Group Life Insurance
The University offers a life insurance program with coverage that is directly related to the employee's salary. This helps to protect the value of the insurance from erosion due to inflation.
The University pays 50% of the premium.
Insurance coverage is two times annual salary rounded down to the nearest $1,000. Normally, no one will receive less than $50,000 of insurance or more than $200,000 of insurance. The insurance coverage is adjusted, as appropriate, each July.
The amount of insurance decreases to 65% of the above formula on July 1 of the year following attainment of age 65, and to 50% on July 1 following attainment of age 70.
A person with a terminal illness may be eligible to receive an advance of up to 80% of the face value of their life insurance benefit.
Full-time employees (part-time benefit-eligible employees should consult "Benefits for Part-Time Benefit-Eligible Employees" below.)
When Coverage Begins
Coverage may begin on the first day of employment.
Timely Enrollment is Necessary
Employees can enroll within 31 days of employment, 31 days of a qualifying life event, or during an open enrollment without medical underwriting.
Benefits for Part-Time Benefit Eligible Employees
An employee is eligible for $10,000 of life insurance coverage at the time he/she begins qualifying employment. The University pays approximately 50% of the premium.