Life and AD&D
Basic Group Life and Accidental Death and Dismemberment (AD&D) coverage is a 100% employer-paid benefit, provided at no cost to you.
The basic life benefit will be paid to your beneficiaries in the event of your death.
The AD&D benefit will be paid in the event of an injury resulting from a covered accident.
OFFICE |
Benefits |
|---|---|
Basic Life Benefit |
2x basic annual earnings, rounded to the next higher $1,000 to max of $300,000 |
AD&D Benefit |
Equal to your basic life insurance |
Guarantee Issue Amount |
$300,000 |
Age Reduction Schedule |
Reduces by 35% at age 65, and to 50% of the original amount at age 70 |
Accelerated Benefit Option Amount |
Included |
Termination |
Upon termination |
Portability |
Included |
For All Active Full-Time SHOP Employees |
Benefits |
|---|---|
Basic Life Benefit |
An amount equal to 1 times Your Basic Annual Earnings, |
AD&D Benefit |
An amount equal to Your Basic Life Insurance |
Plan Maximum |
$150,000 |
Non-Medical Maximum |
$150,000 |
Age Reduction Formula (reduces by) |
Reduces by 35% at age 65, and to 50% of the original amount at age 70 |
When your needs call for more than Basic Life and AD&D coverage, additional Voluntary Life coverage is available for purchase for you, your spouse and your dependent children. Coverage purchased through this plan is offered at a group discounted rate with guaranteed issue amounts. Employees must elect coverage in order to purchase spouse or child coverage.
Benefits |
|
|---|---|
Employee Amount |
Lesser of 5x basic annual earnings or $500,000 |
Employee Guaranteed Issue |
$100,000 |
Spousal Coverage |
$100,000, not to exceed 50% of Employee amount |
Spousal Guaranteed Issue |
$30,000 |
Dependent Children Amount |
$1,000/$2,000/$4,000/$5,000/$10,000 to $10,000 |
Monthly Costs by Age |
|
|---|---|
Age |
Rate per $1,000 |
Under 30 |
$0.046 |
30-34 |
$0.046 |
35-39 |
$0.062 |
40-44 |
$0.094 |
45-49 |
$0.159 |
50-54 |
$0.273 |
55-59 |
$0.483 |
60-64 |
$0.686 |
65-69 |
$1.139 |
70+ |
$2.605 |
Child |
$0.075 |
AD&D |
$0.029 |