Group Term Life (GTL) Setup?

Greetings,

We are trying to add a Group Term Life (GTL) in Lawson. The plan allows employees to elect an insurance amount that's equal to 1x, 2x or 3x their annual salary. The rate they pay is based on age and coverage amount. For example a 30 year old making 40K/yr and elected 1x would pay $2.60 per pay period but 50 year old earning 100K and elected 1x would pay $33.5.

Does anyone have a similar plan setup they can share or know of the best practice for setting this up?

Thanks in advance.

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Comments

simon-gliddon

Hi. What you are describing is a Supplemental Life plan in which rates are based on age. You can configure this plan on the BN15.1 form and you can associate the contributions to an Age Rate Table.

slivak

Is the premium rate per $1,000 the same, regardless if they select 1X, 2X or 3X?

unknown

Is the premium rate per $1,000 the same, regardless if they select 1X, 2X or 3X?

Hi Mark, yes it is. The only variable is age.

sriman-shivakoti

Is this an employer sponsored plan that provides that coverage? That is when GTL kicks in, I believe. A combination of plan set up and running BN150 as part of the payroll process creates GTL time records based on coverage over 50K and the employees age. I hope this helps

slivak

OK. It's been a few years since we outsourced our benefits, but I think I can still figure out what you need from our old settings.

Set up your plan on BN15:

Category = 15
Contribution Type = 4

Click the Contribution button at the bottom of the screen. This should take you to BN18.4, Salary or Coverage Rate Table.

Contribution Tax Type: P
Default Tax Type: P
Coverage or Salary: C
Cost Per: 1000.00
Rate Table: Right-Click and select Define, then click Age Rate Table. This should take you to BN02.1 - Age Rate Table. This is where you set up your age rates. I have attached a screen print of what one of our age rate tables looks like. (Email me if the attachment doesn't come through: mpetereit@mcleodhealth.org)

[View:/cfs-file/__key/communityserver-discussions-components-files/18/BN02.zip:320:240]

slivak

And I seem to recall there were some math shenanigans required to get the premiums to come out right. Due to the fact that the premium/1,000 was a monthly rate, but we paid biweekly, so we had to divide the premium in half (we don't take benefit deductions on the 3rd paycheck in a month.)

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