Voluntary Coverages Based on Minister/Employee Election.
These premiums are to be paid on an after-tax basis to avoid taxation of any benefits paid out on a claim.
- Group Term Life and AD&D Insurance in units of $10,000 up to $500,000 maximum.
Basic $10,000 Group Term Life Insurance ($5.25 per month)
Spouse and children can also be added to this coverage.
2. Long Term Disability, 60% of total salary and housing, 6 month waiting period.
In order to compute the cost of the Long Term Disability premium follow the steps below.
- Add all taxable income (salary, housing,)
- Multiply that total by 60% to determine the maximum annual benefit
- Example: 40,000 total salary x 60% = 24,000 max benefit /12 = 2,000 = monthly benefit
- Multiply the total of all taxable income by .28 per hundred to determine the annual premium.
- Example: (40,000/100) x .28 = (400 x .28) = 93.20; 93.20 /12 = 7.77 monthly premium.
3. Short-Term Disability with a two week waiting period and a 6 month coverage period.
Please contact us with any questions or to request an enrollment form.