Wayne State University

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Life Insurance Rates

Monthly  Life Insurance Rates

Basic Coverage:
 

Active Employees

Basic University Cost

12 - month $0.103 per thousand
9 - month $0.137 per thousand

  Attained Age  Death Benefit
 Less than 70  100% of original amount
 70 but less than 75  67% of original amount
 75 but less than 80  45% of original amount
 80 but less than 85  30% of original amount
 85 or over   20% of original amount


Retired Employees:

Basic Coverage - $2,500, $0.126 per thousand


Supplemental Coverage
(Rates are the Cost/$1,000/month)
 

 Active Employees
 Age  Employee Type  Total  University
 Contribution		  Employee
 Contribution
 Less than 25  12-month 0.055 0.002 0.053
 9-month 0.073  0.002  0.071
 25-29  12-month  0.065  0.002   0.063
 9-month  0.087  0.003  0.084
 30-34  12-month  0.085  0.003  0.082
 9-month  0.113  0.003  0.110
 35-39  12-month  0.095  0.003  0.092
 9-month  0.127  0.004  0.123
 40-44  12-month  0.105  0.003  0.102
 9-month  0.140  0.004  0.136
 45-49  12-month    0.145  0.004  0.141
 9-month  0.193  0.006  0.187
 50-54   12-month  0.215  0.006  0.209
 9-month  0.287  0.009  0.278
 55-59  12-month  0.385  0.012  0.373
 9-month  0.513  0.015  0.498
 60-64  12-month  0.535  0.016  0.519
 9-month  0.713  0.021  0.692
 65 & over  12-month  0.655  0.062  0.593
 9-month  0.873  0.083  0.790

How to Calculate Rates for Supplemental Coverage

  1. Example: If salary equals $23,249 and employee elects coverage at the two times salary level.
  2. Multiply the salary by two ($23,249 x 2 = $46,498). Round the result to $47,000
  3. Determine age and rate. In this example, assume the employee is 30 years old and is a 12-month employee.
  4. Multiply amount of insurance per thousand (47) by rate (.0810)
  5. Monthly cost is 47 x .0810 = $3.81; biweekly cost is ½ of the monthly cost or $1.91 

Dependent Life Insurance Rates

  

Coverage Option Benefit Amounts 12-month Employee Cost Per Pay 9-month Employee Cost Per Pay
Family Coverage $20,000 Spouse and $10,000 per Child $2.25 $3.00
Spouse Only $20,000 Spouse $1.50 $2.00
Children Only $10,000 Per Child $0.75 $1.00