Supplemental Life and LTD Rates
2024 Lincoln Financial Supplemental Life and LTD Rates
Supplemental and spouse/dependent life insurance rates will remain the same for 2024. There are limitations to the amount of coverage allowed for dependents, outlined below. All rates for this coverage are 100% employee paid. To view the full Life Insurance webpage, please click here. Overview of the benefits is below:
Guaranteed Issue
Guaranteed Issue is the term used to indicate no medical underwriting is necessary for coverage. Under the new dependent coverage, children’s insurance is always guaranteed issue to $10,000, though subject to the limitations outlined below.
Any addition or increase to employee supplemental life or spouse life insurance requires medical underwriting as indicated below under Evidence of Insurability.
Evidence of Insurability
If you are interested in adding increasing your supplemental or spouse life insurance elections you will be required to complete medical underwriting, known as Evidence of Insurability (EOI). This can be completed online at www.mylincolnportal.com using code AUILTD.
Voluntary Life Insurance
Premiums are post-tax and 100% employee funded. Rates are based on your age on January 1st of the current year. If you have a tier change during the calendar year, it will go into effect on January 1st of the next year. Bi-weekly Rates (deducted 24 of 26 payrolls) are based on units of $1,000. Accidental death and dismemberment coverage (doubles your benefit in the event of loss due to accident) is included in the rates below.
2024 benefit summary with premiums is available here.
A change in rates due to a change in the Employee's age will become effective on the first of the year following the Employee's birthday.
SPOUSE BENEFITS - Voluntary Life Insurance
Bi-weekly Rates are based on units of $1,000 and mirror employee rates above (based on spouse's age). Coverage is available in $5,000 increments to a maximum of $300,000. Spouse election can only be made if the employee elects supplemental life and up to a maximum of half of the employee elected supplemental life insurance.
A change in rates due to a change in the Spouse's age will become effective on the first of the year following the Spouse's birthday.
FOR DEPENDENT CHILD BENEFITS
Voluntary Life Insurance $.20 Per $1,000 Coverage available in increments of $2,000 to $10,000 until age 26. Infants under 6 months of age can only be insured to $500.
2024 Long-term Disability Rates
Long Term Disability provide employees with 60% of the basic monthly earnings if they are to go out on disability. The Long Term Disability waiting period is 90 days. Please see rates below.
For employees under age 65 the premium for long term disability insurance coverage will remain at $0.409 per $100 of coverage.
For employees over age 65 the premium for long term disability insurance coverage will remain at $0.219 per $100 of coverage.
