Health Plan Improvements
11. Supplemental Life Insurance Options Expanded
Effective July 1, employees will be able to purchase up to $500,000 of term life insurance, and up to $20,000 of life insurance for their dependents.
Evidence of Insurability May Be Required
An evidence of insurability form is required to purchase new supplemental life insurance or increase an employee's current level of supplemental life insurance, except in the following circumstances:
- An employee who currently has any level of supplemental life insurance can increase their benefit by $20,000 without completing an evidence of insurability form.
- An employee who currently has $100,000 in supplemental life insurance can increase the benefit to $200,000 without completing an evidence of insurability form.
In all other instances, an evidence of insurability form is required. Forms should be submitted directly to Fort Dearborn Life Insurance for review. Fort Dearborn maintains final authority regarding the amount of coverage, if any, in which an employee can be enrolled.
Rates
Supplemental Life Insurance
(Rate quoted below is per $10,000 unit)
# of pays per year
| Age | 9 | 12 | 26 |
| Under 30 | .67 | .50 | .23 |
| 30-34 | .80 | .60 | .28 |
| 35-39 | 1.07 | .80 | .37 |
| 40-44 | 1.43 | 1.07 | .49 |
| 45-49 | 2.07 | 1.55 | .72 |
| 50-54 | 3.67 | 2.75 | 1.27 |
| 55-59 | 5.95 | 4.46 | 2.06 |
| 60-64 | 10.24 | 7.68 | 3.54 |
| 65-69 | 15.33 | 11.50 | 5.31 |
| 70-74 | 27.60 | 20.70 | 9.55 |
| 75+ | 55.60 | 41.70 | 19.25 |
Dependent Life Insurance Rates
# of pays per year
| Coverage | 9 | 12 | 26 |
| Option A: $10,000 spouse/ $5,000* child(ren) | 3.70 | 2.78 | 1.28 |
| Option B: $5,000 spouse/ $2,000* child(ren) | 1.83 | 1.37 | .63 |
Option C: $20,000 spouse/ $10,000*
child(ren)
| 7.41 | 5.56 | 2.56 |
* No coverage available birth – 14 days; $500 coverage 15 days – 6 months; Coverage extended to age 23 if a full time student.
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