For Yourself
Optional life and AD&D insurance for you
Although there is not an open enrollment period for optional life insurance, you may apply for coverage as a late entrant at any time by completing and receiving approval for Evidence of Insurability (EOI). Apply for coverage while making your open enrollment elections and follow the instructions for completing EOI. All elections or increases in coverage will be pended until approval is received by Lincoln Financial.
You may apply for optional life and AD&D insurance in increments of $10,000 up to a maximum of the lesser of 10x your base salary or $1,000,000. The table shows the monthly rate per $1,000 of coverage. If/when coverage is approved by Lincoln Financial, your coverage and premiums will be adjusted as appropriate. Note that coverage reduces to 65 percent at age 70 and 50 at age 75.
Age Monthly rate per $1,000 of coverage Under age 25 $0.068 25-29 $0.078 30-34 $0.098 35-39 $0.118 40-44 $0.128 45-49 $0.168 50-54 $0.268 55-59 $0.478 60-64 $0.718 65-69 $1.378 70 + $2.218 How to calculate your per pay period cost
Assume you are 40 years old and wish to purchase $200,000 of optional life and AD&D insurance for yourself.
- Monthly rate per $1,000 of coverage is $0.128.
- $200,000 / $1,000 = 200
- 200 X $0.128 = $25.60 per month
- $25.60 X 12 = $307.20 / 26 for biweekly OR 24 for semi-monthly = $11.82 biweekly or 12.80 semi-monthly
For Spouse/Partner
Optional life insurance for your spouse/domestic partner
Although there is not an open enrollment period for optional spouse/domestic partner life insurance, your spouse/domestic partner may apply for coverage as a late entrant at any time by completing and receiving approval for Evidence of Insurability (EOI). Apply for coverage while making your open enrollment elections and follow the instructions for completing EOI. All elections or increases in coverage will be pended until approval is approved by Lincoln Financial.
You may apply for optional spouse/domestic partner life insurance in increments of $10,000 up to a maximum of the lesser of $500,000 or your combined basic life and optional employee life coverage amount. Your cost is determined by the age of your spouse/domestic partner and the amount of coverage you choose. If/when coverage is approved by Lincoln Financial, your coverage and premiums will be adjusted as appropriate. The table below shows the monthly rate per $1,000 of coverage. Note that coverage reduces to 65 percent at age 70 and 50 percent at age 75.
Age Monthly rate per $1,000 of coverage Under age 25 $0.050 25-29 $0.060 30-34 $0.080 35-39 $0.100 40-44 $0.110 45-49 $0.150 50-54 $0.250 55-59 $0.460 60-64 $0.700 65-69 $1.360 70 + $2.220 How to calculate your per pay period cost
Assume your spouse or domestic partner is 40 years old and wish to purchase $200,000 of optional life insurance.
- Monthly rate per $1,000 of coverage is $0.110.
- $200,000 / $1,000 = 200
- 200 X $0.110 = $22.00 per month
- $22.00 X 12 = $264.00 / 26 = $10.15 biweekly or $264.00/ 24 = $11.00 semi-monthly
For Child
Optional life insurance for your child(ren)
You may purchase optional life insurance for your child(ren) at any time and it does not require EOI. The cost for each coverage amount shown includes coverage for all eligible child(ren).
Coverage option Biweekly cost Semi-Monthly Rates** $2,500 $0.42 $0.45 $5,000 $0.83 $0.90 $10,000 $1.66 $1.80 ** Semi-monthly means your are paid on the 15th and last day of the month
