equals $11.00 per Coverage Semi-Monthly
pay period. $2,000 $0.20
$4,000 $0.40
Voluntary AD&D $6,000 $0.60
$8,000
You also have the option of purchasing $10,000 $0.80
$1.00
voluntary AD&D coverage. This coverage
pays a beneit if you or your spouse
is either killed or injured as a result of
an accident. The semi-monthly cost for
voluntary AD&D is $0.023 per $1,000 of
coverage.
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