Determining the cost
To determine the new monthly cost of changing your Optional term life coverage, please follow the example below.
How is your monthly premium calculated?
| 1. | Your annual earnings | = | _____________ Basic Amount |
| 2. | Choose the salary multiple of one to seven times your annual earnings | = | _____________ Optional multiple |
| 3. | Multiply your basic amount by your optional multiple and round to the next higher thousand | = | _____________ Coverage amount |
| 4. | Divide your coverage amount by 1,000 | = | _____________ $1,000 increments of coverage |
| 5. | From the table below, find the rate that corresponds with your age | = | _____________ Rate from table |
| X | _____________ Answer from #4 |
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| = | Your monthly insurance premium |
|---|
Optional term life and AD&D monthly rates per $1,000
| Age | Rate |
|---|---|
| Under 30 | $0.063 |
| 30 - 34 | $0.090 |
| 35 - 39 | $0.101 |
| 40 - 44 | $0.110 |
| 45- 49 | $0.153 |
| 50 - 54 | $0.220 |
| 55 - 59 | $0.332 |
| 60 - 64 | $0.609 |
| 65 - 69 | $0.929 |
| 70 and over | $1.774 |
Rates increase with age and all rates subject to change.
Basic term life for OPS/variable hour class employees
| Coverage Amount | Rate per month |
|---|---|
| $25,000 | $3.58 |
Dependent spouse term life
| Coverage Amount | Rate per month |
|---|---|
| $15,000 | $5.18 |
| $20,000 | $6.90 |
Dependent child term life
| Coverage Amount | Rate per month |
|---|---|
| $10,000 | $0.85 |
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Use our insurance needs calculator to calculate your estimated insurance coverage needs.