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Reduce insurance coverage amount by certain percentage of coverage at 70 and calculate rates

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edited Aug 14, 2023 10:02AM in Benefits 6 comments

Summary:

Looking for ways to configure automatic coverage reduction based on age for life insurance plan, without using Fast formula

Ex : reduce coverage amount entered by employee during enrollment by certain percentage when age reached 70

Ex : When employee enters 10,000 during enrollment, the coverage must be reduced by 80% of 10000 based on age.

To test this, initially Iam trying to keep coverage amount default 10000 ( flat ) and create variable coverage profile that multiples ( flat mount, value 0.8, treatment rule multiply) with standard coverage ( flat amount). However, the rate calculation is done by taking the coverage amount,10000. Variable coverage rule is not applied to coverage.

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