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Life Insurance

 

Basic Life Insurance / Accidental Death & Dismemberment 

 
   Life Insurance Summary 

 

Life Insurance/Accidental Death & Disemberment Rates per $1,000 of coverage

Life Ins/AD&D 12 Month Employees 10 Month Employees
  0.01385 0.01800
 

 To enroll, you must submit the following:

Montgomery College Group Insurance Enrollment Form 
Evidence of Insurability Form

  

 Optional Life Insurance Plan 

 

 

Optional Life Insurance Summary 

 


Optional Life Insurance Rate Chart

Cost per Pay Period per $1000 of Coverage

 Age

12 Month Employees

10 Month Employees

Under 30

0.0222

0.0288

30-34

0.0226

0.0294

35-39

0.0263

0.0342

40-44

0.0383

0.0498

45-49

0.0582

0.0756

50-54

0.1002

0.1302

55-59

0.1717

0.2232

60-64

0.2774

0.3606

65-69

0.4357

0.5664

70-74

0.6734

0.8754

75+

1.0186

1.3242

 

To calculate your pay period cost for optional life, take your annual salary and round up to the next $500, then multiply that amount by the appropriate pay period rate and divide by 1,000.

Optional Life Insurance Example:
Employee, age 36, earning $35,253 (on a 26 pay period schedule)
         ($35,500 * .0263)/1,000 = $0.93 per pay period = 1 * salary Benefit
         ($71,000 * .0263)/1,000 = $1.87 per pay period = 2 * salary Benefit
         ($106,000 * .0263)/1,000 = $2.80 per pay period = 3 * salary Benefit

 

To enroll, you must submit the following:

Montgomery College Group Insurance Enrollment Form  
Evidence of Insurability Form 

 Dependent/Spousal Life Insurance Plan 

 

Please note: Enrollment in the Dependent/Spousal Life Insurance Plan(s) require enrollment in the Basic Life Insurance/AD&D AND a minimum of the 1x Salary Option Life Insurance.

Dependent/ Spousal Life Insurance Summary 

 

Spousal Life Insurance Rate Chart

Cost per Pay Period per $1000 of Coverage

 Age

12 Month Employees

10 Month Employees

Under 30

0.0222

0.0288

30-34

0.0226

0.0294

35-39

0.0263

0.0342

40-44

0.0383

0.0498

45-49

0.0582

0.0756

50-54

0.1002

0.1302

55-59

0.1717

0.2232

60-64

0.2774

0.3606

65-69

0.4357

0.5664

70-74

0.6734

0.8754

75+

1.0186

1.3242

 

The cost of the insurance on the spouse is calculated based on the age of the employee, times the volume of life benefit. The rates for dependent insurance are now the same as the optional life insurance (please reference the chart above). The child rate is $.0222 (staff), $.0288 (faculty), no matter how many childern are insured.

Dependent/Spousal Life Insurance Example:
Employee, age 36, $35,000 Life Insurance Benefits, ($25,000/spouse, $5,000/dependent 1, $5,000/dependent 2= $35,000)
         ($25,000 * .0263)/1,000 = $0.66 per pay period
         ($10,000 * .0222)/1,000 = $0.11
                                              Total $0.77 per pay period

 

To enroll, you must submit the following:

Montgomery College Group Insurance Enrollment Form  

 


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Montgomery County, MD

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