Page 17 - Nortek Open Enrollment
P. 17
Nortek
Life and Disability Insurance
Life and AD&D Insurance Optional Term Life Insurance Plan
Life insurance can provide valuable You may elect additional amounts of coverage of one, two, three,
inancial protection and Nortek offers four, or ive times your salary up to a maximum of $500,000. This is
you the choice of different levels of in addition to your Basic Life. The additional amounts of coverage are
coverage to meet your needs. Nortek paid with post-tax dollars.
offers two Term Life Insurance Plans:
the Basic Term Life Insurance Plan We encourage you to view the education module at
and the Optional Term Life Insurance www.standard.com/presentations/nortek and to use the tool called
Plan. The Life Insurance Plans are “Determine My Life Needs” in the Workday site to determine what
insured and administered by the amount may meet your speciic needs. You will ind the link on the
Standard Life Insurance Company election page in Workday (http://www.standard.com/lifeneeds).
(The Standard).
Monthly Cost of Coverage
Basic Term Life Insurance You pay a monthly premium for each $1,000 of coverage. Your
Plan premium is based on your age as of January 1.
The Basic Term Life Insurance Plan Employee and Spouse Voluntary Life Rates
is provided automatically by Nortek, Employee Age (Monthly cost per $1,000)
to employees working 30 hours per Less than 29 $0.067
$0.080
30-34
week, at no cost to you. You will 35-39 $0.090
automatically receive Basic Term 40-44 $0.124
Life Insurance of two times your 45-49 $0.209
$0.374
50-54
salary, up to $300,000. The AD&D 55-59 $0.609
beneit is also two times your salary 60-64 $0.801
up to $300,000. The Life Insurance 65-69 $1.379
70-74
$2.133
Plan pays a lump sum beneit to your 75 and older $4.325
beneiciary in the event of your death
while actively employed by Nortek.
How to Calculate Your Optional Term Life Monthly
The Plan also can pay a living beneit. Premium Cost
If you become terminally ill, you Example: an employee, age 41, with an annual salary of $40,000, elects
may elect to have the Plan pay out a Optional Term Life Insurance of 3x salary ($120,000).
beneit while you are still living. Any Amount of Optional Term Life Insurance $120,000
amount you receive will reduce the Divide by 1,000 120
beneit paid to your beneiciary. Multiply rate at age 41, from table above $0.124
Your total monthly premium $14.88
17
Life and Disability Insurance
Life and AD&D Insurance Optional Term Life Insurance Plan
Life insurance can provide valuable You may elect additional amounts of coverage of one, two, three,
inancial protection and Nortek offers four, or ive times your salary up to a maximum of $500,000. This is
you the choice of different levels of in addition to your Basic Life. The additional amounts of coverage are
coverage to meet your needs. Nortek paid with post-tax dollars.
offers two Term Life Insurance Plans:
the Basic Term Life Insurance Plan We encourage you to view the education module at
and the Optional Term Life Insurance www.standard.com/presentations/nortek and to use the tool called
Plan. The Life Insurance Plans are “Determine My Life Needs” in the Workday site to determine what
insured and administered by the amount may meet your speciic needs. You will ind the link on the
Standard Life Insurance Company election page in Workday (http://www.standard.com/lifeneeds).
(The Standard).
Monthly Cost of Coverage
Basic Term Life Insurance You pay a monthly premium for each $1,000 of coverage. Your
Plan premium is based on your age as of January 1.
The Basic Term Life Insurance Plan Employee and Spouse Voluntary Life Rates
is provided automatically by Nortek, Employee Age (Monthly cost per $1,000)
to employees working 30 hours per Less than 29 $0.067
$0.080
30-34
week, at no cost to you. You will 35-39 $0.090
automatically receive Basic Term 40-44 $0.124
Life Insurance of two times your 45-49 $0.209
$0.374
50-54
salary, up to $300,000. The AD&D 55-59 $0.609
beneit is also two times your salary 60-64 $0.801
up to $300,000. The Life Insurance 65-69 $1.379
70-74
$2.133
Plan pays a lump sum beneit to your 75 and older $4.325
beneiciary in the event of your death
while actively employed by Nortek.
How to Calculate Your Optional Term Life Monthly
The Plan also can pay a living beneit. Premium Cost
If you become terminally ill, you Example: an employee, age 41, with an annual salary of $40,000, elects
may elect to have the Plan pay out a Optional Term Life Insurance of 3x salary ($120,000).
beneit while you are still living. Any Amount of Optional Term Life Insurance $120,000
amount you receive will reduce the Divide by 1,000 120
beneit paid to your beneiciary. Multiply rate at age 41, from table above $0.124
Your total monthly premium $14.88
17
