YOUR SECURITY

Life and Accidental Death & Dismemberment (AD&D) Insurance

Effective January 1, 2022, Powell’s Life/AD&D insurance provider with change to SunLife. All benefits, policy amounts and employee rates will remain the same.

Powell provides you with Basic Life and Basic Accidental Death & Dismemberment Insurance in the amount of $50,000 each at no cost to you.

You also have the ability to purchase Optional Life Insurance and Optional AD&D Insurance on yourself and your dependents (employees must be covered to cover dependents).

Basic Life and AD&D Insurance – 100% Powell Paid
Basic Life Employee
Basic AD&D Employee
Life Coverage Amount
$50,000
$50,000

 

Optional Life and AD&D Insurance
Employee
Spouse
Child(ren)
Life Coverage Amount
Available in
$10,000 increments
Available in
$5,000 increments
$5,000 or $10,000
Guarantee Issue Amount (Guarantee issue only available during initial enrollment. Late enrollment subject to Evidence of Insurability)
$300,000
$20,000
$10,000
Life Maximum Benefit
Lesser of 7x earnings or $800,000
$250,000 –
Not to exceed 100% of employee amount
$10,000
AD&D Coverage Amount
Available in
$25,000 increments
Available in
$5,000 increments
$5,000 or $10,000
AD&D Maximum Benefit
Lesser of 7x earnings or $800,000
$250,000 –
Not to exceed 100% of employee amount
$10,000

 

Benefit Age Reduction Rules: Policy amounts for Basic Life and AD&D Insurance and Optional Life & AD&D are subject to automatic age reduction. The amount of coverage will be reduced to the applicable policy and percentage shown in the tables below, based on your age as of January 1st of each year. This reduction also applies to insured spouses.

Basic Life and AD&D Insurance Policies
Employee Age
Reduced Percentage of Elected Amount
70-74
50%
75+
25%

 

Optional Life and AD&D Insurance Policies
Employee and Spouse Age
Reduced Percentage of Elected Amount
65-69
65%
70-74
40%
75+
25%

 

Employee and Spouse Optional Life Insurance Monthly Rates per $1,000 of Coverage
Age Band
Age as of January 1st of each year
Rate
Age Band
Rate
18-29
$0.066
50-54
$0.341
30-34
$0.088
55-59
$0.594
35-39
$0.110
60-64
$0.836
40-44
$0.132
65-69
$1.573
45-49
$0.198
70-79
$2.552

 

Employee and Spouse Optional AD&D Insurance Monthly Rates per $1,000 of Coverage
Employee
Spouse
$0.02
$0.04

 

Child Life Rates
Coverage Amount
Weekly
Semi-Monthly
$5,000
$0.12
$0.25
$10,000
$0.23
$0.50

 

Child AD&D Rates
Coverage Amount
Weekly
Semi-Monthly
$5,000
$0.04
$0.09
$10,000
$0.08
$0.18

 

Resources

 

www.unum.com

Group #: 213758
800-445-0402