Insurance

Life Insurance

EMPLOYEE LIFE: THE STANDARD (VOLUNTARY)

• Description: Term life and accidental death/dismemberment in an amount equal to two times the employee’s base salary up to $1,000,000.

• Cost: $.167 per $1,000 of coverage. Shared cost between the University and the employee. The University pays ½ of the premium up to $50,000 and the employee pays the balance.

• Effective date: Effective on the first day of the month following date of hire

DEPENDENT LIFE: THE STANDARD (VOLUNTARY)

• Description: Term life insurance for spouse and dependents to age 19 or 25 if full-time student

Option One: $25,000 for spouse; $10,000 for dependents
Option Two: $10,000 for spouse, $5,000 for dependents

• Cost: Employee pays full cost:

Option One: $5.80 monthly, $2.68 biweekly
Option Two: $2.40 monthly, $1.11 biweekly

• Effective date: Effective on the first day of the month following date of hire

===================================================================================