Page 16 - Nortek California Employee Guide
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Open
Enrollment
Life and Disability Insurance
Life and Accidental Death and Dismemberment
(AD&D) Insurance Monthly Cost of Coverage
Life insurance can provide valuable inancial protection and Nortek You pay a monthly premium for each
offers you the choice of different levels of coverage to meet your $1,000 of coverage. Your premium is
needs. Nortek offers two Term Life Insurance Plans: the Basic Term based on your age as of January 1.
Life Insurance Plan and the Optional Term Life Insurance Plan. The
Life Insurance Plans are insured and administered by the Standard Life Employee Age Employee and Spouse
Voluntary Life Rates
Insurance Company (The Standard). (Monthly cost per $1,000)
Less than 29 $0 .067
Basic Term Life Insurance Plan 30-34 $0 .080
35-39 $0 .090
The Basic Term Life Insurance Plan is provided automatically by 40-44 $0 .124
Nortek, to employees working 30 hours per week, at no cost to you. 45-49 $0 .209
You will automatically receive Basic Term Life Insurance of two times 50-54 $0 .374
your salary, up to $300,000. The AD&D beneit is also two times 55-59 $0 .609
your salary, up to $300,000. The Life Insurance Plan pays a lump sum 60-64 $0 .801
$1 .379
65-69
beneit to your beneiciary in the event of your death while actively 70-74 $2 .133
employed by Nortek. 75 and older $4 .325
The Plan also can pay a living beneit. If you become terminally ill, you
may elect to have the Plan pay out a beneit while you are still living. How to Calculate Your
Optional Term Life Monthly
Any amount you receive will reduce the beneit paid to your beneiciary. Premium Cost
Optional Term Life Insurance Plan Example: an employee, age 41, with
You may elect additional amounts of coverage of one, two, three, an annual salary of $40,000, elects
Optional Term Life Insurance of 3x
four, or ive times your salary up to a maximum of $500,000. This is salary ($120,000).
in addition to your Basic Life. The additional amounts of coverage are
paid with post-tax dollars. Amount of Optional Term Life $120,000
Insurance
120
We encourage you to view the education module at www.standard.com/ Divide by 1,000 $0 .124
Multiply rate at age 41, from
presentations/nortek and to use the tool called “Determine My Life table above
Needs” in the Workday site to determine what amount may meet your Your total monthly premium $14 .88
speciic needs. You will ind the link on the election page in Workday
(http://www.standard.com/lifeneeds).
16
Enrollment
Life and Disability Insurance
Life and Accidental Death and Dismemberment
(AD&D) Insurance Monthly Cost of Coverage
Life insurance can provide valuable inancial protection and Nortek You pay a monthly premium for each
offers you the choice of different levels of coverage to meet your $1,000 of coverage. Your premium is
needs. Nortek offers two Term Life Insurance Plans: the Basic Term based on your age as of January 1.
Life Insurance Plan and the Optional Term Life Insurance Plan. The
Life Insurance Plans are insured and administered by the Standard Life Employee Age Employee and Spouse
Voluntary Life Rates
Insurance Company (The Standard). (Monthly cost per $1,000)
Less than 29 $0 .067
Basic Term Life Insurance Plan 30-34 $0 .080
35-39 $0 .090
The Basic Term Life Insurance Plan is provided automatically by 40-44 $0 .124
Nortek, to employees working 30 hours per week, at no cost to you. 45-49 $0 .209
You will automatically receive Basic Term Life Insurance of two times 50-54 $0 .374
your salary, up to $300,000. The AD&D beneit is also two times 55-59 $0 .609
your salary, up to $300,000. The Life Insurance Plan pays a lump sum 60-64 $0 .801
$1 .379
65-69
beneit to your beneiciary in the event of your death while actively 70-74 $2 .133
employed by Nortek. 75 and older $4 .325
The Plan also can pay a living beneit. If you become terminally ill, you
may elect to have the Plan pay out a beneit while you are still living. How to Calculate Your
Optional Term Life Monthly
Any amount you receive will reduce the beneit paid to your beneiciary. Premium Cost
Optional Term Life Insurance Plan Example: an employee, age 41, with
You may elect additional amounts of coverage of one, two, three, an annual salary of $40,000, elects
Optional Term Life Insurance of 3x
four, or ive times your salary up to a maximum of $500,000. This is salary ($120,000).
in addition to your Basic Life. The additional amounts of coverage are
paid with post-tax dollars. Amount of Optional Term Life $120,000
Insurance
120
We encourage you to view the education module at www.standard.com/ Divide by 1,000 $0 .124
Multiply rate at age 41, from
presentations/nortek and to use the tool called “Determine My Life table above
Needs” in the Workday site to determine what amount may meet your Your total monthly premium $14 .88
speciic needs. You will ind the link on the election page in Workday
(http://www.standard.com/lifeneeds).
16
