Page 21 - 2016 Enrollment
P. 21
21
Optional Term Life Insurance Plan
You may elect additional term life insurance coverage of one, two, three,
four, or ive times your salary up to a maximum of $500,000. This is in
addition to your Basic Term Life Insurance coverage. Optional Term Life
Insurance coverage is paid by you, the employee, with post-tax payroll
deductions.
We encourage you to use the tool called “Determine My Life Needs” to
determine what amount may meet your speciic needs. You will ind the
link on the election page in Workday (www.standard.com/lifeneeds).
Monthly Cost of Optional Life Coverage
You pay a monthly premium for each $1,000 of coverage. Your premium
is based on your age as of January 1.
Employee Age Employee and Spouse Voluntary Life Rates
(Monthly cost per $1,000)
Less than 29 $0.067
30–34 $0.080
35–39 $0.090
40–44 $0.124
45–49 $0.209
50–54 $0.374
55–59 $0.609
60–64 $0.801
65–69 $1.379
70–74 $2.133
75 and older $4.325
How to Calculate Your Optional Term Life Monthly
Premium Cost
Example: an employee, age 41, with an annual salary of $40,000, elects
optional term life insurance of 3x salary ($120,000).
Amount of optional term life insurance $120,000
Divide by 1,000 120
Multiply rate at age 41, from table above $0.124
Your total monthly premium $14.88
2016 New Hire Enrollment
Optional Term Life Insurance Plan
You may elect additional term life insurance coverage of one, two, three,
four, or ive times your salary up to a maximum of $500,000. This is in
addition to your Basic Term Life Insurance coverage. Optional Term Life
Insurance coverage is paid by you, the employee, with post-tax payroll
deductions.
We encourage you to use the tool called “Determine My Life Needs” to
determine what amount may meet your speciic needs. You will ind the
link on the election page in Workday (www.standard.com/lifeneeds).
Monthly Cost of Optional Life Coverage
You pay a monthly premium for each $1,000 of coverage. Your premium
is based on your age as of January 1.
Employee Age Employee and Spouse Voluntary Life Rates
(Monthly cost per $1,000)
Less than 29 $0.067
30–34 $0.080
35–39 $0.090
40–44 $0.124
45–49 $0.209
50–54 $0.374
55–59 $0.609
60–64 $0.801
65–69 $1.379
70–74 $2.133
75 and older $4.325
How to Calculate Your Optional Term Life Monthly
Premium Cost
Example: an employee, age 41, with an annual salary of $40,000, elects
optional term life insurance of 3x salary ($120,000).
Amount of optional term life insurance $120,000
Divide by 1,000 120
Multiply rate at age 41, from table above $0.124
Your total monthly premium $14.88
2016 New Hire Enrollment
