Full-time employees are covered immediately upon employment by a life insurance policy equal to two times the individual's annual base salary rounded to the next highest $1,000 to a maximum of $50,000. The College pays the entire premium for this basic insurance.
Employees may also elect to purchase supplemental life insurance equal to one, two, three, four five, six, or seven times the annual base salary rounded to the next higher $1,000 to a maximum of $500,000. If employees elect not to participate in the supplemental plan when it is initially offered, they must present the plan administrator with evidence of insurability prior to being admitted to the plan. There is no guarantee that the plan administrator will extend coverage to employees who do not elect this option within thirty (30) days of the date of employment.
Employees may also elect to purchase additional spousal life insurance at a rate of .5, 1, 1.5, 2, 2.5, 3, or 3.5 times the annual base salary rounded to the next highter $1,000 not to exceed 50% of the employee elected supplemental amount. There is a maximum amount of $250,000.
Employees may also elect to purchase dependent life insurance for their children aged 14 days - 19 years (26 if full time student) at $2,000, $5,000, $10,000, or $20,000. The employee must be enrolled in supplemental life insurance to purchase this coverage.