Premiums are paid through post-tax payroll deductions.
VOLUNTARY LIFE INSURANCE |
RATES/$1,000 (BIWEEKLY) |
AGE (AS OF 1/1/2016) | EMPLOYEE AND SPOUSE
|
Under 29 | $0.037 |
30-34 | $0.053 |
35-39 | $0.064 |
40-44 | $0.069 |
45-49 | $0.101 |
50-54 | $0.154 |
55-59 | $0.287 |
60-64 | $0.435 |
65-69 | $0.812 |
70+ | $1.486 |
VOLUNTARY AD&D INSURANCE |
PREMIUM RATES - $1,000 (BIWEEKLY) |
Employee Only | $0.024 |
Employee and Family | $0.037 |
VOLUNTARY CHILD LIFE INSURANCE |
PREMIUM RATES – $1,000 (BIWEEKLY) |
$1.038 |
CALCULATE VOLUNTARY LIFE COVERAGE COST |
Example: $500,000 coverage, $0.060 premium rate per $1,000 (biweekly) |
Benefit Elected
| $500,000
|
(divide by 1,000) | ÷ 1,000 |
| 500 |
(multiply) | x |
Age-based Rate (BIWEEKLY) | $0.060 |
Premium (BIWEEKLY) | $30 |