SURVIVOR BENEFITS
Basic and Supplemental Life Insurance The Airports Authority offers you Basic Life Insurance equal to your base annual salary, rounded to the next $ 1,000, multiplied by two. You and the Airports Authority share the cost of Basic Life Insurance. You may purchase supplemental life insurance coverage from one to five times your base annual salary. You will need to complete a statement of health form for life insurance that you want to enroll in or increase, such as changing your supplemental life insurance from one times your base salary to two times your base salary. The total combined Basic and Supplemental Life Insurance benefit amount cannot be more than $ 1.5 million. You pay the full cost of Supplemental Life Insurance with after-tax dollars. The cost of coverage depends on your age and the coverage amount you select.
COST OF BASIC AND SUPPLEMENTAL LIFE INSURANCE
AGE
BI-WEEKLY RATE PER $ 1,000 OF COVERAGE
Less than 30 $ 0.0175 30-34 $ 0.0222 35-39 $ 0.0300 40-44 $ 0.0526 45-49 $ 0.0872 50-54 $ 0.1546 55-59 $ 0.2271
Your biweekly cost per $ 1,000 of Basic Life Insurance coverage is $ 0.0362. To calculate your biweekly cost, follow these steps:
1 Round your base annual salary up to the next higher $ 1,000.
For example, if your salary is $ 41,150, you would round it up to $ 42,000.
2 Multiply the result of Step 1 by two. For example, $ 42,000
multiplied by two is $ 84,000.
3 Divide the result of Step 2 by $ 1,000. For example, $ 84,000 ÷
$ 1,000 = 84.
4 Multiply the result of Step 3 by $ 0.0362. For example, 84 X
$ 0.0362 = $ 3.04. This is the amount you would pay biweekly.
Did you know?
MWAA pays 50 % of the Basic Life insurance premiums.
If Randy enrolled in Basic Life earning $ 42,000:
On a bi-weekly basis: Randy’ s deduction: $ 3.04
MWAA pays: $ 3.04
Total Reward for Basic Life( MWAA paid): $ 79.04
The cost per $ 1,000 of Supplemental Life Insurance coverage depends on your age, as shown to the right.
To calculate the biweekly cost of Supplemental Life Insurance coverage, follow these steps.
1 Round your base annual salary up to the next higher $ 1,000.
For example, if your base annual salary is $ 49,700, you would round it up to $ 50,000.
2 Multiply the result of Step 1 by the number of salary levels you
want to purchase, from one to five times salary. For example, if you wish to purchase Supplemental Life Insurance equal to two times salary, you would multiply the result of Step 1($ 50,000) by two for a result of $ 100,000.
3 Divide the result of Step 2 by $ 1,000. In our example,
$ 100,000 ÷ $ 1,000 = 100.
4 Multiply the result of Step 3 by the rate that corresponds to
your age. For example, if you are 36 years old, your rate per $ 1,000 of coverage is $ 0.0300. Multiply the result of Step 3( 100) by $ 0.0300 for a biweekly cost of $ 3.00.
60-64 $ 0.3586 65-69 $ 0.8682 70-74 $ 0.9508
Newly eligible employees who elect to purchase Basic and Supplemental Life with a combined amount of $ 500,000 or more, or elect Supplemental Life in the amount of four or five times their salary, will need to submit a statement of health form to MetLife. Current employees who increase coverage will also need to submit a completed statement of health form. MetLIfe must approve the application before coverage will go into effect.
Did you know?
You can request to enroll in( or waive) life insurance at any time.
Log into Workday
• Click Change Benefits under Tasks and Reports
• Select Benefits Allowed to Change Anytime
• Enter Current Date
• Click Submit to begin the process
14 | METROPOLITAN WASHINGTON AIRPORTS AUTHORITY