Results for Life Insurance
Supplemental Life Insurance Monthly Rate
Supplemental Life Insurance rates are based on your coverage amount, age and smoker status. For example, the rate for a 43 year old non-smoker with $100,000 in coverage is $7.60 per month. Use the chart below to calculate your Supplemental Life Insurance rate.
Paying for Supplemental Life Insurance
You pay the full cost for Supplemental Life Insurance coverage through payroll deductions after taxes.
2020 Active Employee and Spouse Supplemental Life Premiums
Monthly rates per $1,000 in coverage, based on employee’s age
| Non-Smoker | Smoker | Non-Smoker Spouse | Smoker Spouse | |
|---|---|---|---|---|
| <30 | $0.029 | $0.041 | $0.039 | $0.06 |
| 30-34 | $0.029 | $0.059 | $0.039 | $0.08 |
| 35-39 | $0.050 | $0.066 | $0.068 | $0.09 |
| 40-44 | $0.068 | $0.077 | $0.093 | $0.105 |
| 45-49 | $0.106 | $0.122 | $0.146 | $0.17 |
| 50-54 | $0.165 | $0.186 | $0.225 | $0.268 |
| 55-59 | $0.286 | $0.340 | $0.394 | $0.469 |
| 60-64 | $0.469 | $0.533 | $0.646 | $0.771 |
| 65-69 | $0.903 | $1.025 | $1.243 | $1.491 |
| 70-74 | $1.464 | $1.661 | NA | NA |
| 75-79 | $2.060 | $2.060 | NA | NA |
| 80-84 | $2.060 | $2.060 | NA | NA |
| 85+ | $2.060 | $2.060 | NA | NA |
Life Insurance and Imputed Income
For 2020 coverage, the cost is based on your age as of Dec. 31, 2019, and your smoker status. During Annual Enrollment, any Basic Life Insurance you receive over $50,000 and any Supplemental Life Insurance you purchase will be reported as imputed income based on IRS regulations.
Increasing Supplemental Life Insurance
You can increase your Supplemental Life Insurance at any time, but have to prove evidence of good health. You can do this by completing the Evidence of Insurability process. Any new coverage will not go into effect until your Evidence of Insurability is approved.
Update Your Beneficiaries
Make sure you review and update your beneficiaries on EmployeeConnect each year to ensure you designate the right people to receive your life insurance benefit.
