Page 17 - 2019 Franke Enrollment Guide
P. 17
Franke
VOLUNTARY LIFE INSURANCE
Franke offers you the ability to purchase voluntary life insurance at Employee Spouse
Monthly
Monthly
competitive group rates. Voluntary life insurance for yourself can be purchased Employee/ Cost per Cost per
Spouse
in increments of $10,000 up to a maximum of $500,000.* Age $10,000 $10,000
Unit Unit
Under 20 $0.69 $0.69
A true open enrollment will be ofered for 2019. This means you 20–24 $0.69 $0.69
have the opportunity to enroll or increase current elections up to the 25–29 $0.69 $0.69
guarantee issue amount of $150,000 without completing evidence of
insurability (EOI). 30–34 $0.78 $0.78
35–39 $1.00 $1.00
40–44 $1.69 $1.69
For future open enrollments, you may only increase your election by $10,000 45–49 $2.90 $2.90
50–54
$4.81
$4.81
without completing EOI. 55–59 $7.58 $7.58
60–64 $11.48 $11.48
* You must be considered actively at work on your effective date for coverage to be
effective. 65–69 $11.82 $11.82
70 + $39.09 -
The UltiPro enrollment system will automatically calculate the cost per pay
period of your elected voluntary life coverage as follows.
1. Determine the amount of insurance you want to purchase
2. Using the table, determine the rate based on your age
3. Use the formula following to calculate your monthly premium amount:
Coverage amount/10,000 × rate = monthly premium
Example: 45 year old elects to purchase $100,000 of voluntary life
insurance
$100,000/10,000 × $2.90 = $29.00; the amount of premium equals $29
per month. The per pay period cost is $13.38
($29.00* 12 = $348/26 = $13.38)
Your individual premium rate will depend on your age and is paid for on an
after-tax basis. If you have a birthday during the plan year which takes you to a
higher rate, your premium rate will not change until January 1 following your
birthday. View the table to the right to determine how much this benefit will
cost.
Benefits reduce to:
65% of your original benefit at age 65
50% of your original benefit at age 70
17
VOLUNTARY LIFE INSURANCE
Franke offers you the ability to purchase voluntary life insurance at Employee Spouse
Monthly
Monthly
competitive group rates. Voluntary life insurance for yourself can be purchased Employee/ Cost per Cost per
Spouse
in increments of $10,000 up to a maximum of $500,000.* Age $10,000 $10,000
Unit Unit
Under 20 $0.69 $0.69
A true open enrollment will be ofered for 2019. This means you 20–24 $0.69 $0.69
have the opportunity to enroll or increase current elections up to the 25–29 $0.69 $0.69
guarantee issue amount of $150,000 without completing evidence of
insurability (EOI). 30–34 $0.78 $0.78
35–39 $1.00 $1.00
40–44 $1.69 $1.69
For future open enrollments, you may only increase your election by $10,000 45–49 $2.90 $2.90
50–54
$4.81
$4.81
without completing EOI. 55–59 $7.58 $7.58
60–64 $11.48 $11.48
* You must be considered actively at work on your effective date for coverage to be
effective. 65–69 $11.82 $11.82
70 + $39.09 -
The UltiPro enrollment system will automatically calculate the cost per pay
period of your elected voluntary life coverage as follows.
1. Determine the amount of insurance you want to purchase
2. Using the table, determine the rate based on your age
3. Use the formula following to calculate your monthly premium amount:
Coverage amount/10,000 × rate = monthly premium
Example: 45 year old elects to purchase $100,000 of voluntary life
insurance
$100,000/10,000 × $2.90 = $29.00; the amount of premium equals $29
per month. The per pay period cost is $13.38
($29.00* 12 = $348/26 = $13.38)
Your individual premium rate will depend on your age and is paid for on an
after-tax basis. If you have a birthday during the plan year which takes you to a
higher rate, your premium rate will not change until January 1 following your
birthday. View the table to the right to determine how much this benefit will
cost.
Benefits reduce to:
65% of your original benefit at age 65
50% of your original benefit at age 70
17
