Premium
Insurance Rates for LTD Coverage are composite
rates for the whole group covered under the
Union LTD Plan. This allows everyone in
the plan to pay the exact same Insurance Rate
for coverage.
The
LTD Plan composite Rate is charged per each $100
of earned monthly income insured under the LTD
disability contract.
An example
of a calculation for the monthly premium of a
LTD plan is as follows using a classified hourly
wage rate of $27.00 per hour:
$27 per hour wage rate x40
hour work week
$1,080 weekly wage base x52
weeks per year
$56,160 Base Annual Salary ÷12
months per year
$4,680 classified wage x.0066 .66 per $100
insurance rate
$30.89 monthly cost for LTD Plan
Copyright 2013
Allison-Brock, Inc.
P.O. 8727
Roanoke, VA 24014
1-877-347-7687 Toll-Free
