Dependent Life Insurance Worksheet (Food Services)
Determine life insurance coverage for your spouse and/or children.
Dependent Life Plan 1: Spouse and/or Children
Provides coverage for your Spouse and/or Children for the amount of $5,000 each. The cost of this coverage is $0.70 bimonthly.
Dependent Life Plan 2: Spouse
Coverage available in increments of $10,000 from $10,000 up to $300,000.
| Age Bands | Rates per $1,000 Coverage |
|---|---|
| <29 | $0.029 |
| 30-34 | $0.043 |
| 35-39 | $0.051 |
| 40-44 | $0.059 |
| 45-49 | $0.100 |
| 50-54 | $0.138 |
| 55-59 | $0.261 |
| 60-64 | $0.406 |
| 65-69 | $0.775 |
| >69 | $1.259 |
| Costs listed are bimonthly payroll deductions. | |
How to Calculate Rates
To calculate your Dependent Life bimonthly payroll deduction for a spouse, follow these steps:
- Enter the amount of coverage
- Divide by 1,000 (for the number of units of $1,000)
- Multiply by the rate for the Spouse's age group to get the Dependent Life Insurance total bimonthly premium
For example: $100,000 Coverage, Age 37
- Calculate the Units: $100,000 (Amount of Coverage) divided by $1,000 = 100 Units.
- Calculate the Premium: 100 Units x $0.051 (Rate for the Dependent Life Plan 2, Ages 35-39) = $5.10 bimonthly
Dependent Life Plan 3: Children
Provides coverage for your Child(ren) for the amount of $10,000 each at a cost of $1.27 bimonthly.