Optional Employee Life and AD&D Insurance

Optional Life insurance and Accidental Death & Dismemberment (AD&D) insurance above the $50,000 University-paid basic amount is available at your expense. You may elect between 100% and 400% of your annual pay rate (rounded up to the nearest $1,000) as additional life insurance for yourself. The maximum additional insurance is $500,000.

 You may elect optional life insurance coverage when you are hired or during the University’s annual open enrollment period in November.  Your premium cost for optional coverage is determined by your age and the amount of coverage. If you are a newly eligible employee, you are required to fill out an evidence of insurability (EOI) form if electing optional life insurance in excess of $150,000. Coverage is subject to approval by Cigna Insurance. Once enrolled for basic life or optional life, any subsequent increase in your life insurance requested during Open Enrollment will require evidence of insurability.

Optional AD&D insurance is also available at your expense if you are enrolled in optional life insurance. You may elect $100,000 to $500,000 of optional AD&D coverage for yourself. Optional Life and AD&D premiums are deducted from your paycheck after taxes have been withheld.

Optional Employee Life Insurance
Optional Coverage    You may purchase an additional 100% to 400% of your pay (rounded up to the nearest $1,000)
Definition of Pay    Your annual base pay rate as of January 1 (or date of enrollment for newly hired faculty and staff)
Maximum Coverage   $500,000
Limitations  Coverage is reduced at age 65 and again at age 70
Guaranteed Acceptance    New hires are guaranteed coverage for up to $200,000 (includes the $50,000 basic amount). Amounts above $200,000 require evidence of insurability
Optional AD&D Insurance
Optional Coverage You may purchase an additional $100,000 to $500,000 of coverage.  Additional amounts are payable under certain loss circumstances
Limitations Coverage is reduced at age 65 and again at age 70

 

Last modified on Wednesday, January 29, 2014