Skip to content

  • Print
HR

Update on optional life insurance and accident policy premiums for 2018

Jan 4, 2018

Beginning with the first paycheck of 2018 (pay date of Jan. 12, 2018) benefit premium deductions will be based on 26 pay periods rather than 24. Employees paid biweekly (26 pay periods) will have benefit deductions withdrawn from all paychecks. There is an exception to this. If you are enrolled in optional life insurance (self, spouse, or dependent children) through Liberty Mutual or a whole life or an accident policy through Unum, these deductions will continue to be withheld over 24 payrolls.

The rates for Liberty Mutual are as follows:

Optional Term Life and AD&D Rates 
COST PER PAY PERIOD FOR $1,000 OF OPTIONAL TERM LIFE AND AD&D INSURANCE
Age Employee & Spouse   Age Employee & Spouse    
Under 30   $0.035  50-54      $0.125
30-34 $0.038 55-59 $0.225
35-39 $0.048 60-64 $0.285
40-44 $0.060 65-69 $0.510
45-49 $0.085 70-74 $0.885


Example Calculations:

  • If a 33-year-old employee selected Optional Life & AD&D coverage of 1 times annual salary which equaled $50,000, his/her cost per pay period would be $1.90. [0.038 (the cost per pay period for one unit of $1,000 coverage) x 50 = $1.90]
  • If the 33-year-old employee selected Optional Life & AD&D coverage for a 33-year old spouse in the amount of $20,000, his/her cost per pay period would be $0.76. [0.038 (the cost per pay period for two units of $1,000 coverage) x 20 = $0.76]

Optional Term Life and AD&D Insurance for Dependent Children

  Coverage Amount  $5,000 $10,000   $20,000 
  Cost per Pay Period       $0.22 $0.44 $0.88

The rates for Unum whole life or an accident policy were given to you directly from Unum. If you have questions regarding these rates, please contact a Unum representative directly at 800.635.5597.

If you have any questions, please contact employee_benefits@pacific.edu.

Join University of the Pacific on: Facebook Twitter Instagram LinkedIn Youtube