Life/AD&D Insurances

Life insurance gives a person a peace of mind, knowing that there is financial protection for one's family after his or her death. The Colleges provides benefits-eligible employees with the following group term life insurance programs. Term life insurance is basically death benefit coverage only for a specified period with no cash value, loan value, or other permanent benefit under the policy.

Basic Life Insurance

The Colleges provides term life insurance in an amount equal to the employee's annual salary up to a maximum coverage of $200,000. The cost of this coverage is paid for by the Colleges.

Coverage under the basic life insurance plan is effective on the date of hire, if the employee is actively at work. If not, then it is effective the first day the individual is actively at work. Employees must enroll to be covered.

Supplemental Life Insurance

The Colleges also provide a contributory supplemental life insurance plan. Participation in this plan is voluntary. Under this plan, employees may purchase additional life insurance equal to one, two, three or four times their annual salary. The overall maximum sum of the basic life policy provided by the Colleges and the supplemental life policy is $650,000. The customary guarantee issue amount is the lesser of 2-times the employee salary or $200,000.

At the time of hire employees may choose to purchase additional supplemental life insurance coverage equal to one times their salary without providing evidence of insurability. Employees may increase their insurance at any time if they provide acceptable evidence of insurability to the carrier. Participants may decrease their coverage as of the first of any month.

Spousal and Dependent Life Insurance

Employees may purchase from a selection of life insurance coverage levels for his or her spouse, certified domestic partner and/or dependents. Spousal life insurance is available at $10,000, $25,000 or 50% of the employee's total basic and supplemental life coverage (may be required to provide evidence of insurability) up to $100,000. Premiums are age-rated and based on the employee's age. Dependent life insurance is available at a level of $4,000 for dependents age six months to 19 years of age; $100 coverage for children ages two weeks to six months. Premium is a family rated monthly premium regardless of the number of eligible dependents covered.

Accidental Death and Dismemberment Insurance

Accidental Death and Dismemberment (AD&D) insurance provides coverage for death resulting from accidental means. It does not provide benefits for death resulting from illness or natural causes. Dismemberment benefits generally cover permanent loss of a body part or function or loss of use of a body part or function.

Basic AD&D

The Colleges provide accidental death and dismemberment coverage for all employees enrolled in the basic life insurance plan. Coverage is equal to the employee’s total amount of basic life insurance coverage.

In the case of death due to an accident, the beneficiary receives an amount equal to the employee's basic life insurance coverage. This payment is in addition to payment under the life insurance policy. Payment to the employee for dismemberment varies based on the nature of the injury.

Designation of Beneficiary is processed via web portal and may be updated at anytime.