Page 20 - 2018-19 MYNEXUS Benefits Guide
P. 20
2018–19 BENEFITS ENROLLMENT
Cost of Coverage
Your individual premium rate will depend on your age and will be reflected
during your online enrollment process. View the age/rate table below to
determine how much this benefit will cost.
1. Determine the amount of insurance you want to purchase.
2. Using the table, determine the rate based on your age. Your spouse’s rate is
based on his/her age.
3. Use the following formula to calculate your monthly premium amount.
Coverage amount/$1,000 × rate = monthly premium.
Example
45 year old elects to purchase $100,000 of voluntary life insurance.
$100,000/$1,000 × 0.325 = $3.25. The bi-weekly premium equals $1.50 ($3.25
× 12/26) per bi-weekly pay period.
Age Range Monthly Rate Per $1,000 of
Coverage
Under 30 $0.105
30–34 $0.115
35–39 $0.145
40–44 $0.205
45–49 $0.325
50–54 $0.595
55–59 $0.925
60–64 $1.085
65–69 $1.925
70+ $3.735
20
Cost of Coverage
Your individual premium rate will depend on your age and will be reflected
during your online enrollment process. View the age/rate table below to
determine how much this benefit will cost.
1. Determine the amount of insurance you want to purchase.
2. Using the table, determine the rate based on your age. Your spouse’s rate is
based on his/her age.
3. Use the following formula to calculate your monthly premium amount.
Coverage amount/$1,000 × rate = monthly premium.
Example
45 year old elects to purchase $100,000 of voluntary life insurance.
$100,000/$1,000 × 0.325 = $3.25. The bi-weekly premium equals $1.50 ($3.25
× 12/26) per bi-weekly pay period.
Age Range Monthly Rate Per $1,000 of
Coverage
Under 30 $0.105
30–34 $0.115
35–39 $0.145
40–44 $0.205
45–49 $0.325
50–54 $0.595
55–59 $0.925
60–64 $1.085
65–69 $1.925
70+ $3.735
20
