BENEFITS AT A GLANCE
Coverage is designed to protect you while you are an employee. If you retire or your employment ends, the coverage can be ported.
OPTIONS
Employees have the option of selecting additional Life and AD&D coverage. Employees can choose one (1) to five (5) times earnings.
AGE REDUCTIONS
Personal Life and AD&D Insurance will be reduced as follows:
– At age 70, benefits will reduce by 35% of the original amount;
– At age 75, benefits will reduce an additional 15% of the original amount.
Benefits will terminate when you retire.
EVIDENCE OF INSURABILITY
Employees who enroll when first eligible can apply for one (1) to three (3) times earnings- not to exceed $250,000.
Any amount over three (3) times earnings, exceeding $250,000 will be subject to Evidence of Insurability.
Employees during annual enrollment can increaes without EOI as long as the amount does not exceed 3x or $250,000. This provision applies to employees that have not been previously declined.
CERTIFICATE OF COVERAGE
This plan is provided by OneAmerica.
RATES
To calculate your Bi-Weekly payroll deduction costs, round your annual salary up to the next higher $1,000 increment, divide by 1,000 and multiply the results by the below rate corresponding to your attained age as of January 1st.
Example: Age 41 with salary of $23,500 ($24,000 / 1,000 = 24 X $.0964 = $2.31)
| Age | Biweekly Deduction Per $1,000 of Coverage |
| under 29 | $0.053 |
| 30 – 34 | $0.056 |
| 35 – 39 | $0.071 |
| 40 – 44 | $0.096 |
| 45 – 49 | $0.148 |
| 50 – 54 | $0.226 |
| 55 – 59 | $0.343 |
| 60 – 64 | $0.482 |
| 65 – 69 | $0.834 |
| 70 and older | $1.028 |
Payroll deduction will be adjusted due to salary change and age in January of each year.