Additional Life & AD&D Insurance FAQ
How do I find out what my current life insurance coverage is?
If you currently have Contributory Life insurance, your benefit is based on the following table:
| Annual Earnings | Current Benefit |
|---|---|
| Less than $5,000 | $10,000 |
| $5,000 and less than $6,000 |
$16,000 |
| $6,000 and less than $7,000 | $25,000 |
| $7,000 and less than $8,000 |
$31,000 |
| $8,000 and less than $9,000 | $40,000 |
| $9,000 and less than $10,000 |
$48,000 |
| $10,000 and less than $11,000 |
$56,000 |
| $11,000 and less than $12,000 |
$63,000 |
| $12,000 and less than $14,000 |
$69,000 |
| $14,000 and less than $16,000 | $75,000 |
| $16,000 and over | $81,000 |
What is Basic Life Insurance and how do I sign up for it?
Basic life insurance is provided to all eligible, full-time APS employees. APS pays the entire premium. You don't need to do anything to sign up for basic life insurance at APS. You're already enrolled!
What is Additional Life Insurance and how do I sign up for it?
Additional Life Insurance is an elective, supplementary life insurance that provides an additional benefit, on top of the $10,000 Basic Life Insurance benefit you automatically receive as an eligible, full-time employee.
How do I calculate the monthly cost of life insurance?
You can calculate the cost yourself by using the rate schedule below, or you can have Standard Insurance calculate the costs online at: www.standard.com/mybenefits/albpubschools
- Select Life Premium Calculator (left side of screen)
- Select your plan: Bi-monthly Employees or Food Services Employees
- Enter your age
- Select desired amount of Additional Life Insurance ($10,000 up to $400,000)
- Select: Calculate
- Estimated bi-monthly (per paycheck) premium appears
Rate Schedules:
Regular Bi-monthly Employees:
|
The Standard Life and AD&D Insurance |
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|---|---|---|---|---|
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Basic Life Coverage for $10,000 - 100% Employer Paid |
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|
Additional Life Coverage |
Rates per |
Coverage available in increments of $10,000 from |
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|
<30 |
$0.035 |
Please see Dependent Life |
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30-34 |
$0.045 |
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35-39 |
$0.051 |
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40-44 |
$0.056 |
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45-49 |
$0.086 |
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50-54 |
$0.113 |
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55-59 |
$0.201 |
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60-64 |
$0.304 |
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65-69 |
$0.568 |
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70+ |
$0.914 |
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To calculate your Life bimonthly payroll deduction, |
Example: $100,000 Coverage, Age 46 |
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1. Enter Amount of Coverage |
1. $100,000 |
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2. Divide by 1,000 (for # of units of $1,000) |
2. $100,000/$1,000 = 100 |
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3. Multiply by the rate for Employee's age group to get |
3. Additional Life rate for ages 45-49 is $0.086 |
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4. Multiply total premium by employee cost share of 50% |
4. $8.60 x 50% = $4.30 |
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Food Service Employees
|
The Standard Life and AD&D Insurance |
||||
|---|---|---|---|---|
|
Basic Life Coverage for $10,000 - 100% Employer Paid |
||||
|
Additional Life Coverage |
Rates per |
Coverage available in increments of $10,000 from |
||
|
<30 |
$0.046 |
Please see Dependent Life |
||
|
30-34 |
$0.060 |
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|
35-39 |
$0.067 |
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40-44 |
$0.074 |
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45-49 |
$0.115 |
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50-54 |
$0.150 |
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55-59 |
$0.267 |
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60-64 |
$0.405 |
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|
65-69 |
$0.757 |
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|
70+ |
$1.219 |
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|
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To calculate your Life bimonthly payroll deduction, |
Example: $100,000 Coverage, Age 46 |
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|
1. Enter Amount of Coverage |
1. $100,000 |
|||
|
2. Divide by 1,000 (for # of units of $1,000) |
2. $100,000/$1,000 = 100 |
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|
3. Multiply by the rate for Employee's age group to get |
3. Additional Life rate for ages 45-49 is $0.115 |
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|
4. Multiply total premium by employee cost share of 50% |
4. $11.50 x 50% = $5.75 |
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When can I change my life insurance election again?
In order to increase the amount of coverage after the initial enrollment, you must complete an Evidence of Insurability form, and be approved by The Standard.
Long Term Disability Insurance
What is Long Term Disability Insurance?
Long Term Disability Insurance protects your income in the event you are no longer able to work due to illness or injury. Learn more >>
I am not currently enrolled in Long Term Disability, and I'd like to enroll. What should I do?
Employees may enroll for Long Term Disability insurance at any time during the plan year by completing an Evidence of Insurability form, which can be obtained from the Employee Benefits office. Standard Insurance must approve your application.
