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| Solo W-2™ — Group Life and AD&D Insurance |
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Free Basic Employee Coverage |
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Coverage is provided by Aetna Insurance. |
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The first $10,000 in coverage for both the Life Insurance and the AD&D is FREE to all Solo W-2™ employees. |
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Option To Buy Up |
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Solo W-2, Inc. employees have the option to purchase additional guarantee issue Life Insurance and Accidental Death and Dismemberment Insurance at deeply discounted group rates. Rates are based on your age. |
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Premiums for additional insurance coverage above $10,000 are paid out of your division's revenue stream.
- Premiums for the portion of insurance benefit between $10,000 and $50,000 are paid with tax-exempt dollars.
- Premiums for the portion of insurance benefit greater than $50,000 are subject to very favorable Table 1 tax rates.
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Summary of Basic Employee Life Benefits
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Eligibility: All full time employees (32+ hours/week). |
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Coverage amount: $10,000.00 Life / $10,000 AD&D. |
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Division Payment: $0.00 (zero) - Basic coverage is FREE. |
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Paycheck Deduction: $0.00 (zero) - No deduction from paycheck. |
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Age Reduction: By 35% @ 65. By 60% @ 70. By 75% @ 75. |
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Accelerated Death Benefit: 50% of the employee’s coverage amount to the employee and/or spouse in the event of life expectancy of 12 months or less. Maximum $5,000. Minimum $5,000. |
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Disability Provision Premium Waiver: Age 60 to the earlier of Social Security Normal Retirement Age (SSNRA) or retirement. |
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AD&D Ultra: Provides 24 hour protection for accidents that cause loss of life, limb, or sight, plus other benefits (e.g. passenger restraint and airbag, education, child care, repatriation, and coma). |
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Conversion Privilege: Allows covered employees the opportunity to convert their term life insurance coverage to a whole life individual insurance policy. |
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Aetna Benefits Checkbook: For amounts $10,000 and over automatically deposits benefit into an Aetna Benefits Checkbook account in the beneficiary’s name. There are no withdrawal penalties, per check charges or service fees. Interest compounds daily at a competitive rate and is credited monthly to the account. |
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Aetna Beneficiary Solution: Offers beneficiaries the opportunity to consult with Financial Planning specialists and assist beneficiaries in their financial decision making process. |
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Legal Reference Programs: Provide access to a variety of free and discounted legal services and information including, downloadable legal forms, discounted will preparation services and legal consultations. |
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Exclusions: Refer to plan documents for limitations and exclusions. |
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Summary of Supplemental Employee Life Benefits |
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Eligibility: All full time employees (32+ hours/week). |
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Coverage Amount: Increments of $10,000 to a maximum of $500,000 for employee. |
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Division Payment: Monthly cost of premium paid by your division for benefit above $10,000 is based on age band and level of benefit:
- Under Age 30: $0.060/$1,000
- Age 30 - 34: $0.090/$1,000
- Age 35 - 39: $0.110/$1,000
- Age 40 - 44: $0.150/$1,000
- Age 45 - 49: $0.220/$1,000
- Age 50 - 54: $0.370/$1,000
- Age 55 - 59: $0.590/$1,000
- Age 60 - 64: $0.690/$1,000
- Age 65 - 69: $1.270/$1,000
- Age 70 - 74: $2.060/$1,000
- Over Age 74: $2.060/$1,000
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Paycheck Deduction: $0.00 (zero) - No deduction from paycheck. |
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Guaranteed Issue Amount: 3x basic annual salary or $100,000, whichever is less. |
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Additional Provisions: Age Reductions, Accelerated Death, Disability Provision, and Rate Guarantee are the same as listed under the Basic Life Features. |
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| Solo W-2™ employees, client representatives and site visitors. We want to hear your opinions, experiences and suggestions. |
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