Wayne State University

Aim Higher

Life Insurance Rates

Monthly  Life Insurance Rates

Basic Coverage:
 

Active Employees

Basic University Cost

12 - month $0.068 per thousand
9 - month $0.090 per thousand

 Attained Age  Death Benefit
 Less than 70  100% of original amount
 70 but less than 75  67% of original amount
 75 but less than 80  45% of original amount
 80 but less than 85  30% of original amount
 85 or over   20% of original amount


Retired Employees:

Basic Coverage - $2,500, $0.058 per thousand


Supplemental Coverage
(Rates are the Cost/$1,000/month)
 

Active Employees

Age  Employee Type  Total  University  Employee
 Contribution  Contribution
 Less than 25  12-month 0.051 0.002 0.049
 9-month 0.068 0.002 0.066
 25-29  12-month 0.060 0.002 0.058
 9-month 0.080 0.002 0.078
 30-34  12-month 0.078 0.002 0.076
 9-month 0.104 0.003 0.101
 35-39  12-month 0.087 0.003 0.084
 9-month 0.116 0.003 0.113
 40-44  12-month 0.096 0.003 0.093
 9-month 0.128 0.004 0.124
 45-49  12-month 0.135 0.004 0.131
 9-month 0.180 0.005 0.175
 50-54   12-month 0.195 0.006 0.189
 9-month 0.260 0.008 0.252
 55-59  12-month 0.345 0.010 0.335
 9-month 0.460 0.014 0.446
 60-64  12-month 0.485 0.015 0.470
 9-month 0.647 0.019 0.628
 65 & over  12-month 0.585 0.056 0.529
 9-month 0.780 0.074 0.706

 

How to Calculate Rates for Supplemental Coverage

  1. Example: If salary equals $50,100 and employee elects coverage at the two times salary level.
  2. Multiply the salary by two ($50,100 x 2 = $100,200). Rounding the result to the nearest 1000 equals $101,000
  3. Determine age and rate. In this example, assume the employee is 47 years old and is a 12-month employee.
  4. Multiply amount of insurance per thousand ($101,000 / 1,000 = 101) by rate (0.131)
  5. Monthly cost is 101 x 0.131 = $13.24; biweekly cost is ½ of the monthly cost or $6.62 

Dependent Life Insurance Rates

  

Coverage Option Benefit Amounts 12-month Employee Cost Per Pay 9-month Employee Cost Per Pay
Family Coverage $20,000 Spouse and $10,000 per Child $2.25 $3.00
Spouse Only $20,000 Spouse $1.50 $2.00
Children Only $10,000 Per Child $0.75 $1.00