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Group Term Life, Accidental Death and Dismemberment (AD&D), Dependent Term Life Insurances
July 1, 2008 - June 30, 2009

Life Insurance and Accidental Death and Dismemberment (AD&D) help provide financial protection in the event of your death or that of a spouse or dependent.  Optional life, optional AD&D and Dependent Life are fully employee paid and cost does not reduce federal and state taxes.  There is no taxation on imputed value.

 

Basic Coverage

The University provides Basic Group Term Life Insurance coverage in the amount of one times your salary, rounded to the next higher thousand capped at a plan maximum of $50,000. The University also provides Basic AD&D coverage in the amount of one times your salary, rounded to the next higher thousand capped at the plan maximum of $50,000. There is no cost to you.

Optional Coverages:

 

Optional Coverages and Monthly Rates for 2008 - 2009 Plan Year

Group Life *

May be Subject to the Evidence of Insurability (EOI) requirements.  Optional group term life coverage is available at your choice of 1 to 6 times annualized salary, rounded to the next higher thousand capped at a plan maximum of $1,500,000.

Costis age-graded rate times each $1,000 of coverage.

Less than 30 years............$.063

55 - 59 years.......................$.560

30 - 34 years....................$.063

60 - 64 years.......................$.921

35 - 39 years....................$.085

65 - 69 years.....................$.1.371

40 - 44 years....................$.128

70 - 74 years......................$2.061

45 - 49 years....................$.241

75 years and older...............$2.291

50 - 54 years....................$.331

 

To estimate your monthly cost, go to the life insurance calculator.

Optional Life coverage is “portable”.  You will be provided with an option to obtain coverage at competitive rates if you leave the University.

 


Optional Coverages and Monthly Rates for 2008 - 2009 Plan Year

AD&D *

Coverage is available at your choice of 1 to 6 times annualized salary, rounded to the next higher thousand capped at the maximum of $1,500.000.

Costis not age-graded and is constant rate times each $1,000 of coverage. Rate = $.018 / $1,000




Optional Coverages and Monthly Rates for 2008 - 2009 Plan Year
Dependent Life *

 

May be subject to Evidence of Insurability (EOI).  Cost is not age-graded and is constant regardless of the number of eligible family members covered.

 

Coverage of Spouse

Coverage of Each Dependent Child

Option 1 $2.29

$10,000

$5,000

Option 2 $4.53

$15,000

$10,000

Option 3 $4.97

$20,000

$10,000

Option 4 $12.38

$50,000

$10,000

 

 




Portability
The portability feature applies only to Optional Life and Dependent Life. This feature allows employees to continue their optional life coverage upon employment termination or retirement.  Employees will be billed directly by Aetna, until they reach the age limit as specified in the plan or until they cancel the coverage.  Portability also applies to coverage for spouses and child(ren).

 

Conversion
Subject to the terms of the Group Policy, the conversion feature allows an employee to continue Basic Life, Optional Life and Dependent Life.  The conversion feature is an option for employees who do not qualify for portability or when portability is not available (Basic Life). It enables an employee to convert their coverage to an individual insurance policy when their group coverage ceases.  No medical examination is required, but application and payment of the first premium must be made within 31 days of the date Group Insurance terminates. 

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* NOTE: For faculty on less than annual appointments, the amount for insurance benefits is automatically doubled January through April; the actual monthly amount is withheld September through December.