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Life Insurance

Basic Life Insurance / Accidental Death & Dismemberment

Life Insurance Summary

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

Life Ins/AD&D 12 Month Employees 10 Month Employees
  $ 0.0241 $ 0.0314

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

0.0125

0.0162

30-34

0.0125

0.0162

35-39

0.0148

0.0192

40-44

0.0212

0.0276

45-49

0.0328

0.0426

50-54

0.0563

0.0732

55-59

0.0980

0.1248

60-64

0.1555

0.2022

65-69

0.2442

0.3174

70-74

0.3771

0.4902

75+

0.5326

.6924

Child life flat rate per pay:

0.2200

0.2880

 

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 * .0148)/1,000 = $0.52 per pay period = 1 * salary Benefit
         ($71,000 * .0148)/1,000 = $1.05 per pay period = 2 * salary Benefit
         ($106,000 * .0148)/1,000 = $1.56 per pay period = 3 * salary Benefit


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

0.0125

0.0162

30-34

0.0125

0.0162

35-39

0.0148

0.0192

40-44

0.0212

0.0276

45-49

0.0328

0.0426

50-54

0.0563

0.0732

55-59

0.0980

0.1248

60-64

0.1555

0.2022

65-69

0.2442

0.3174

70-74

0.3771

0.4902

75+

0.5326

.6924

 

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 children 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 * .0148)/1,000 = $0.37 per pay period
         ($10,000 * .0222)/1,000 = $0.22
                                              Total $0.59 per pay period



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