Voluntary Life/ADD - Benchmark Benefits

Voluntary Life and AD&D Insurance

In addition to the company-paid Life and AD&D Insurance, you can purchase additional coverage by enrolling in Voluntary Life and AD&D for yourself and your eligible dependents through Symetra. Dependent coverage is contingent on you having Voluntary Life and AD&D coverage. The Voluntary Life and AD&D Insurance is convertible or portable for eligible individuals. As a new hire employee, you may elect up to the Guarantee Issue (GI) amounts noted below, without Evidence of Insurability (EOI). Amounts over the GI and subsequent elections may require EOI. Below are some coverage highlights.

Employee Coverage

$10,000 increments to a maximum of the lesser of $500k or 5x annual earnings

Guarantee Issue: $150,000

Spouse Coverage

$5,000 increments to a maximum of $250,000; cannot exceed 100% of employee coverage

Guarantee Issue: $25,000

Child(ren) Coverage

Birth to 6 months: $1,000
6 months to age 26: $2,000 increments to a maximum of $10,000

Guarantee Issue: $10,000

Cost Of Coverage — per $1,000

Age¹	Employee Life Rate	Spouse Life Rate
24 and under	$0.081	$0.081
25-29	$0.087	$0.087
30-34	$0.098	$0.098
35-39	$0.123	$0.123
40-44	$0.159	$0.159
45-49	$0.230	$0.230
50-54	$0.343	$0.343
55-59	$0.505	$0.505
60-64	$0.786	$0.786
65-69	$1.303	$1.303
70-74	$2.296	$2.296
75+	$4.630	$4.630
AD&D Rate	$0.016	$0.028
Child(ren)	$0.240 Life rate and $0.033 AD&D rate
(1) Employee’s rate is determined by the Employee’s age. Spouse’s rate is determined by the Employee’s age.

To calculate your monthly premium, find your age group to locate the correct rate. The rates shown are for each $1,000 of coverage, so you will need to take the total coverage amount elected and divide by $1,000. Once you have that number, you will multiply that by the rate.

Example:
Age 31
Rate is $0.098
Elects $50,000 life insurance coverage
$50,000/$1,000 = 50
0.098 X 50 = $4.90 monthly cost

Age Reduction Schedule

Both Basic Life and AD&D and Voluntary Life and AD&D benefits will be reduced to 65% of the pre-age 70 amount when you reach age 70, and further reduced to 50% of the pre-age 70 benefit when you reach age 75.

Log into ADP to update your beneficiary designation.

https://www.workforcenow.adp.com
Myself > Benefits > Enrollments > Your Benefits > View Benefits

Click on the green pencil on the life insurance plan to make beneficiary changes