You pay 100% of the cost for the Supplemental Life Insurance you elect. The per pay period costs specific to you are displayed for all options during the open enrollment process.
Supplemental Life Insurance
If you wish to have more coverage than the Basic Life Insurance Plan, you can elect and pay for Supplemental Life Insurance.
How does Supplemental Life Insurance work?
Employees pay 100% of the cost of the Supplemental Life Insurance Plan. The price of employee supplemental life insurance depends on your salary, how much life insurance you wish to buy, and your age. With the Supplemental Life Insurance Plan, you can buy “units” equal to 1 to 4 times your annual salary to a maximum of $350,000. As with the Basic Life Insurance Plan, age reductions in the amount of your coverage occur at age 65, 70 and 75.
You may also buy supplemental insurance for your spouse and child(ren) on an after-tax basis. Units of $10,000, $25,000, or $50,000 can be purchased for your spouse and units of $5,000 or $10,000 for your child(ren). From birth to six (6) months, this insurance coverage is reduced to $100. In order for your child(ren) to be eligible for this coverage they must be under age 26.
Please Note:
If you and one of your dependents (spouse or child) are both employed and eligible for benefits at the College, you may NOT elect supplemental dependent life insurance for that dependent.
At the time you are hired you can decide to purchase any unit of employee or dependent supplemental life insurance. You can also choose to take part during the annual Open Enrollment period. During Open Enrollment you are allowed to increase by one unit only, decrease by any unit or completely cancel the coverage. Because the rates are based on your age, please review the costs annually at open enrollment.