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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. Additional coverage is provided by the Retirement Systems under the Death Benefit.
Optional term life insurance is available for employees to purchase through payroll deduction in multiples of $10,000 at 1, 2, 3 or 4 times base annual salary to a maximum of $250,000. The cost varies based on the age of the employee and the coverage amount requested. Up to $50,000 of optional term life can be requested without medical evidence of insurability. For amounts above $50,000, a statement of health must be submitted to underwriting for approval. The monthly cost can be calculated using the rate for $10,000 in the applicable age bracket as shown below and multiply by the coverage amount divided by $10,000.
For example, coverage of $150,000 in the "under 30" age bracket,
$150,000 / $10,000 x .60 = $9.00
| 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 | 8.00 |
| 35 to 39 | 1.00 | 2.00 | 3.00 | 4.00 | 5.00 | 10.00 |
| 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 |
*Requires a completed Statement of Health and approval by the insurance carrier
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 |
| Family Coverage (with $30,000* Spouse) | $6.90 |
| Family Coverage (with $40,000* Spouse) | $8.80 |
| Family Coverage (with $50,000* Spouse) | $10.70 |
| Spouse Only $10,000 | $1.90 |
| Spouse Only $20,000* | $3.80 |
| Spouse Only $30,000* | $5.70 |
| Spouse Only $40,000* | $7.60 |
| Spouse Only $50,000* | $9.50 |
| Child(ren) Only Coverage** | $1.20 |
*Requires a completed Statement of Health and approval by the insurance carrier
**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 using the link below or 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 or by using the link below.
FORMS
Life Insurance Statement of Health Form
Life Insurance Beneficiary Form
Do you have a question not answered here? Feel free to contact your HR benefits staff.
Joanette West, Assistant Director for Employee Benefits (704) 330-6759
Carolyn Pence, HR Technician II (704) 330-6311