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Supplemental Life Age Reduction

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Mary Porter
Veteran Member
Posts: 337
Veteran Member
10/6/2014 10:02 PM

    Anyone have a solution for setting up a supplemental life plan with a 50% coverage reduction at age 70?

    Do you just create a second plan for over age 70?

    M.J.
    Veteran Member
    Posts: 38
    Veteran Member
    10/7/2014 3:33 PM
      From the coverage amounts on BN17.3 you can go into Limits button and add a rate table in the Coverage Reduction rules section. The Coverage Reduction Table lets you define age bands that correspond with percentages.
      Mary Porter
      Veteran Member
      Posts: 337
      Veteran Member
      10/7/2014 5:03 PM
        Hi M.J., that works great for my multiple of salary plans, but it is not allowed for a supplemental plan based on coverage amounts.
        Does that work for you?
        M.J.
        Veteran Member
        Posts: 38
        Veteran Member
        10/7/2014 5:52 PM
          You are correct, those coverage reduction tables are on plans where the calculation type is multiple salary. I have not tried it on the calculation type supplemental.
          Mary Porter
          Veteran Member
          Posts: 337
          Veteran Member
          10/7/2014 6:40 PM
            What I think I'm going to do is just have the employee elect the supplemental amount and enter the 50% rate in the rate table, then we retain the original election
            amount on BN32, which should equate to reducing the benefit by half from a premium perspective.
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