Optional Group Life Coverage

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Online Calculations

What is the new group life insurance plan?

Basic Life:

  • 175% of you annual salary* - maximum coverage of $175,000
  • evidence of insurability is not required - McMaster will pay the entire premium

Optional Life:

  • 25% to 500% of your annual salary* - maximum coverage of $500,000
  • Coverage for Members of the McMaster University Faculty Association is 25% to 1000% of your annual salary* - maximum coverage of $1,000,000
  • you will be required to provide evidence of insurability
  • you pay the entire premium based on your age, gender, and smoking status

*for benefit purposes, salaries are limited to $100,000 and if the salary is not an even thousand, it will be raised to the next higher $1,000

Do I really need additional life insurance?

The need for life insurance is unique for each individual and depends on your financial and personal needs. For example, a person with a large mortgage and young children might require more life insurance than someone who has only a small or no mortgage and whose children are grown up.

How much will the life insurance cost?

The cost of optional life coverage under the new plan is based on your age, sex and smoking status. The costs increase as you get older. You should, therefore, review the age related rates indicated to determine your current and future costs.

 
MALE
 
FEMALE
 
Age Band
Non-
Smoker
Smoker
Non-
Smoker
Smoker
Under 24
$ 0.03
$0.07
$0.02
$0.03
24 - 34
0.04
0.08
0.03
0.04
35 - 39
0.05
0.09
0.04
0.06
40 - 44
0.07
0.13
0.05
0.08
45 - 49
0.12
0.26
0.08
0.14
50 - 54
0.23
0.46
0.14
0.24
55 - 59
0.38
0.76
0.23
0.38
60 - 64
0.55
1.10
0.37
0.61
65 - 69
0.80
1.60
0.60
0.97


Use Our Handy Calculator

To calculate your monthly optional life insurance premium, fill out all of the information in SECTION A. When complete, press "Compute". The results will show up in SECTION B.

NOTES: Your Monthly Salary includes: Regular salary, stipends (Admin, Chair, Dean) plus RMA. Salaries will be calculated and rounded to the next highest thousand, with a maximum annual salary of $100,000.

Age *MUST* be age at July 1st.

NOTE: This is intended for informational purposes only. In the event of a difference between the HR calculated premium and the premium calculated here, the HR calculated premium will prevail.

Section A

Enter Data Here...

Option
%
Monthly
Salary
Age As
Of Last July 1
Sex
Smoking
Status
  
Female
Male 		NonSmoker
Smoker 		 

SECTION B

Results Will Appear In The Boxes Below...

Sex
  
Smoking
  
Yearly
Salary
  
Option
  
Rate
Tax
Monthly
Premium
    / 1000 X X * 1.08 =