Exhibit_C2_-_Securian_2020_-_2022_Rates.pdf
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- Attached to
- RFP 25-02 Life Insurance Benefit Plans
- Solicitation number
- 0000036099
- Issued by
- San Bernardino County, California
About this file
This document is a Rate Confirmation for insurance products issued by Minnesota Life Insurance Company for the Superior Court of California, County of San Bernardino, covering the rate period from January 1, 2020 to December 31, 2022. The insurance products include Basic Term Life, Supplemental Term Life, Dependent Term Life, Voluntary AD&D, and Variable Group Universal Life insurance for court employees and their dependents. The rate confirmation provides detailed premium rates structured by age brackets for employee supplemental life insurance, spouse life insurance, child life insurance, and voluntary AD&D coverage.
The rate structure includes varying monthly rates per $1,000 of coverage, which increase with age. For example, employee supplemental life insurance rates range from $0.046 per $1,000 for individuals under 25 to $1.563 per $1,000 for those 70 and over. The document notes that the rates are net of commissions and that Minnesota Life reserves the right to adjust rates if there are significant demographic changes (defined as more than 15% volume change) or modifications to plan design or eligible employee definitions. The rates are subject to the current terms and conditions of the existing policies covering the Superior Court of California – San Bernardino County's employees and dependents.
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RATE CONFIRMATION
1. Policyholder: Superior Court of California, County of San Bernardino
2. Policy Number(s): 33849-G, 33850-G, and 55056-G
3. Insurance Product(s): Basic Term Life, Supplemental Term Life, Dependent Term Life, Voluntary AD&D, and Variable Group Universal Life
4. The insurance rates included in this rate confirmation are net of commissions.
5. Rate Coverage Period: January 1, 2020 – December 31, 2022
Premium Rates1:
Basic Life: $0.032 / $1,000 / month
Employee Supplemental Life:
Age Rate / $1,000 / Month Under 25 $0.046
25-29 $0.046 30-34 $0.061 35-39 $0.068 40-44 $0.076 45-49 $0.114 50-54 $0.174 55-59 $0.326 60-64 $0.501 65-69 $0.963 70-74 $1.563
75 & Over $1.563
Spouse Life:
Age Rate / $1,000 / Month Under 25 $0.082
25-29 $0.099 30-34 $0.131 35-39 $0.148 40-44 $0.164 45-49 $0.246 50-54 $0.378 55-59 $0.706 60-64 $1.084 65-69 $2.087 70-74 $3.385
75 & Over $3.385
Rate Confirmation Superior Court of California San Bernardino County Page 2 of 3
Child Life: $0.110 / $1,000 / month
Employee Voluntary AD&D: $0.013 / $1,000 / month
Family Voluntary AD&D: $0.022 / $1,000 / month
Variable Group Universal Life:
Attained Monthly
Attained Monthly
Age /$1,000
Age /$1,000
20 0.064
60 0.655
21 0.064
61 0.729
22 0.064
62 0.803
23 0.064
63 0.876
24 0.064
64 0.950
25 0.064
65 1.035
26 0.085
66 1.119
27 0.085
67 1.214
28 0.085
68 1.320
29 0.085
69 1.468
30 0.085
70 1.700
31 0.085
71 2.016
32 0.085
72 2.481
33 0.085
73 2.935
34 0.085
74 3.388
35 0.095
75 3.832
36 0.095
76 4.275
37 0.095
77 4.708
38 0.106
78 5.193
39 0.117
79 5.826
40 0.127
80 6.660
41 0.127
81 7.705
42 0.127
82 8.760
43 0.138
83 9.668
44 0.148
84 10.576
45 0.148
85 11.473
46 0.159
86 12.380
47 0.169
87 13.288
48 0.180
88 14.270
49 0.201
89 15.314
50 0.212
90 16.845
51 0.233
91 18.533
52 0.254
92 20.380
53 0.296
93 22.417
54 0.338
94 24.665
55 0.391
56 0.465
57 0.507
58 0.581
59 0.655
Rate Confirmation Superior Court of California San Bernardino County Page 3 of 3
1To satisfy your responsibilities under ERISA and state law, if applicable, each of your plan documents and related communications with plan participants should be consistent with the following, either currently or following acceptance of the above quoted rates:
• basic and supplemental coverages are structured as a single ERISA plan;
• participants who elect supplemental coverages are required to contribute specified premiums which are not necessarily equal to the expected cost of coverages elected by the participant and premiums paid by the plan for one coverage may cover some or all of the cost of another plan coverage;
• you do not promise to pay the full cost of any coverage but instead agree to pay the difference between the total premium for all plan coverages and amounts contributed by participants; and
• plan assets, including participant contributions, may be used to pay any benefit or expense under the plan, including insurance premiums for any coverage.
In addition, your requested rate structure may impact the tax treatment of the coverages under Section 79 of the Internal Revenue Code. We encourage you to consult your own legal and tax counsel to ensure your desired result.
MINNESOTA LIFE INSURANCE COMPANY
By Date October 10th, 2019 Susan Munson-Regala
Title 2nd VP & Actuary - Group Insurance
ACKNOWLEDGEMENT BY AUTHORIZED REPRESENTATIVE OF POLICYHOLDER
This document confirms that the rates stated above are the agreed upon rates for the specified policy numbers. These rates will be charged for coverage amounts effective during the Rate Coverage Period listed above. This renewal offer is subject to the current terms and conditions of the policies covering Superior Court of California – San Bernardino County’s employees and their dependents. Minnesota Life reserves the right to adjust the rates at any time in the event of plan design changes, modifications to the definition of eligible employees, or significant demographic changes in the group. We define significant changes to mean a change in the volume within a coverage or across coverages of more than 15%. The baseline for calculating the total change in volume will be the volume provided in the 2019 renewal census.
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