Eligible SureFire employees may elect to purchase Voluntary Life Insurance in increments of $10,000 to a maximum of $300,000 or 5 times an employee’s annual salary, whichever is less ($20,000 minimum).
Example:
Employee who is a non-smoker, age 42 and electing $50,000 in Life Insurance
$50,000 x $0.10 (applicable rate under age group per $1,000) = $5,000/$1,000 = $5.00 (cost to employee monthly)
Spouses may elect benefits in $5,000 increments to a maximum of $50,000 or 50% of the employee’s benefit, whichever is less ($10,000 minimum).
Example:
Spouse who is a non-smoker, age 42 and electing $25,000 in Life Insurance
$25,000 x $0.10 (applicable rate under age group per $1,000) = $2,500/$1,000 = $2.50 (cost to employee monthly)
With this benefit, employee’s are allowed Guaranteed Issue amounts without a medical evaluation, such amounts are as follows: $100,000 for employees under age 60, $20,000 for employees ages 60-69, Employees ages 70+ must be medically underwritten, $10,000 for spouses, Child coverage is non-medically issued.
Life Insurance may be purchased for Children who are older than 14 days. If the child is more than 14 days old, but less than 6 months, a $250 Life Insurance plan may be purchased. However, if the child is age 6 months up to the age of 19, a $5,000 of Life Insurance plan may be purchased. Any child the age of 19-25 must be a full-time student to purchase a $5,000 Life Insurance plan. Note: This is not a cash benefit.
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