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Contents of the Manage Coverage Amounts By Age Screen

Use the fields and options to configure the Manage Coverage Amounts By Age screen.

Identification

Field Description
Coverage Table Code

Enter a unique code to identify this coverage table.

Description

Enter a description or name for the coverage table.

Coverage Amounts by Age Table Window

Field Description
From Age

After you click the New Record button on the toolbar, enter up to three digits that identify the age (in whole number years) at which to start the range. In the first row, this field must be 0. Subsequent rows must equal the previous row's To Age + one year. For example, for the age range 0 - 19, you enter 0 in this field on the first row. On the second row, this field will be 20. This is a required field.

To Age

Enter up to three digits to identify the age (in whole number years) at which the range ends. This value must be equal to or greater than the value in the From Age field. For example, for the age range 0 - 19, you enter 19 in this field on the first row. This is a required field.

Calculation Method

From the drop-down list, select the calculation method option. Valid options are:

  • Factor
  • Amount

If you select Factor in this field, the system calculates the coverage by multiplying the employee's salary by the factor that you enter in the Coverage column. Select Amount if you want the amount that is entered in the Coverage column to be the actual coverage amount.

Coverage

Enter the amount of coverage for an employee in this age bracket. You can enter an amount as large as $999,999,999.99. However, if this value represents a factor, it cannot exceed 100.00. This is a required field.

Coverage Limit

Enter the coverage limit amount for an employee in this age bracket. You can enter an amount as large as $999,999,999.99.  You can edit this field only if the Calculation Method is Factor. If the Calculation Method is Amount, this field defaults to $999,999,999.99 and becomes disabled.

Example of Table Setup

If your company offers life insurance at different coverage amounts based on the ages of the employees, you could set up a table similar to the one below:

AgeRanges Calculation Method Coverage Coverage Limit
0 - 19 Factor 5 400,000.00
20 - 29 Factor 4 400,000.00
30 - 39 Factor 3 400,000.00
40 - 49 Factor 2 400,000.00
50 - 99 Factor 1 400,000.00

According to this table, employees through the age of 19 receive five times their annual salary in life insurance coverage. Employees from age 20 through age 29 receive four times their annual salary in life insurance coverage, and so on. The age of an employee is determined by the option you selected in the Age Calculation Method group box in the Coverage Options subtask of the Manage Benefit Plans screen. A coverage limit of $400,000.00 is applied to all age brackets.