Group Life Insurance
All regular full-time employees completing six months of service are insured automatically for up to one-half their annual salary for basic life insurance. In addition to this no-cost basic coverage, all regular employees working 20 standard hours per week or more may elect to purchase optional life insurance coverage in increments of one, two, three or four times their annual salary, not to exceed $1 million. The price of the optional insurance is based on how much coverage is purchased and on the employee’s age. Dependent coverage is available for spouses/domestic partners in the amount of $25,000, $50,000, $75,000 or $100,000. Eligible dependent children (birth to 19 years of age, or age 22 if a full-time student) can be covered for a $4,000 death benefit per child.
Employees may enroll in supplemental life insurance for themselves or dependents at any time. If the employee enrolls within the first 31 days of hire/eligibility, a health statement is not required for the employee, dependents and spouse/domestic partner (up to $50,000). Spouses/domestic partners are required to complete health statements for $75,000 and $100,000 coverage. If the application is made at a later date, the employee will have to complete a health statement, which must be approved by the life insurance company. Employees can cancel or reduce supplemental coverage at any time.
Last Modification: 03/03/2003
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