Dependent Life Insurance Worksheet
Determine life insurance coverage for your spouse and/or children.
Please note that there will be rate changes for Life Insurance and Long Term Disability for the 2024 calendar year. The updated information will be posted to the APS Employee Benefits web page and an email notification sent out when it becomes available.
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 $0.53 twice a month.
Dependent Life Plan 2: Spouse
Coverage is available in increments of $10,000 from $10,000 up to $400,000.
| Age Bands | Rates per $1,000 Coverage |
|---|---|
| The costs listed are twice a month payroll deductions. | |
| <29 | $0.022 |
| 30-34 | $0.033 |
| 35-39 | $0.039 |
| 40-44 | $0.044 |
| 45-49 | $0.075 |
| 50-54 | $0.104 |
| 55-59 | $0.196 |
| 60-64 | $0.305 |
| 65-69 | $0.582 |
| >69 | $0.945 |
How to Calculate Rates
To calculate your Dependent Life twice a month 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 twice a month 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 $0.039 (Rate for the Dependent Life Plan 2, Ages 35-39) = $3.90 twice a month
Dependent Life Plan 3: Children
Provides coverage for your Child(ren) for the amount of $10,000 each at a cost of $0.95 twice a month.