Group Life Insurance
Please Note: If it is outside of the open enrollment period you must enroll in the insurance within 30 days of associate activation for guaranteed issue of the group insurance policy.
Life Insurance is a fundamental part of having a sound financial plan. Here are a few other reasons why life insurance having is important:
1. To protect your family and loved ones
If your loved ones depend on your financial support for their livelihood, then life insurance is a must, because it replaces your income when you die. This is especially important for parents of young children or couples whose partners will find it difficult if they no longer have the source of income provided by their partner. You will also need to provide enough money to cover the costs of hiring someone to cover the day-to-day household tasks, like cleaning, laundry, cooking, childcare, and everything else a growing family need.
2. To add more financial security
Like most parents, you probably want to know your children will be well taken care of when you’re gone. You not only want them to get a quality college education but to provide for other life ventures like getting married or starting a business. For this reason, additional coverage is essential while your kids are still at home.
ELIGIBLITY
To be eligible associates must work a minimum of 30 hours per week
Benefit level qualification based on 5x your gross income.
You must enroll in one of the life insurance benefits to also enroll your spouse and/or child
PLAN FEATURES
- Group policy provided through Lincoln Financial Group (A+ RATED)
- Guaranteed issuance up to $150,000 coverage level
- Add spouse with guaranteed issuance up to $25,000
- Dependent Children coverage at $2.00 per month for $10,000 benefit regardless of the number of children
- AD&D coverage included
- Rates are unisex
- Age is based on employees current age for both the employee and spouse. To be eligible to enroll for a spouse/child the member must enroll in one of the life insurance benefit options.
- All Securities and Non-Securities Commissions Included
- Prior to choosing an income level you must have the qualifying income to secure the benefit amount. For the 50k benefit the minimum annual income needed is $10,000. For the 100k benefit the minimum annual income needed is $30,000 (this income qualification is eligible to choose any of the benefit amounts).
- All associates will need to review their current coverage and update their income annually by filling out the update for on the ASP website.
MONTHLY PREMIUM
Age $50,000 Coverage $100,000 Coverage $150,000 Coverage
<25 to 29 $ 9.40 $16.80 $24.20
30 – 34 $ 9.90 $17.80 $25.70
35 – 39 $ 10.90 $19.80 $28.70
40 – 44 $ 13.90 $25.80 $37.70
45 – 49 $ 18.90 $35.80 $52.70
50 – 54 $ 30.90 $59.80 $88.70
55 – 59 $44.90 $87.80 $130.70
60 – 64 $ 51.40 $100.80 $150.20
65 – 69* Not Available To New Associates. Current Associates Call For Pricing
70-74* Not Available To New Associates. Current Associates Call For Pricing
*Personal Life and AD&D Insurance will be reduced as follows for current associates:
At age 65, benefits will reduce by 35% of the original amount
At age 70, benefits will reduce an additional 25% of the original amount
At age 75, benefits will reduce an additional 15% of the original amount
At age 80, benefits will reduce an additional 15% of the original amount
Benefits will terminate when you retire, and you must notify ASP Benefits at the time of retirement
New enrollments for 65-69 are eligible for 50k coverage only.
Child Life Insurance will be reduced as follows:
Dependent Child (age 14 days to 6 months) $250
Dependent Child (age 6 months to 19 years, 25 years if a full-time student) $10,000
Spouse Life and AD&D Insurance will be reduced as follows:
by 35% of the original amount when you attain age 65
Spouse Insurance will terminate when you attain age 70 or retire, whichever occurs first
Spousal Life Insurance premiums are calculated based on the age group of the associate
REVIEW COPY OF THE POLICY HERE