How Much Does it Cost?
Supplementary Term Group Life premiums are based on the age of the insured and are applied to each $1,000 of coverage.
The table below provides estimated costs for Supplemental Term Life coverage as of January 1, 2014.
|
Age |
Monthly Cost Per $1,000 of Coverage |
|---|---|
|
20 - 24
|
$0.07
|
|
25 - 29
|
$0.07
|
|
30 - 34
|
$0.07
|
|
35 - 39
|
$0.10
|
|
40 - 44
|
$0.16
|
|
45 - 49
|
$0.27
|
|
50 - 54
|
$0.46
|
|
55 - 59
|
$0.77
|
|
60 - 64
|
$1.05
|
|
65 - 69
|
$1.72
|
Premiums for dependent children are a flat $2.10 per month—regardless of how many children you insure.
How to Calculate your Monthly Premium
- Determine the coverage you want and divide by 1,000
- Find your age range on the chart and determine the Monthly Cost Per $1,000 of Coverage for your age group
- Multiply the number from step 2 by the Monthly Cost Per $1,000 of Coverage
For example, if you are 46 and want to purchase 60,000 in coverage, multiply $0.27 x 60. Your monthly premium is $16.20
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