Reso 2024-3624 - Laserfiche WebLink

Home Browse Search

Voluntary Life Insurance PROPOSED CURRENT .. maha Humana Mutual S Class Description Al1l1 Eligible Employees g All Eligible Employees All Eligible Employees ployee ees Excep t Elected I Officials Employee Minimum Benefit Amount $10,000 $10,000 510,000 Maximum Benefit Amount Up to $500,000 not to exceed 7x employee's salary Up to $500,000 not to exceed 7x Up to $500,000 not to exceed 7x employee's salary employee's salary Increments $10,000 $10,000 $10.000 Guarantee Issue (GI) $150,000 $150,000 $150,000 Reduction of Benefits Reduces to Reduces to Reduces by at a e 65 65% 65% 35% at age 70 40% 40% 60% at age 75 25% 25% 75% Spouse ! Maximum Benefit Amount Up to 5250,000 not to exceed 100% of employee's amount. Coverage terminates at age 70 Up to $250,000 not to exceed 100% of Up to $250,000 not to exceed 50 % of employee's amount. Coverage employee's amount terminates at age 70 Minimum Benefit Amount $5,000 $5,000 $5,000 Increments $5,000 $5,000 $5,000 Guarantee Issue (GI) $50,000 $50,000 $50,000 Child(ren) E t Minimum Benefit Amount $500 Maximum Benefit Amount $10,000 not to exceed 100% of emplo ee's amount $10.000 not to exceed 100% of employee's amount Up to $10,000 Guarantee Issue (GI) $10,000 $10,000 $10,000 Benefit Schedule 14 Days to age 26 $10,000 14 Days to age 26 0. 14 days $0 15 days - 6 mo $500 $10,000 6 months -age 19 810,000 (26 if FT student) tivelyatWork Included Included Included giver of Premium _ Included Included Included Portability_ Included Included Conversion Included Included Accelerated Death Benefit Included Included Included Minimum Participation Requirement 35% 35% 25% Rate Guarantee Expires 2/29/2024 12 Months 24'Months, Wit mated Rates; life` Iftte); 1,000 Life R Wif,$1,000 Life` 660/111, Age Employee Spouse Employee Spouse Employee, Spouse Q4 $0.080 $0.080 $0.080 $0.080 $0.080 $0.080 25-29 $0.080 $0.080 $0.080 $0.080 $0.080 ` $0.080 30-34 $0.090 $0.090 $0.090 $0.090 $0.090r $0.090 35-39 $0.150 $0.150 $0.150 $0.150 $0.150 $0.150 40.44 $0.270 $0.270 50.270 $0.270 $0.270 $0.270 4549 $0.470 $0.470 $0.470 $0.470 $0.470 SOA70 50-54 $0.730 $0.730 $0.730 $0.730 $0.730 S0.730 55-59 $1.100 $1.100 $1.100 $1.100 $1.100 51.100 60-64 $1.840 $1.840 $1.840 $1.840 $1.840 S1.840 65-69 $3.360 $3.360 $3.360 $3.360 $3.360 53.380 70-74 $4.760 n/a $4.760 n/a $4.760 54.760 75+ $10.340 n/a $10.340 Na $10.340 $10.340 Spouse's rate based upon Employee's age. Employee's age AD&D Yale per $1,000 of coverage Employee $0.030 $0.030Ls0.030 Spouse $0.030 $0.0300.030 Children $0,030 $0.030 Child(ren)life rate per S1,000 of coves a $0.200 $0.2000.200 It the d-bollycemer Is not the Same as the life canner, the employer neeas to file the waiver o1 prommin win Ilse This quote doesn't Include OE and late lire carrier d an ompinyoe quiches for r9satnhtyenrollees will be required to provide EOI Active at work requirement: Employees not 'actively at work' on the tat day of coverage will rentmn covered under the prior carrier until they meet Ihe'active at work requirement' under the new r-arner ati .,, _ ,, 256