Benefits » Other Insurance » Life/Disability Premiums
Life and Supplemental Disability Insurance Premiums
LANL Semi-Monthly Insurance Premiums
(shown premium rates paid by the employee)
|
| Basic Life Insurance |
Dependent Life Insurance |
| |
Premium Rate |
|
Premium Rate |
Core Life Insurance
(paid 100% by employer) |
$0.0340 |
Same rate all ages |
Flat Premium
$2.45/month |
| Career |
$0.0340 |
|
|
| Senior Management Plan |
$0.0340 |
|
|
| SUPPLEMENTAL LIFE PREMIUM CALCULATION |
| Directions |
Example |
| |
Employee is 50 years old, makes $102850, wants 5x his salary for Supplemental Life coverage. |
| |
|
| Take your annual salary, round up to the nearest thousand, and multiple by the level of coverage you want (i.e. 1 x your salary, 2 x your salary, etc) |
$103000x 5 (coverage at 5x's your salary) equals: $515,000 |
| |
|
| Divide the coverage amount result by 1000 |
$515,000 divided by 1000 equals: $515 |
| |
|
| Multiply the result by your age factor (see rate table) to get your semi-monthly premium rate factor |
$515 multiplied by .0825 equals: $42.48 -This the amount that will be deducted semi-monthly from your paycheck |
|
| Supplemental Life Insurance |
| Age Band |
Multiplier (per 1,000 of coverage) |
Age Band |
Multiplier (per 1,000 of coverage) |
| <25 |
$0.0110 |
50 - 54 |
$0.1115 |
| 25 - 29 |
$0.0100 |
55 - 59 |
$0.1835 |
| 30 - 34 |
$0.0120 |
60 - 64 |
$0.2790 |
| 35 - 39 |
$0.0190 |
65 - 69 |
$0.4010 |
| 40 - 44 |
$0.0305 |
70 - 74 |
$0.7320 |
| 45 - 49 |
$0.0500 |
75+ |
$1.0300 |
|
ADEA Reduction in Coverage Due to Age
The ADEA compliant reduction schedule is being used to reduce the elected Supplemental Life Insurance coverage for age 65 and older employees, and if covered, dependent spouses by the percentage indicated in the table below.
| Your Age |
Your % Reduction |
Your Spouse/DP % Reduction |
| 65 |
35% |
35% |
| 70 |
35% |
35% |
| 75 |
35% |
35% |
| 80 |
25% |
25% |
| 85 |
25% |
25% |
| 90 |
25% |
25% |
| 95 |
25% |
25% |
| Example |
| Age |
Coverage |
| 60 |
$500,000 |
| 65 |
$325,000 |
| 70 |
$212,000 |
| 75 |
$138,000 |
| 80 |
$104,000 |
| 85 |
$78,000 |
| 90 |
$59,000 |
| 95 |
$45,000 |
EXPANDED DEPENDENT LIFE PREMIUM CALCULATION
Spouse / Domestic Partner |
| Directions |
Example |
| |
The employee has $500,000 of supplemental life insurance coverage. The dependent is 50 years of age. |
| |
|
| Take the employee's amount of supplemental life coverage and divide by a factor of two. The result cannot exceed $200,000 of coverage. If the result is greater, use maximum of $200,000. |
$500,000 / 2
equals: $250,000
maximum allowable coverage for dependent: $200,000 |
| |
|
| Divide the coverage amount result by 1000 |
$200,000 / 1000
equals: $200 |
| |
|
| Take the result and multiply it by the age rate of the employee on the chart below. |
$200 x 0.0775 |
| |
|
| Result is your semi-monthly rate |
$15.50 |
|
| Expanded Life Insurance (spouse and family) |
| Age Band |
Multiplier (per 1,000 of coverage) |
Age Band |
Multiplier (per 1,000 of coverage) |
| <30 |
$0.0170 |
55 - 59 |
$0.1360 |
| 30 - 34 |
$0.0170 |
60 - 64 |
$0.2230 |
| 35 - 39 |
$0.0200 |
65 - 69 |
$0.3250 |
| 40 - 44 |
$0.0295 |
70 - 74 |
$0.4705 |
| 45 - 49 |
$0.0475 |
75+ |
$0.8295 |
| 50 - 54 |
$0.0775 |
Child |
$0.0190 |
| SUPPLEMENTAL DISABILITY PREMIUM CALCULATION |
| Directions |
Example |
| |
Employee is 50 years old, makes $8,500 gross monthly, and wants a 30-day waiting period for Supplemental Disability STD and LTD coverage. |
| |
|
| Take your gross monthly salary, and multiply by the rate for your age and waiting period. |
$8500 x $.002980
equals: $25.33 |
| |
|
| Result is your semi-monthly rate |
$25.33 |
| Supplemental Disability STD and LTD (7-Day Waiting Period) |
| Age Band |
Multiplier |
Age Band |
Multiplier |
| <35 |
$0.001061 |
55 - 59 |
$0.008390 |
| 35 - 39 |
$0.001706 |
60 - 64 |
$0.011382 |
| 40 - 44 |
$0.003051 |
65 - 69 |
$0.013278 |
| 45 - 49 |
$0.004941 |
70+ |
$0.013278 |
| 50 - 54 |
$0.006612 |
|
|
| Supplemental Disability STD and LTD (30-Day Waiting Period) |
| Age Band |
Multiplier |
Age Band |
Multiplier |
| <35 |
$0.000504 |
55 - 59 |
$0.004379 |
| 35 - 39 |
$0.000794 |
60 - 64 |
$0.006091 |
| 40 - 44 |
$0.001452 |
65 - 69 |
$0.007128 |
| 45 - 49 |
$0.002471 |
70+ |
$0.007128 |
| 50 - 54 |
$0.003531 |
|
|
| Supplemental Disability STD and LTD (90-Day Waiting Period) |
| Age Band |
Multiplier |
Age Band |
Multiplier |
| <35 |
$0.000421 |
55 - 59 |
$0.003982 |
| 35 - 39 |
$0.000652 |
60 - 64 |
$0.005374 |
| 40 - 44 |
$0.001203 |
65 - 69 |
$0.006091 |
| 45 - 49 |
$0.002180 |
70+ |
$0.006091 |
| 50 - 54 |
$0.003152 |
|
|
| Supplemental Disability STD and LTD (180-Day Waiting Period) |
| Age Band |
Multiplier |
Age Band |
Multiplier |
| <35 |
$0.000332 |
55 - 59 |
$0.003152 |
| 35 - 39 |
$0.000504 |
60 - 64 |
$0.004242 |
| 40 - 44 |
$0.000942 |
65 - 69 |
$0.004805 |
| 45 - 49 |
$0.001677 |
70+ |
$0.004805 |
| 50 - 54 |
$0.002477 |
|
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