We have always had supplemental life as a multiple of salary. 1, 2, or 3 times salary.
This year we are changing to increments of $25.
I am really struggling on how to set up the plan to calculate the premium from $25K to $450K in increments of $25.
Do I set up 18 different coverage/premium records?
and this isn't even factoring in the age reduction for 65 and 709
I am considering just having the benefit 0 coverage and flat amount. And allow manual input of the premium amount.
BUT that will be a problem when employees want to see what coverage they have. They can see the premium but not the coverage.
And the file to the carrier, would not have the coverage amount on it.
How you do set up a supplemental life plan with increments of $25K and reduced at 65 and 70?
Help. Please.