Life Insurance
Having the right amount of life insurance can help protect your loved ones and provide for their future. Eligible team members are provided with basic employer-paid life insurance and also have the option of purchasing additional supplemental coverage.
A beneficiary is the person or people you choose to receive payment of your life insurance upon your death. Naming them establishes your plan as a legal contract – in fact, these beneficiaries are actually honored over whomever you've named in your will. Without naming them, your benefits may have to go through the court system, significantly delaying transferring funds to your loved ones.
To complete your enrollment, you must have a current beneficiary on file. You can change them at any time by accessing the beneficiary designation form through My Care Compass.
Plan Highlights
- Basic (Carle Health-paid) coverage for full-time team member provides a lump-sum death benefit equal to your annual earnings (flat $15,000 for part-time employees) at no cost to you.
- Supplemental (employee-paid) coverage is available in increments of $10,000 up to a (combined with basic) maximum of five times your salary, not to exceed $1 million. Rates are based on your age.
- Spouse/Domestic Partner (employee-paid) coverage is available in increments of $1,000 starting at a minimum of $5,000 and a maximum benefit of $50,000. Rates are based on your spouse or domestic partner's age.
- Dependent (employee-paid) coverage provides life insurance for your child(ren) under the age of 21 with no limits on the number of dependents covered. Rates are based on the dollar amount of coverage selected.
SUPPLEMENTAL COVERAGE – TEAM MEMBER ONLY*
| AGE |
Purchase in increments of $10,000
(rates per $1,000/month) |
| Up to age 30 |
$0.04 |
| 30 – 34 |
$0.05 |
| 35 – 39 |
$0.07 |
| 40 – 44 |
$0.12 |
| 45 – 49 |
$0.21 |
| 50 – 54 |
$0.35 |
| 55 – 59 |
$0.55 |
| 60 – 64 |
$0.85 |
| 65 – 69 |
$1.53 |
| 70+ |
$2.74 |
*Minimum of $10,000 – max of 5x basic annual earnings of $1 millioncombined with basic benefit.
SUPPLEMENTAL SPOUSE/ DOMESTIC PARTNER COVERAGE*
| AGE |
Purchase in increments of $1,000
(rates per $1,000/month) |
| Up to age 25 |
$0.055 |
| 25 - 29 |
$0.063 |
| 30 - 34 |
$0.084 |
| 35 - 39 |
$0.095 |
| 40 - 44 |
$0.103 |
| 45 - 49 |
$0.175 |
| 50 - 54 |
$0.261 |
| 55 - 59 |
$0.501 |
| 60 - 64 |
$0.805 |
| 65 - 69 |
$1.610 |
| Over 70 |
$2.605 |
*Minimum of $5,000 – max of $50,000.
DEPENDENT CHILD(REN) COVERAGE*
| CHOICE OF: |
$5,000
$0.05 per pay period |
$10,000
$0.10 per pay period |
$15,000
$0.15 per pay period |
*Unlimited number of dependent children. Only available through age 21.