Employee Life and AD&D
Premiums are based on your age as of December 31st each year (your age as of 12/31/2014 is used to determine your 2014 rates).
View your Life and AD&D Coverage Plan Booklet here. or a summary of the plans here.
Employer paid life insurance in excess of $50,000 is subject to tax under IRS guidelines. See the Imputed Income Explanation for details. Any additional taxable income will be calculated automatically beginning in January. Note, if your Basic Life Insurance is less than $50,000 there is not taxable income.
During your initial enrollment you can elect Basic Life Insurance of 1x your salary paid for by the College. In addition you can purchase additional coverage of 1x – 3x your salary at your expense up to a maximum of $850,000 in coverage (including Basic). Amounts above a total of $500,000 require submitting evidence of good health. If you do not elect coverage when you are first eligible and later wish to elect coverage or increase your coverage in the future it would be subject to providing evidence of good health and could be denied.
See the below rate schedule to determine what the cost would be based on your age.
|Age at 12/31/14||Monthly Rate per $1,000|
|25 – 29||$0.060|
|30 – 34||$0.080|
|35 – 39||$0.090|
|40 – 44||$0.122|
|45 – 49||$0.194|
|50 – 54||$0.325|
|55 – 59||$0.540|
|60 – 64||$0.660|
|65 – 69||$1.270|
Note: to determine your cost for 2014 you would use your age as of 12/31/2014
To view the Summary Annual Report for the Life and AD&D Plan, click here.
Latest update: 10/25/13