Life Insurance Protects Your Family’s Financial Security
As an important part of your personal financial planning, Olympic Steel provides you with employee life and accidental death and dismemberment (AD&D) insurance coverage at no cost to you. You receive:
- $50,000 of term life insurance
- $50,000 AD&D coverage up to age 70
Supplemental Life and AD&D Insurance
You also have the opportunity to purchase additional life insurance for yourself, your spouse, and your children at group rates. Evidence of Insurability (EOI) may be required if you add or increase your elections outside of your initial enrollment period.
Resources
Supplemental Life – Employee, Spouse & Child(ren)
| Cost per week | |||
| Age | Employee Per $25,000 Coverage |
Spouse Per $5,000 Coverage |
Child(ren)** Per $10,000 Coverage |
| 15-24 | $0.808 | $0.162 | $0.293 |
| 25-29 | $0.808 | $0.162 | |
| 30-34 | $0.808 | $0.162 | |
| 35-39 | $0.987 | $0.197 | |
| 40-44 | $1.419 | $0.284 | |
| 45-49 | $2.129 | $0.426 | |
| 50-54 | $3.387 | $0.677 | |
| 55-59 | $5.440 | $1.088 | |
| 60-64 | $8.342 | $1.688 | |
| 65-69 | $14.140 | $2.828 | |
| 70-74 | $26.880 | $5.368 | |
| 75+ | $50.940 | $10.139 | |
*Use age you will be when coverage becomes effective.
**One child policy covers all of the eligible children in the family. Coverage is until age 19 or to age 26 if child is full-time student. The maximum amount of coverage for children live birth to six months is $1,000.
Supplemental Life with AD&D Provision – Spouse |
|||||||
| Age | Rate/$1,000 | $12,500 | $25,000 | $37,500 | $50,000 | $62,500 | $75,000 |
| <20 | $0.0346 | $0.43 | $0.87 | $1.30 | $1.73 | $2.16 | $2.60 |
| 20-24 | $0.0346 | $0.43 | $0.87 | $1.30 | $1.73 | $2.16 | $2.60 |
| 25-29 | $0.0346 | $0.43 | $0.87 | $1.30 | $1.73 | $2.16 | $2.60 |
| 30-34 | $0.0346 | $0.43 | $0.87 | $1.30 | $1.73 | $2.16 | $2.60 |
| 35-39 | $0.0425 | $0.53 | $1.06 | $1.59 | $2.13 | $2.66 | $3.19 |
| 40-44 | $0.0609 | $0.76 | $1.52 | $2.28 | $3.05 | $3.81 | $4.57 |
| 45-49 | $0.0916 | $1.15 | $2.29 | $3.44 | $4.58 | $5.73 | $6.87 |
| 50-54 | $0.1456 | $1.82 | $3.64 | $5.46 | $7.28 | $9.10 | $10.92 |
| 55-59 | $0.2340 | $2.93 | $5.85 | $8.78 | $11.70 | $14.63 | $17.55 |
| 60-64 | $0.3577 | $4.47 | $8.94 | $13.41 | $17.89 | $22.36 | $26.83 |
| 65-69 | $0.6092 | $7.62 | $15.23 | $22.85 | $30.46 | $38.08 | $45.69 |
Child Life Coverage $0.46/week for $10,000 of coverage
Supplemental AD&D Cost Per Week
| Coverage Amount | Weekly Rate | |
| Employee | Per $25,000 of coverage | $0.173 |
| Spouse | Per $5,000 of coverage | $0.058 |
| Child(ren) | Per $10,000 of coverage | $0.115 |
Voluntary Life and AD&D
| Employee | Spouse | Children | |
| Life Insurance | 5x your earnings up to a maximum of $150,000, in increments of $25,000 | No more than 50% of the employee’s amount, up to $75,000 |
$10,000 covers all eligible children who are under age 19 or if a full-time student until 26th birthday. Maximum amount for children live birth to 6 months is $1,000 |
| AD&D Insurance | Get up to $500,000 of AD&D coverage for yourself in $25,000 increments to a maximum of 10x your earnings |
Get up to $75,000 of AD&D coverage for your spouse in $5,000 increments, if eligible |
*Each family member’s coverage is a percentage of the benefit amount you select. Coverage will depend upon who your insured family members are at the time of a covered accidental loss.
To reach UNUM, call 1-866-679-3054 or visit www.unum.com with questions regarding your Life & AD&D Insurance, Accident Insurance and Disability Insurance.
