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Online Calculations
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Optional Group Life Coverage
INFORMATION SHEET
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
- 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. Some individuals may prefer the current plan's Survivor Income
Benefit despite the fact that equivalent lump sum coverage may be less
expensive.
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 25
| $ 0.03
| $0.08
| $0.02
| $0.03
|
| 25 - 29
| 0.04
| 0.09
| 0.03
| 0.04
|
| 30 - 34
| 0.04
| 0.09
| 0.03
| 0.04
|
| 35 - 39
| 0.06
| 0.10
| 0.04
| 0.07
|
| 40 - 44
| 0.08
| 0.14
| 0.06
| 0.09
|
| 45 - 49
| 0.13
| 0.27
| 0.09
| 0.15
|
| 50 - 54
| 0.24
| 0.48
| 0.15
| 0.25
|
| 55 - 59
| 0.40
| 0.80
| 0.24
| 0.40
|
| 60 - 64
| 0.58
| 1.16
| 0.39
| 0.64
|
USE OUR HANDY CALCULATOR
To calculate your montly 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 calculcated premium will prevail.
SECTION A
Enter Data Here
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