How often are premiums deducted for Group Term Life Insurance and how much does it cost?
Premiums are deducted in February of each year from your Premium Reserve Account. The rates are based on your age on January 1 of each year and can be found on page 11 of your Flex benefit booklet. Premiums for life insurance are deducted before we process your semi-annual election form with the exception of February transfers. This way you don’t have to worry about having enough money in your Premium Reserve Account if you transfer funds to the medical or dependent care account during open election period. You may refer to your quarterly Flex statement for verification of the yearly deduction from your Premium Reserve Account.
