LIFE AND AD&D INSURANCE
Centurion provides basic life and AD&D insurance to all benefits-eligible employees AT NO COST. You have the option to purchase supplemental life and AD&D insurance.
Depending on your personal situation, basic life and AD&D insurance might not be enough coverage for your needs. To protect those who depend on you for financial security, you may want to purchase supplemental coverage. Use the calculator here to find the right amount for you.
SUPPLEMENTAL LIFE INSURANCE
Centurion provides you the option to purchase supplemental life insurance for yourself, your spouse, and your dependent children through New York Life.
You must purchase supplemental coverage for yourself in order to purchase coverage for your spouse and/or dependents. Supplemental life rates are age-banded. Benefits will reduce to 65% at age 65, 45% at age 70, 30% at age 75, and to 20% at age 80.
- Employee: Coverage is available in $10,000 increments up to $1,250,000 or 4x annual salary, whichever is less. Guaranteed issue is lesser of 4x salary or $200,000.
- Spouse: $5,000 increments up to 100% of the employee’s election or $250,000, whichever is less—guarantee issue: $25,000.
- Dependent children: $10,000. Guaranteed issue is $10,000.
Voluntary Life Insurance Costs
Listed below are the biweekly rates per $1,000 of coverage (26 pay periods per year) for voluntary life insurance. The amount you pay for coverage is deducted on a post-tax basis. Employee life rates are based on your age as of January 1, 2021. Spouse life rates are based on your spouse’s age as of the January 1, 2022.
How to Calculate Your Per-Pay-Period Life Premium
The following steps will help you calculate your per-pay-period life insurance premium cost:
- Divide your coverage amount by $1,000.
- Multiply that figure by the rate that corresponds with your age (see table).
- This is your per-pay-period cost.
ELECT COVERAGE NOW!
If you elect supplemental coverage when you’re first eligible to enroll, you may purchase up to the guarantee issue amount(s) without completing a statement of health (evidence of insurability). If you do not enroll when first eligible, and choose to enroll during a subsequent annual open enrollment period, you will be required to submit evidence of insurability for any amount of coverage. Coverage will not take effect until approved by New York Life.
VOLUNTARY LONG-TERM DISABILITY INSURANCE
Centurion provides the option to purchase voluntary long-term disability (LTD) insurance through New York Life to all benefit-eligible employees after six months of continuous employment. LTD insurance is designed to help you meet your financial needs if your disability extends beyond the STD period.
- Benefit: 60% of base monthly pay up to $6,000 per month
- Elimination period: 90 days
- Benefit duration: Two years own occupation then any occupation to age 65
Voluntary LTD Insurance Costs
Listed below are the bi-weekly rates per $100 of monthly salary (26 pay periods per year) for voluntary LTD insurance based on your age as of January 1, 2021. The amount you pay for coverage is deducted on a post-tax basis.
How to Calculate Your Monthly LTD Premium
The following steps will help you calculate your monthly LTD insurance premium cost:
- Divide your annual earnings by 12 to get to your monthly earnings. If your monthly earnings are greater than $10,000, use $10,000 as your monthly earnings.
- Divide that figure, your monthly earnings, by 100.
- Multiply the rate that corresponds with your age (see table) by 26 and divide by 12, to get a monthly rate.
- Multiply your monthly earnings from step 2 with your monthly rate from step 3.
- This figure represents your monthly premium cost.
Voluntary Critical illness
Centurion provides you the option to purchase voluntary critical illness coverage through The Hartford.
Critical illness insurance provides a financial, lump-sum benefit upon diagnosis of a covered illness. These covered illnesses are typically very severe and likely to render the affected person incapable of working. Because of the financial strain these illnesses can place on individuals and families, critical illness insurance is designed to help you pay your mortgage, seek experimental treatment, or handle unexpected medical expenses.
- Employee: $5,000, $10,000, $20,000 or $30,000—guarantee issue: $30,000
- Spouse: 100% of employee's election—guarantee issue: 100% of employee's election
- Dependent children: Up to age 26: 50% of employee's election—guarantee issue: 50% of employee's election
- Health screening benefit: $100
Voluntary Accident Insurance
Centurion provides you the option to purchase accident insurance through The Hartford.
Accident insurance helps protect against the financial burden that accident-related costs can create. This means that you will have added financial resources to help with expenses incurred due to an injury, to help with ongoing living expenses, or to help with any purpose you choose. Claims payments are made in flat amounts based on services incurred during an accident.
ACCIDENT INSURANCE COSTS
Listed below are the per-pay-period (26 pay periods per year) costs for accident insurance. The amount you pay for coverage is deducted from your paycheck on a post-tax basis.
HOSPITAL INDEMNITY INSURANCE
Centurion provides you the option to purchase hospital indemnity insurance through the Hartford.
Hospital indemnity insurance will pay benefits that help you with costs associated with a hospital visit such as a covered accident, illness, or childbirth. This benefit pays you a lump-sum upon admittance so that you can choose how best to cover your expenses. You also receive a $50 wellness benefit every year when you complete a health screening.
- Hospital admission: Low plan $1,000 per admission; High plan $1,500 per admission
- Daily hospital confinement: Low plan $100 per day*; High plan $150 per day*
- Hospital intensive care unit confinement: Low plan $200 per day*; High plan $300 per day*
*Up to 30 days per calendar year
HOSPITAL INDEMNITY COSTS
Listed below are the per-pay-period (26 pay periods per year) costs for hospital indemnity insurance. The amount you pay for coverage is deducted from your paycheck on a post-tax basis.
Voluntary Pet Insurance
Centurion provides you the option to purchase voluntary pet insurance through Nationwide. You have two plan options to choose from: My Pet Protection and My Pet Protection with Wellness. My Pet Protection includes accidents, illnesses, and surgeries, while My Pet Protection with Wellness includes wellness exams, vaccinations, dental cleanings, and more. You can purchase a plan that best suits your budget. For pricing and additional information, contact Nationwide at 888-899-4874 or www.petinsurance.com/centurion.
You will see Pet Insurance as an available option in the benefits enrollment system (www.YourCenturion.com). To elect coverage, you need to contact Nationwide to request and insurance quote and enroll. Nationwide will provide your enrollment data to Centurion, and your payroll deductions will generally begin on the next paycheck.