MMC Benefits Handbook
Cost of Coverage
The following table shows the monthly cost of Group Variable Universal Life Insurance coverage per $1,000 of coverage, based on your age (or your spouse/domestic partner's age) as of January 1 of the current year. Keep in mind, that coverage for your spouse or domestic partner and/or child(ren) is only available when you elect coverage for yourself.
Monthly Rates Per $1,000 of Coverage
Spouse/ Domestic Partner
Under 30
30 - 34
35 - 39
40 - 44
45 - 49
50 - 54
55 - 59
60 - 64
65 - 69
70 - 74
75 - 79
80 - 84
The cost of coverage increases with age because of the increased cost in providing coverage in later years.
Keep in mind, you can elect a death benefit for yourself equal to one to eight times your salary rounded to the next $1,000, if not already an even multiple of $1,000.
Example: An employee with a salary of $50,100 who elects three times GVUL Insurance will have a benefit of $151,000 ($150,300 rounded up to $151,000).
This benefit is in addition to any benefit received under the Company-paid Basic Life Insurance Plan.
The Plan will pay up to a maximum death benefit amount of $5 million.
You can elect a death benefit for your spouse/domestic partner in $10,000 increments up to a maximum of $150,000.
When you elect to cover your child(ren), the monthly cost is $0.130 per $1, 000 of coverage.
Will my costs change?
The cost of coverage for you or your spouse/domestic partner is age-related. Your cost will change when you or your covered spouse/domestic partner reach certain age brackets. Generally, these changes may occur each January 1.
The Company reserves the right to change the amount you are required to contribute at any time.
Are the rates different for non-smokers?
No, the rates for non-smokers are not different from smokers under the GVUL Insurance Plan.
Do I pay for my coverage with before-tax or after-tax dollars?
You pay for your GVUL Insurance Plan coverage with after-tax dollars.
Is the benefit payment taxable?
The benefit payment is not subject to federal income taxes and in most cases state income taxes.
The death benefit may be subject to federal estate taxes.
Tax rules change from time to time. Please note that the information contained in this Benefits Handbook section must not be construed as tax advice, which you can receive only from a professional tax advisor, who should be consulted on federal and state income, gift and estate tax questions.