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Life Insurance
Life Insurance benefits are provided by the Metropolitan Life Insurance Company.All full-time employees receive $10,000 of Group Term Life insurance benefits at no cost to the employee. The life insurance coverage is effective on the day of employment. Optional term life insurance is available for employees to purchase through payroll deduction. The cost varies based on the age of the employee and the coverage amount requested. The monthly costs are shown below.
| Age | Coverage Amounts | |||||
|---|---|---|---|---|---|---|
| $10,000 | $20,000 | $30,000 | $40,000 | $50,000 | $100,000* | |
| Under 30 | 0.60 | 1.20 | 1.80 | 2.40 | 3.00 | 6.00 |
| 30 to 34 | 0.80 | 1.60 | 2.40 | 3.20 | 4.00 | 10.00 |
| 35 to 39 | 1.00 | 2.00 | 3.00 | 4.00 | 5.00 | 13.00 |
| 40 to 44 | 1.30 | 2.60 | 3.90 | 5.20 | 6.50 | 13.00 |
| 45 to 49 | 2.00 | 4.00 | 6.00 | 8.00 | 10.00 | 20.00 |
| 50 to 54 | 3.40 | 6.80 | 10.20 | 13.60 | 17.00 | 34.00 |
| 55 to 59 | 6.10 | 12.20 | 18.30 | 24.40 | 30.50 | 61.00 |
| 60 to 64 | 7.50 | 15.00 | 22.50 | 30.00 | 37.50 | 75.00 |
| 65 to 69 | 11.50 | 23.00 | 34.50 | 46.00 | 57.50 | 115.00 |
| 70 and over | 17.70 | 34.40 | 53.10 | 70.80 | 88.50 | 177.00 |
A full-time employee may also purchase optional term life coverage for his or her spouse and/or dependent children.The monthly costs are listed below.
| Coverage Type | Cost |
|---|---|
| Family Coverage (with $10,000 Spouse) | $3.10 |
| Family Coverage (with $20,000* Spouse) | $5.00 |
| Spouse Only $10,000 | $1.90 |
| Spouse Only $20,000* | $3.80 |
| Child(ren) Only Coverage** | $1.20 |
**One monthly premium covers all dependent children.
The Statement of Health provides a proof of insurability to the insurance provider. This is required when purchasing a higher amount of coverage for the employee or his/her spouse. An employee may obtain this form by contacting the Human Resources Benefits staff listed at the bottom of this page.
All enrollment forms may be obtained at the new employee orientation or by contacting your Human Resources Benefits Staff. A change in beneficiary form may also be obtained from your Human Resources Staff.
Do you have a question not answered here? Feel free to contact your HR benefits staff.
Joanette West, Benefits Coordinator (704) 330-6759
Carolyn Pence, HR Technician II (704) 330-6311