Life insurance offered under the Benefits plan is “term” life insurance and the rates increase based on your age. The life insurance plans available to you through The Standard are:
Basic Life Insurance, Group Policy #649404: employer-paid, provided for the employee, spouse, and children.
- Employee coverage is 1.5 X salary, up to a max of $200,000
- Spouse coverage is 50% of the Employee coverage, up to a max of $50,000
- Dependent coverage is $10,000 per child
- Group Basic Life Insurance – The Standard
Supplemental Life Insurance: buy-up options for employee or spouse.
- Limited to 5 X salary or $250,000
- Spouse amount is limited to Employee amount
- Rates are adjusted at Age 65 and again at Age 70, as described below
- Supplemental Life and AD&D Insurance – The Standard
- Supplemental Rates:
For any increase or decrease in Supplemental Life Insurance coverage, you must apply in writing to The Standard. Your application will be subject to a medical underwriting process. Once your application has been completed, please allow 6-12 weeks for processing. Please complete the following two forms:
Turning 65 or 70 soon? Here’s what happens to your life insurance:
The Basic and Supplemental Life Insurance coverage through The Standard for both the employee and the spouse is reduced by 35% when an employee turns Age 65 and by 50% at Age 70. This change occurs automatically and your premiums will be adjusted on the first of the month following your birthday to reflect the new coverage amount.