Family Life Financial Services Inc. - Greater Lansing Financial Services

Insurance Monthly Cost In Retirement
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Insurance Monthly Cost In Retirement - Family Life Financial Services

Basic Insurance Monthly Cost In Retirement

Full Coverage to age 65, then:

Monthly Cost Per 1,000 of Your Basic Insurance Amount

Before You Reach Age 65 You Pay the TOTAL of BOTH the Regular Premium and the Extra Premium

After You Reach Age 65, Continuing for Life

Regular Premium

Extra Premium for 50% or No Reduction

Total Cost

 

75% Reduction - reduces two percent of the the BIA per month after you reach age 65, until 25% of the amount at retirement remains.

$0.3358 per $1000

Nothing

$0.3358 per $1000

Nothing

50% Reduction - reduces one percent of the the BIA per month after you reach age 65, until 50% of the amount at retirement remains.

$0.3358 per $1000

$0.59 per $1000

$0.9258 per $1000

$0.59 per $1000

No Reduction - 100% of the BIA remains for life.

$0.3358 per $1000

$2.04 per $1000

$2.3758 per $1000

$2.04 per $1000

 

1. Basic Insurance Amount (BIA) - Your final annual basic pay, rounded up to the next higher $1,000, plus $2,000 (or a minimum of 10,000) (or the post-election BIA you had after your election of a partial Living benefit). Your BIA does not include the Extra Benefit or Accidental Death and Dismemberment coverage.

 

2. We automatically stop the regular premium on the first day of the month after you reach age 65. If you retire after reaching age 65, you do not pay the regular premium.

 

3. The reductions start the first day of the second month after you reach age 65, or the first day of the second month after retire, if later.

 

Premiums May Change

Optional Insurance Monthly Cost In Retirement

Your Age Group*

Option A

Option B

Option C

Total

Per $1000 Insurance

Per Multiple

Full Reducation

No Reducation

No Reducation

No Reducation

Under 35

$0.65

$0.065

$0.065

$0.59

$0.59

35 - 39

0.87

0.087

$0.087

$0.74

$0.74

40 - 44

1.30

0.130

0.130

1.00

1.00

45 - 49

1.95

0.217

0.217

1.30

1.30

50 - 54

3.03

0.325

0.325

1.95

1.95

55 - 59

5.85

0.672

0.672

3.14

3.14

60 - 64

13.00

1.517

1.517

5.63

5.63

65 - 69

Free

Free

1.517

Free

6.50

70 and over

Free

Free

1.517

Free

7.37

Premiums May Change

Note: Compensaationers pay premiums every 4 weeks, rather than every month. There, although the annual total is the same, their 4-week premiums will be slightly less then the monthly premiums in these tables.