ATLANTA PUBLIC SCHOOLS
GROUP TERM LIFE INSURANCE INFORMATION
Group Number 643195
Standard Life
Insurance Company was approved as the new Life Insurance carrier effective
Under this plan, the Optional Employee, Spouse and
Child coverages are completely portable in case of termination, which enables
employees to continue paying the same low group rates even if they leave the
school system.
Employees may
select up to five (5) times their
annual salary for term life insurance coverage under this plan. Amounts up to $300,000 (based on salary) can
be purchased within 31 days of employment without completing a Health
Statement.
Premium rates for all employees who enroll for
Optional Coverage will increase automatically based on age and salary changes
according to premium rate schedule.
Employees may enroll for spousal coverage up to 50%
of the employee’s own optional coverage amount, up to $150,000 in increments of
$10,000. If you do not apply for this
coverage within 31 days of being eligible, a Health Statement will be required. You may only cover a legal spouse, who is
under the age of 70 years old.
You cannot
continue coverage on a divorced spouse.
You may not carry coverage on a spouse who is an employee or retiree of Atlanta Public Schools.
You may elect either $5,000 or $10,000 life
insurance coverage on your dependent children who are under the age of 19, or
up to 25 if they are full time
students. If you do not apply for
this coverage within 31 days of being eligible, a Health Statement will be
required. It is
your responsibility to notify the Employee Benefits Department when your child
reaches age 19 and is no longer a full time student.
As an employee, you may select any amount in multiples of $10,000, up to a maximum of $100,000.You may cover a spouse as a rider with equal coverage. You may elect child AD&D for $10,000.
Standard LIFE INSURANCE
Is
pleased to announce
Group Term Life Insurance Options for Atlanta Public Schools
Basic Term Life Insurance for all employees
(Board Provided) $10,000
OPTIONS:
Supplemental Term Life:
|
Supplemental
Term Life |
||
|
Age |
Employee |
Spouse |
|
|
Rate/$1,000 |
Rate/$1,000 |
|
Under Age
30 |
$0.060 |
$0.043 |
|
30-34 |
$0.080 |
$.051 |
|
35-39 |
$0.090 |
$.068 |
|
40-44 |
$0.100 |
$.128 |
|
45-49 |
$0.230 |
$.340 |
|
50-54 |
$0.434 |
$.706 |
|
55-59 |
$0.629 |
$1.173 |
|
60-64 |
$0.842 |
$2.338 |
|
65-69 |
$1.411 |
$3.366 |
|
70 and
over |
$3.494 |
N/A |
|
|
|
|
Example: A 45-year-old electing $200,000 will pay $46.00
per month ($23.00 per Pay Period)
Available in amounts up to
five times annual salary rounded to the next highest
$10,000. There is a guarantee limit of
$300,000 for employees. Your spouse
may elect up to 50% of employee amount to a maximum of $150,000.
Upon Termination of
employment, all employees have the privilege of converting Basic $10,000 into
an individual policy at current rates.
The supplemental portion is portable.
|
Dependent
(Child) Life |
||
|
|
Option 1 |
Option 2 |
|
Child(ren)** |
$5,000 |
$10,000 |
|
Rate/All Children |
$0.78/month |
$1.56/month |
** Children age 14 days to
19 years (25 if full time student)
Supplemental AD&D:
|
Supplemental
AD&D |
||
|
Amount |
Employee |
Employee/Dependents |
|
$10,000 |
$0.30 |
$0. 45 |
|
$20,000 |
$0.60 |
$0.90 |
|
$30,000 |
$0.90 |
$1.35 |
|
$40,000 |
$1.20 |
$1.80 |
|
$50,000 |
$1.50 |
$2.25 |
|
$60,000 |
$1.80 |
$2.70 |
|
$70,000 |
$2.10 |
$3.15 |
|
$80,000 |
$2.40 |
$3.60 |
|
$90,000 |
$2.70 |
$4.05 |
|
$100,000 |
$3.00 |
$4.50 |