VOLUNTARY LIFE INSURANCE
Administered by Lincoln Financial Group
Associates have the opportunity to purchase Voluntary Life Coverage with Lincoln Financial Group. Voluntary life insurance can be a way to protect your family in the event of your death, particularly if you have financial obligations such as a mortgage or children in college. This will provide an additional life insurance benefit for you, your spouse and/or your dependent child(ren). Contributions for these premiums are 100% associate paid. This is an after-tax benefit.
If you are currently enrolled in Voluntary Life Insurance and do not want to make changes, no action is required, and your coverage levels will remain the same. If you are increasing your coverage amount or are electing new coverage (and are outside of your 30-day new hire eligibility period) all amounts of insurance will be subject to medical underwriting. Once your Benefit Enrollment election has been submitted online, you will receive a Personal Health Application to your home address for completion to send directly to Lincoln Financial Group. You will be required to provide Evidence of Insurability (EOI). EOI is the documentation of good health to be approved for coverage. The carrier will review and determine approval based on EOI documentation. Benefits may be limited and/or denied based on EOI results. Lincoln Financial Group will notify you of their decision when it has completed an evaluation of your application. Your Voluntary Life Insurance coverage will remain at the current amount until Lincoln Financial Group has approved your application.
All rates listed in the table below are based upon semi-monthly payroll deductions (24 pays). The final deduction may vary due to rounding differences. Minimum coverage is $25,000 and maximum coverage is $100,000. You must elect coverage at the associate level to purchase coverage for your dependents.
Lincoln Financial Group has a tool to assist you to determine how much coverage you may need. Please visit mylincolnportal.com to view an informative video on purchasing Voluntary Life Insurance.
RESOURCES
| VOLUNTARY LIFE RATES BASED ON ASSOCIATES AGE SEMI-MONTHLY PREMIUM |
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| Age | <25 | 25-29 | 30-34 | 35-39 | 40-44 | 45-49 | 50-54 | 55-59 | 60-64 | 65-69 |
| $25,000 Policy Election Associate — $25,000 Spouse — $12,500 Child(ren) — $2,500 |
$.75 $.38 $.21 |
$.75 $.38 $.21 |
$.88 $.44 $.21 |
$1.38 $.69 $.21 |
$2.25 $1.13 $.21 |
$3.63 $1.81 $.21 |
$5.50 $2.75 $.21 |
$9.63 $4.81 $.21 |
$16.13 $8.06 $.21 |
$25.88 $12.94 $.21 |
| $50,000 Policy Election Associate — $50,000 Spouse — $25,000 Child(ren) — $5,000 |
$1.50 $.75 $.43 |
$1.50 $.75 $.43 |
$1.75 $.88 $.43 |
$2.75 $1.38 $.43 |
$4.50 $2.25 $.43 |
$7.25 $3.63 $.43 |
$11.00 $5.50 $.43 |
$19.25 $9.63 $.43 |
$32.25 $16.13 $.43 |
$51.75 $25.88 $.43 |
| $75,000 Policy Election Associate — $75,000 Spouse — $37,500 Child(ren) — $7,500 |
$2.25 $1.13 $.64 |
$2.25 $1.13 $.64 |
$2.63 $1.31 $.64 |
$4.13 $2.06 $.64 |
$6.75 $3.38 $.64 |
$10.88 $5.44 $.64 |
$16.50 $8.25 $.64 |
$28.88 $14.44 $.64 |
$48.38 $24.19 $.64 |
$77.63 $38.81 $.64 |
| $100,000 Policy Election Associate — $100,000 Spouse — $50,000 Child(ren) — $10,000 |
$3.00 $1.50 $.85 |
$3.00 $1.50 $.85 |
$3.50 $1.75 $.85 |
$5.50 $2.75 $.85 |
$9.00 $4.50 $.85 |
$14.50 $7.25 $.85 |
$22.00 $11.00 $.85 |
$38.50 $19.25 $.85 |
$64.50 $32.25 $.85 |
$103.50 $51.75 $.85 |
| BENEFIT REDUCTION SCHEDULE | 35% at age 65 75% at age 75 60% at age 70 85% at age 80 |
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Email Katie Plush ([email protected]) or Vicki Barone ([email protected]) if you have any questions about the benefits or online enrollment process.
