6 / 13
1st Financial Federal Credit Union -
Union-Non Exempt
5
Voluntary Life and Accidental Death &
Dismemberment (AD&D) Insurance
1st Financial Federal Credit Union will continue to offer you the
option of purchasing Voluntary Life/AD&D insurance for yourself,
your spouse and your child(ren). This coverage will now be provided
to you through
The Standard Insurance Company
. You, the
employee, must purchase Voluntary Life/AD&D in order to purchase
for your spouse and dependent children.
Employee:
Employees can purchase additional life insurance in increments of
$10,000, up to 6x your annual earnings, with a maximum of $300,000
(anything over $140,000, will be subject to medical questions).
Spouse:
Spousal coverage can be purchased in increments of $5,000 (up to
100% of the employees election), to a maximum of $100,000
(anything over $50,000 will be subject to medical questions).
Child(ren):
A $10 ,000 policy can be purchased for dependent children (up to age
26 regardless of student status).
In addition, the voluntary life benefit carries an equal benefit of
accidental death and dismemberment coverage (AD&D) for the
employee and their dependents.
VOLUNTARY LIFE/AD&D
EMPLOYEE CONTRIBUTION
(Rates are per month)
AGE BAND
Cost/$1,000*
Under 29
$.078
30-34
$.083
35-39
$.126
40-44
$.203
45-49
$.341
50-54
$.602
55-59
$.998
60-64
$1.330
65-69
$2.073
70-74
$3.639
75 +
5.942
Child Life Rate
$2.00/$10,000
AD&D: Employee/Spouse
$0.02
Child
$0.04
*
Spouse rates are based on the spouse’s age.
The Standard will now be your provider Life/AD&D coverage. 1st Financial Federal Credit Union will continue to provide
a $10,000 life insurance policy for each employee. Each benefit amount also carries an equal benefit of accidental death
and dismemberment coverage. Now is a great time to ensure that 1st Financial Federal Credit Union has the most up to
date beneficiary information. Please update your beneficiary form on ADP.
Protect Your Family with Life & Accidental Death and Dismemberment Insurance
If you are currently enrolled in the Voluntary Life/AD&D plan, and you do not wish to make any changes, your current
election will rollover to The Standard. Your per paycheck contribution will not change. If you previously did not elect
up to the guarantee issue amount of $140,000 last year and wish to elect up to this amount this year you may do so at
this time without providing evidence of insurability.
Should you decide to leave 1st Financial Federal Credit Union and have elected this coverage, you may have the option
to convert your Voluntary Life/AD&D policy to an individual policy.