Page 56 - Down East Wood Ducks 2022 Benefits Guide
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How much does       Term Life
the coverage cost?
                            Age band              Employee rate                Spouse rate

                                                     per $10,000               per $5,000

                               <25                        $0.66                        $0.185

                               25-29                      $0.62                        $0.24

                               30-34                      $0.77                        $0.35

                               35-39                      $1.16                        $0.53

                               40-44                      $1.71                        $0.805

                               45-49                      $2.86                        $1.235

                               50-54                      $4.64                        $1.83

                               55-59                      $7.63                        $2.645

                               60-64                      $9.94                        $3.585

                               65-69                     $15.61                        $5.175

                               70-74                     $27.489                       $9.79

                               75+                       $45.331               $30.265

                    Child life monthly rate is $2.00 for $10,000. One life premium covers all children.

                    AD&D rate chart – you must purchase life coverage to purchase AD&D coverage

                                      AD&D cost   Monthly Cost

                    Employee          Per $10,000 $0.20

                    Spouse            Per $5,000  $0.10

                    Child             $10,000     $0.10

                    Term life calculation worksheet

                    Coverage amount               Increment              Rate      Monthly cost
                                                                 X$            =$
                    Employee $                 ÷ $10,000         X$            =$
                                                                               = $2.00
                    Spouse     $               ÷ $5,000                $2.00

                    Child      $10,000

                    Your rate is based on your insurance age, which is your age on your actual birthday,
                    meaning that your rate will change on your birthday during the policy year.

                    Spouse rate is based on employee’s insurance age.

                    AD&D calculation worksheet

                    Coverage amount               Increment          Rate          Monthly cost
                                                             X $0.20           =$
                    Employee $                 ÷ $10,000     X $0.10           =$
                                                                               = $0.10
                    Spouse $                   ÷ $5,000            $0.10

                    Child      $10,000

Do my life          Coverage amounts will reduce according to the following schedule:
insurance benefits
decrease with age?  Age:              Insurance amount reduces to:
                    65                65% of original amount
                    70                50% of original amount

                    Coverage may not be increased after a reduction.

                    Please note: The amount of your Spouse’s Life insurance will reduce by the same
                    percentage and at the same time your life insurance reduces.
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