Life & AD&D
Basic Life and AD&D Insurance
Michaels provides free Basic Life Insurance and Accidental Death & Dismemberment (AD&D) of one times your eligible annual earnings, up to $150,000, paid by Michaels for all eligible full-time Team Members.
Note: Basic Life Insurance and AD&D coverage terminates when you turn age 70.
Optional Life and AD&D Insurance
If you are a full-time Team Member and want additional financial protection, you may buy optional life and AD&D insurance, up to $250,000, for yourself and/or your spouse. You pay the full cost of this coverage if you elect it.
If you are a new hire, you can elect optional life coverage up to $30,000 without answering any health questions. Coverage amounts more than $30,000 and all spousal optional life amounts require proof of good health, and you will need to complete a Statement of Health. Coverage will not be effective until your Statement of Health is approved by Sun Life Financial.
Note: Optional life insurance coverage terminates at age 65.
What the Plans Cost (Monthly)
Optional Life Insurance Premium Cost
| Age | Male Non-Smoker Rate per $10,000 of Coverage | Male Smoker Rate per $10,000 of Coverage | Female Non-Smoker Rate per $10,000 of Coverage | Female Smoker Rate per $10,000 of Coverage |
|---|---|---|---|---|
| Age18-29 | Male Non-Smoker Rate per $10,000 of Coverage$.70 | Male Smoker Rate per $10,000 of Coverage$1.30 | Female Non-Smoker Rate per $10,000 of Coverage$.50 | Female Smoker Rate per $10,000 of Coverage$.70 |
| Age30-34 | Male Non-Smoker Rate per $10,000 of Coverage$.80 | Male Smoker Rate per $10,000 of Coverage$1.40 | Female Non-Smoker Rate per $10,000 of Coverage$.60 | Female Smoker Rate per $10,000 of Coverage$.80 |
| Age35-39 | Male Non-Smoker Rate per $10,000 of Coverage$.90 | Male Smoker Rate per $10,000 of Coverage$1.70 | Female Non-Smoker Rate per $10,000 of Coverage$.90 | Female Smoker Rate per $10,000 of Coverage$1.10 |
| Age40-44 | Male Non-Smoker Rate per $10,000 of Coverage$1.50 | Male Smoker Rate per $10,000 of Coverage$2.90 | Female Non-Smoker Rate per $10,000 of Coverage$1.40 | Female Smoker Rate per $10,000 of Coverage$1.70 |
| Age45-49 | Male Non-Smoker Rate per $10,000 of Coverage$2.50 | Male Smoker Rate per $10,000 of Coverage$5.40 | Female Non-Smoker Rate per $10,000 of Coverage$2.20 | Female Smoker Rate per $10,000 of Coverage$2.70 |
| Age50-54 | Male Non-Smoker Rate per $10,000 of Coverage$4.40 | Male Smoker Rate per $10,000 of Coverage$9.00 | Female Non-Smoker Rate per $10,000 of Coverage$3.40 | Female Smoker Rate per $10,000 of Coverage$4.10 |
| Age55-59 | Male Non-Smoker Rate per $10,000 of Coverage$7.50 | Male Smoker Rate per $10,000 of Coverage$14.30 | Female Non-Smoker Rate per $10,000 of Coverage$5.40 | Female Smoker Rate per $10,000 of Coverage$6.40 |
| Age60-64 | Male Non-Smoker Rate per $10,000 of Coverage$11.00 | Male Smoker Rate per $10,000 of Coverage$19.20 | Female Non-Smoker Rate per $10,000 of Coverage$7.60 | Female Smoker Rate per $10,000 of Coverage$9.20 |
Optional AD&D Insurance Premium Cost
Coverage is $.31 per $10,000 of coverage. For example, your monthly deduction for $50,000 of coverage would be $1.55.