Premiums for Life/AD&D Insurance

Amount of Coverage

• The amount of this group life insurance is 2 x annual earnings* (salary + housing for ordained clergy), up to a maximum of $200,000
   
• *In order to adjust for actuarial risk, the amount paid in the event of death at age 65 is 65% of the original amount. At age 70 the benefit payable is 50% of the original amount. Monthly premiums are calculated accordingly.

Cost of Coverage

• Regardless of gender, age or occupation, a flat rate of 32 cents per month per thousand dollars of coverage is charged for the enrolled employee. If dependent life insurance has also been elected, add the appropriate amount ($2.00, $4.00, or $5.00) each month to obtain the total monthly premium.

Life/AD&D Calculation Examples

• A minister (under age 65) with a combined salary + housing of $57,000 per year, who elects coverage for themselves alone, receives $114,000 in life insurance protection for a monthly premium of $36.48 (114 x .32).
   
• An employee (under age 65) whose annual wages are $57,000.00 who has elected coverage for themselves plus a spouse/partner will be charged $36.48/mo. (114 x .32) plus $4.00/mo. = $40.48/month
   
• An employee (under age 65) whose annual wages are $28,000 who elects coverage for themselves alone, will have $56,000 of protection for a premium of $17.92 per month (56 x .32).
   
• An employee age 65 through age 69 whose annual wages are $60,000 per year who elects coverage for themselves alone, receives $78,000 in life insurance protection for a monthly premium of $24.96.
   
• An employee age 70 or older whose annual wages are $45,000 per year who elects coverage for themselves alone, receives $45,000 in life insurance protection for a monthly premium of $14.40.

Monthly Invoice

The congregational-employer receives one monthly invoice for all employees' group and health coverage purchased through the UUA. 

• Additional information regarding billing for the insurance plans