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Life Insurance

 
 

Life Insurance

Life Insurance / Accidental Death & Dismemberment
  • Life Insurance Summary Document in MS Word Format - Instructions on how to access Word documents if you don't have MS Word

    •  

    Life Insurance/Accidental Death & Dismemberment
    (rates are per $1,000 of coverage)
    Life Ins/AD & D 12 Month Employees 10 Month Employees
      0.02134 0.02775

  • To enroll, you must submit the following:
  • For residents of the State of Maryland
  • For residents outside the State of Maryland
    • If you reside outside of the State of Maryland, please contact the Office of Human Resources for the appropriate form.
Optional Life Insurance Plan
  • Optional Life Insurance Summary Document in MS Word Format - Instructions on how to access Word documents if you don't have MS Word

    •  
    Optional Life Insurance Rate Chart
    Age Cost per Pay Period per $1000 of Coverage
      12 Month Employees 10 Month Employees
    Under 30 0.0222 0.0288
    30-34 0.0226 0.0294
    35-39 0.0263 0.0342
    40-44 0.0383 0.0498
    45-49 0.0582 0.0756
    50-54 0.1002 0.1302
    55-59 0.1717 0.2232
    60-64 0.2774 0.3606
    65-69 0.4357 0.5664
    70-74 0.6734 0.8754
    75+ 1.0186 1.3242

    To calculate your pay period cost for optional life, take your annual salary and round up to the next $500, then multiply that amount by the appropriate pay period rate and divide by 1,000.

  • Optional Life Insurance Example:

    • Employee, age 36, earning $35,253 (on a 26 pay period schedule)
             ($35,500 * .0263)/1,000 = $0.93 per pay period = 1 * salary Benefit
             ($71,000 * .0263)/1,000 = $1.87 per pay period = 2 * salary Benefit
             ($106,000 * .0263)/1,000 = $2.80 per pay period = 3 * salary Benefit

  • To enroll - or increase - the current amount of coverage, you must submit the following:
    • For residents of the State of Maryland
    • For residents outside the State of Maryland
      • If you reside outside of the State of Maryland, please contact the Office of Human Resources for the appropriate form.
Dependent/Spousal Life Insurance Plan
  • Dependent/Spousal Life Insurance Summary Document in MS Word Format - Instructions on how to access Word documents if you don't have MS Word

    •  
    Optional Life Insurance Rate Chart
    Age Cost per Pay Period per $1000 of Coverage
      12 Month Employees 10 Month Employees
    Under 30 0.0222 0.0288
    30-34 0.0226 0.0294
    35-39 0.0263 0.0342
    40-44 0.0383 0.0498
    45-49 0.0582 0.0756
    50-54 0.1002 0.1302
    55-59 0.1717 0.2232
    60-64 0.2774 0.3606
    65-69 0.4357 0.5664
    70-74 0.6734 0.8754
    75+ 1.0186 1.3242

    The cost of the insurance on the spouse is calculated based on the age of the employee, times the volume of life benefit. The rates for dependent insurance are now the same as the optional life insurance (please reference the chart above). The child rate is $.0222 (staff), $.0288 (faculty), no matter how many childern are insured.

  • Dependent/Spousal Life Insurance Example:

    • Employee, age 36, $35,000 Life Insurance Benefits, ($25,000/spouse, $5,000/dependent 1, $5,000/dependent 2= $35,000)
             ($25,000 * .0263)/1,000 = $0.66 per pay period
             ($10,000 * .0222)/1,000 = $0.11
                                                  Total $0.77 per pay period
  • To enroll, you must submit the following:
    • For residents of the State of Maryland
    • For residents outside the State of Maryland
      • If you reside outside of the State of Maryland, please contact the Office of Human Resources for the appropriate form.