Wayne State University

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Life Insurance Rates

Monthly  Life Insurance Rates

Basic Coverage:
 

Active Employees

Basic University Cost

12 - month $0.141 per thousand
9 - month $0.188 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  0.0550  0.0028  0.0522
 9-month  0.0733  0.0037  0.0696
 25-29  12-month  0.0650  0.0029   0.0621
 9-month  0.0867  0.0039  0.0828
 30-34  12-month  0.0850  0.0040  0.0810
 9-month  0.1133   0.0053  0.1080
 35-39  12-month  0.0950  0.0041  0.0909
 9-month  0.1267  0.0055  0.1212
 40-44  12-month  0.1050  0.0042  0.1008
 9-month  0.1400  0.0056  0.1344
 45-49  12-month    0.1460  0.0057  0.1403
 9-month  0.1947  0.0076  0.1871
 50-54   12-month  0.2160  0.0085  0.2075
 9-month  0.2880  0.0113  0.2767
 55-59  12-month  0.3860  0.0165  0.3695
 9-month  0.5147  0.0220  0.4927
 60-64  12-month  0.5360  0.0244  0.5116
 9-month  0.7147  0.0326  0.6821
 65 & over  12-month  0.6550  0.0715  0.5835
 9-month  0.8733  0.0953  0.7780

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