Voluntary Life and AD&D Insurance
Voya Financial
Basic Life and AD&D Benefit
Employees: Coverage levels include amounts equal to your annual base salary, rounded to the next higher $1,000, not to exceed $50,000.
Voluntary Employee Life and AD&D Benefit
Employees may purchase coverage in $10,000 increments up to a maximum benefit of $500,000 or 5 x salary, whichever is less. Coverage is guaranteed with no health questions up to $200,000 for employees. See below rate table for cost of coverage. Please note that if you do not elect coverage during your initial eligibility period, evidence of insurability may be required for a future election.
Voluntary Spouse Life and AD&D Benefit
Employees who purchase voluntary employee life may purchase spouse coverage in $5,000 increments up to a maximum benefit of $250,000. Spouse coverage amount may not exceed 50% of the amount elected by the employee. Spouse coverage is guaranteed with no health questions up to $50,000. You must have coverage on yourself to elect coverage on your spouse. See the below rate table for cost of coverage. Please note that if you do not elect coverage during your initial eligibility period, evidence of insurability may be required for a future election.
Voluntary Dependent Child(ren) Life and AD&D Benefit
Employees who purchase voluntary employee life may also purchase coverage for their eligible dependent child(ren) in the amount of $10,000. Children are covered up to age 26. Child life and AD&D insurance can be purchased for $1.70 per month. This premium is the same regardless of the number of children you are covering. You must have coverage on yourself to elect child life coverage.
| Col1 | Col2 | |
|---|---|---|
| Voluntary Employee & Spouse Life/AD&D | ||
| Age Band | Biweekly Rate/$1,000 | |
| <25 | $0.0554 | |
| 25-29 | $0.0508 | |
| 30-34 | $0.0600 | |
| 35-39 | $0.0646 | |
| 40-44 | $0.0785 | |
| 45-49 | $0.1200 | |
| 50-54 | $0.1800 | |
| 55-59 | $0.3000 | |
| 60-64 | $0.4938 | |
| 65-69 | $0.7846 | |
| 70+ | $0.9646 | |
To calculate your post tax per pay period deduction, use this formula:
Example: If you are age 42 and want to purchase $50,000, your per pay period cost would be as follows: $50,000 ÷ $1,000 = 50 X $0.0785 = $3.93
Why Do I Need Life Insurance?
Ask yourself this: In the event of my death, how would my family …
- Pay final expenses?
- Pay off debt?
- Pay for daily living expenses?
- Replace Your Income?
- Maintain financial stability?
Life & ADD Benefit Summary
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