Employer Bulletin
Local Employers
Vol. 16, Local A
March 25, 1999
Life Insurance Rates for Local Employes Will Decrease in
1999
Recent claims experience in the Wisconsin Public Employers Group
Life Insurance plan for local government employes has been very
favorable. As a result, the Group Insurance Board approved a reduction
in premium rates for basic, supplemental and additional coverage
at ages under 30 and at ages 45 through 64. Premium rates will also
decrease for the Over Age 70 Additional insurance at all age categories.
The overall premium decrease for active employes is 6.4%.
The rates for local government employes, effective July 1, 1999,
will be as follows:
Basic, Supplemental and Additional Insurance
Monthly
Premium Rate
Per $1000 of Insurance |
|
Age
|
Current
|
New
(effective 7/1/99)
|
Percent
Reduction
|
| Under
30 |
$.06 |
$.05 |
17% |
| 30-34 |
.06 |
.06 |
0 |
| 35-39 |
.07 |
.07 |
0 |
| 40-44 |
.10 |
.10 |
0 |
| 45-49 |
.l7 |
.16 |
6 |
| 50-54 |
.31 |
.30 |
3 |
| 55-59 |
.53 |
.48 |
9 |
| 60-64 |
.60 |
.53 |
12 |
| 65-69 |
.60 |
.60 |
0 |
Over Age 70 Additional Insurance
| Monthly
Premium Rate
Per $1,000 of Insurance |
| Age
|
Current
|
New
(effective 7/1/99) |
Percent
Reduction |
| 70 |
$1.60 |
$1.25 |
22% |
| 71 |
1.80 |
1.50 |
17 |
| 72 |
2.00 |
1.75 |
12 |
| 73 |
2.20 |
2.00 |
9 |
| 74 |
2.45 |
2.25 |
8 |
| 75 |
2.70 |
2.50 |
7 |
| 76 |
2.95 |
2.75 |
7 |
| 77 |
3.25 |
3.05 |
6 |
| 78 |
3.60 |
3.40 |
6 |
| 79 |
4.00 |
3.75 |
6 |
| 80 |
4.40 |
4.15 |
6 |
| 81 |
4.85 |
4.60 |
5 |
| 82 |
5.35 |
5.10 |
5 |
| 83 |
5.85 |
5.60 |
4 |
| 84 |
6.40 |
6.15 |
4 |
| 85 |
6.95 |
6.75 |
3 |
| 86 |
7.55 |
7.40 |
2 |
| 87 |
8.15 |
8.10 |
1 |
| 88 |
8.85 |
8.80 |
1 |
| 89 |
9.65 |
9.60 |
1 |
Spouse and Dependent Coverage
This premium remains unchanged at $3.00 per unit of coverage.
Contact
If you have questions on the rate structure of the Group Life Insurance
program, please contact Marcia Blumer at (608) 266-2640. If you
have questions about reporting life insurance premiums to Minnesota
Life Insurance Company, contact Kay Herms at (608) 277-8690.
|
