Life Insurance
Basic Group Life Insurance from Standard Insurance Company helps provide financial protection by paying a benefit in the event of an eligible members covered death. Basic Accidental Death and Dismemberment (AD&D) insurance may provide an additional amount in the event of a covered death or dismemberment as a result of an accident.
Basic Life Insurance and Basic Accidental Death & Dismemberment (AD&D) Coverage
The university pays the entire cost of Basic Life and AD&D insurance.
Basic life insurance coverage is two times base salary. The maximum amount is $250,000 and the minimum coverage amount is $30,000. The amount reduces after age 70 (see the table below).
Your basic life insurance coverage (excluding supplemental life insurance) also includes an accidental death and dismemberment insurance benefit. The coverage amount is equal to your Basic Life Benefit. For other covered losses, a percentage of the benefit will be payable.
Coverage Amount by Age
| Age | Amount of Coverage |
|---|---|
| Up to 70 |
2x annual base salary or $30,000, whichever is greater.
|
| 70 to retirement | 50% of in-force coverage (basic and supplemental). |
Supplemental Coverage
The plan also provides the option to purchase an additional amount of term-life insurance in increments of $20,000, $50,000, $100,000 and $200,000. Medical evidence of insurability is not required for any amounts under $200,000 at the time of initial eligibility. Application for the $200,000 level of coverage, as well as other levels of coverage when applied for outside the period of initial eligibility, is subject to medical evidence of insurability. Postdoc fellows are not eligible for supplemental coverage.
The employee contribution is based on attained age and will change as the age changes in accordance with monthly premiums:
| Age Schedule | $20,000 | $50,000 | $100,000 | $200,000 |
|---|---|---|---|---|
| Under 30 | $1.00 | $2.50 | $5.00 | $10.00 |
| 30-34 | $1.40 | $3.50 | $7.00 | $14.00 |
| 35-39 | $1.80 | $4.50 | $9.00 | $18.00 |
| 40-44 | $2.00 | $5.00 | $10.00 | $20.00 |
| 45-49 | $3.00 | $7.50 | $15.00 | $30.00 |
| 50-54 | $4.60 | $11.50 | $23.00 | $46.00 |
| 55-59 | $8.60 | $21.50 | $43.00 | $86.00 |
| 60-64 | $15.20 | $38.00 | $76.00 | $152.00 |
| 65-69 | $25.40 | $63.50 | $127.00 | $254.00 |
The Basic Life amount (maximum $250,000) and additional optional insurance coverage may not exceed a combined maximum of $450,000.
Supplemental Insurance for Employees 70 and Over
When the employee reaches age 70, the in-force coverage will be reduced by 50 percent, and the rate is calculated according to the new benefit level:
| Age Schedule |
$10,000 |
$25,000 |
$50,000 |
$100,000 |
|---|---|---|---|---|
|
70 - 74 |
$21.60 |
$54.00 |
$108.00 |
$216.00 |
|
75 and over |
$27.20 |
$68.00 |
$136.00 |
$272.00 |
Spouse and Dependent Supplemental Life Insurance
Employees enrolled in supplemental coverage may also purchase additional coverage for your spouse and/or dependent children. Spouse coverage is available for $25,000 or $50,000 and rates are based on age. Child coverage is available for $10,000 or $15,000 at a flat rate. Maximum coverage age for children is 25.