Life and Accidental Death & Dismemberment
Administered by Cigna Insurance Co., Inc.
Baptist Easley provides Basic Life and Accidental Death and Dismemberment insurance equal to your annual base pay. In addition, the following voluntary life insurance options are available.
You can purchase voluntary life insurance in the amount of one to eight times your annual earnings up to specific dollar limits and subject to satisfying any Evidence of Insurability requirements. The cost is based on your age and the amount of your insurance.
The following is an overview only. You should refer to your Summary Plan Description for the specific provisions applicable to these benefits. You can access the Summary Plan Descriptions (SPD) of the benefit plans at www.enrollonline.com/palmettohealth under Resources & Forms.
|Calculating your voluntary term life cost (post-tax) per pay period:||Age||Monthly rate per $1,000|
Example: Employee age 47 with an annual base pay of $21,300 purchases an additional 2x earnings of voluntary life insurance. Below is how to calculate the bi-weekly premium.
1) 21,300 rounded up to 22,000 x 2 (for additional 2 times) = $44,000
|30 – 34||$0.078|
|35 – 44||$0.117|
|45 – 49||$0.244|
|50 – 54||$0.254|
|55 – 59||$0.634|
|60 – 64||$0.644|
|65 – 74||$2.048|
Evidence of Insurability
If you apply for voluntary life insurance after your initial eligibility period, you must provide Evidence of Insurability (EOI) satisfactory to the insurance company.
Voluntary Dependent Life
You also can obtain life insurance coverage for your spouse and/or children. If you and your spouse are employed by Baptist Easley, you can cover each other as a dependent. Only one of you can cover your dependent child(ren). The level of coverage is:
- Dependent Children through age 25 (if attending school full-time) – $10,000 or 50% of your Basic and Employee Optional Life combined
- Spouse – $25,000 or 50% of your Basic and Employee Optional Life combined
|Voluntary Dependent Life (Post-Tax)||Cost per pay period|
|Spouse and/or Child(ren)||$2.11|