Life Insurance Age Reduction Schedule
Beginning on and after your 70th birthday, your life insurance benefit decreases. Your benefit is payable as a percentage of the amount otherwise payable as follows:
|Age Range||Payable Percentage|
|70 to 74||45%|
|75 to 79||35%|
|80 to 84||15%|
|85 and older||10%|
For example, if you are 72 and elected $100,000 of coverage, your benefit payable would be $45,000 (calculated as $100,000 x 0.45 = $45,000).
Your premiums are also reduced relative to your reduced benefits; so if you are receiving 45% benefit, you only pay 45% of the premium.