life insurance set up

We have life insurance in $25K increments up to $200K available for employees to enroll in coverage. It does not include dependents. Employee only.

the life insurance has a rate for each of the $25K levels.

And the policy has an age reduction.

Do I need to set up 8 different coverage options? 25K, 50K 75K 100K 125K 150K 175K 200K

And employees would select the option they wish to enroll in?

And then apply the age reduction to that?

We have previously had supplemental life in 1, 2, 3 X increments. and the rate was calculated based on their current salary. If their salary changed, their rate and coverage changed.

Now it will be a set coverage and rate until they reach 65.

Thanks for any feedback.

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john-miller

Sounds like a normal setup for life insurance (Coverage Type = 2 - Coverage Amounts, and Contribution Type (4 - Salary or Coverage Rate)
In your Coverage Table, set the increments to $25K and a limit of 200K. Then on the Contribution Table set the contribution per $25K and use an Age Rate table for the Rate Per $25K for each age range.

If I'm reading that as they can only have X amount of coverage based on their Age, just setup Employee groups based on their age and Set the limit for each EE Group. You may be able to get away with a single Contribution record if you setup the Age Rate table correctly.

unknown

Thank you. I can set up the increments of $25 K already, but when I try to add the age reduction it will not allow me to.

Employees elect increments of $25K but if they are 65 it is reduced.

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