Pittsburgh Technology Council
August 28, 2008
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Life Insurance

Overview

Together, the Council's Employee Benefits Group and The Hartford have created a Group Life Insurance product that provides a wide range of innovative, flexible solutions to meet the needs of every employee.

This low-cost coverage helps employees plan for their future and manage the financial consequences of the unexpected like -- serious accidents, illnesses or injuries. Keep in mind, that everything an employee works for -- family, home and child’s education -- can be threatened without an adequate life insurance policy.

Features of the Group Life Insurance program include:

  • Basic, Supplemental and Voluntary Life Programs
  • Accidental Death and Dismemberment (either packaged with Life or customized on a stand-alone basis)
  • Safe Haven® interest bearing checking account for benefit payments of $10,000 or more
  • Disability provisions with numerous options and waiver of dependent premium available.
  • Portability and Conversion options (for Basic and Supplemental insurance)
  • A Living Benefit Option that's one of the most generous in the industry
  • Continuity of Coverage provisions for employees - standard and enhanced versions
  • Beneficiary Assist® provides grief, legal and financial counseling - included at no extra cost
  • Travel Assist®
  • Employer View® a self-service website

The BASE-Plan (for companies with 1-9 employees)

The Council's Employee Benefits Group offers a Life and Disability program underwritten by Hartford Life Ins. Co. This program is available to member firms with 1-9 employees. With this plan, small businesses get all the advantages of the large group coverage without many of the restrictions that usually come with the small group plans. It is an affordable way for a small businesses to expand their employee benefit program.

Plan Highlights

  • Low Group Cost
  • $50,000 Non-Medical Issue Limit
  • Waiver of Premium for disabilities
  • Living Benefit providing 80% of Life Benefit for Terminally Ill
  • Conversion Privilege
  • Beneficiary Assist® professional counseling service
  • Travel Assist®
  • Employer View®

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Program Provisions

  • Dependent Life: $5,000 for spouse, $2,000 for children 6 months to 23 years ($100, for children aged 14 days to 6 months). Monthly cost:$2.60.
  • Age Reduction: Life/AD&D benefits will reduce to 65% at age 65 and further reduce to 50% of the original amount at age 70. Life/AD&D benefits terminate at retirement.
Option Classification Principal Sum/AD&D
1


  1. Officers
  2. Managers/Supervisors
  3. All other full-time employees
 $50,000
$25,000
$10,000
2


  1. Officers
  2. Managers/Supervisors
  3. All other full-time employees
 $100,000
$50,000
$25,000
3 All full-time employees 100% of salary rounded to next higher $1,000 to max of $50,000
4 All full-time employees 200% of salary rounded to next higher $1,000 to max of $100,000
5 All full-time employees 300% of salary rounded to next higher $1,000 to max of $150,000

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Life Rates

Age Rate Age Rate
Less than 30 0.08 50-54 0.46
30-34 0.09 55-59 0.63
35-39 0.12 60-64 0.84
40-44 0.15 65-69 1.64
45-49 0.28 70+ 2.35

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AD&D Rates

Age Rate
All Age Brackets 0.02

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How to Calculate Cost

You can use our calculator to determine a member's cost per month based on the rates shown above.

Coverage Amount Age Cost
Employee
 
Total Cost per month: 

If you need further help calculating your cost, or have any further questions regarding the Life Insurance plan, please contact us; we'll be glad to help you.

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Plans for companies with 10 or more employees

Member companies with 10 or more employees can enjoy Hartford's extensive group benefits portfolio which provides the flexibility to precisely match a company's size, needs and budget.

Plan Highlights

  • Conversion privilege
  • Portability
  • Waiver of Premium
  • Living Benefit providing 80% of Life Benefit for Terminally Ill
  • Beneficiary Assist® professional counseling service
  • Travel Assist®

Additional Options

The Council's Employee Benefits Group offers additional plan designs that can tailored specifically to meet the needs of your employees. Please contact us to discuss your options.

Rates

Please contact your a representative at the Council's Employee Benefits Group to receive a personalized quote.

Voluntary Life

The Council's Employee Benefits Group offers a Voluntary Life Insurance program to member firms with 25 or more employees. The enrollment requirement is 25% or 15 lives, whichever is the greater of those eligible.

The Voluntary Life Program provides employees with a cost-effective way to purchase additional coverage for themselves, their spouses and their dependents. This program is easily administered through payroll deduction.

Plan Highlights

  • Employee benefits available in $10,000 increments to the lesser of 5 times the salary or $1,000,000
  • Spouse benefits available in $5,000 increments to $500,000
  • Dependent child benefits available in $2,000 increments to $10,000 with children less than 6 months, $1,000

Rates

Please contact a representative at the Council's Employee Benefits Group to receive a personalized quote.

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This information is not intended for use without professional advice. While we have attempted to make this site as accurate as possible, it is only a summary. For more information, see our disclaimer.


Last updated on:  Monday, January 30, 2006  Page: 

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