Benefits

Understand the Costs

Basic Coverage

The University provides basic life insurance coverage equal to one times your annual salary to a maximum benefit of $50,000, at no cost to you.   

Additional supplemental Coverage

How to Calculate Your Monthly Cost
Step One

Take your annual salary and round it up to the next $1,000.		 Example

Sue is 38 and her annual salary is $34,482. Sue rounds that figure up to $35,000. 
Step Two

Elect the level of coverage that you want.

Example

Sue wants to elect three times her annual salary.
Step Three

Multiply annual salary times the coverage that you elect.

Example

$35,000 X 3 = $105,000
Step Four

Multiply the result in Step Four by the applicable rate per thousand.

Example

105 X $0.034 = $3.57 per month

When you are calculating your monthly rate, refer to the chart below for the appropriate factor.

Your Age Monthly Factor per $1,000 of Coverage
Less than 35 $0.027
35 – 39 $0.034
40 – 44 $0.061
45 – 49 $0.103
50 – 54 $0.158
55 – 59 $0.293
60 – 64 $0.444
65 – 69* $0.820
70 – 74* $1.506
75 and over* $1.506

* Once you reach age 65, coverage is available in reduced amounts of your salary. The reduction factors are:

Age Reduction Factor      
65 – 69 0.65      
70 – 74 0.42      
75 and over 0.27      

The maximum amount of life insurance you can have when you reach age 65 is:

  • Age 65 – 69: $975,000
  • Age 70 – 74: $630,000
  • Age 75 and over: $405,000.

Voluntary Spouse or Same Gender Domestic Partner (registered with the University) Life Insurance

How to Calculate Monthly Cost

When you are calculating the monthly rate, refer to the chart below for the appropriate factor.

Spouse's / Same Gender Domestic Partner Age Monthly Factor per $1,000 of Coverage
Less than 35 $0.027
35 - 39 $0.034
40 - 44 $0.061
45 - 49 $0.103
50 - 54 $0.158
55 - 59 $0.293
60 - 64 $0.444
65 - 69* $0.820
70 - 74* $1.506
75 and over* $1.506

* Once the covered spouse or same gender domestic partner reaches age 65, coverage is available in reduced amounts. The reduction factors are:

 

Age Reduction Factor
65 - 69 0.65
70 - 74 0.42
75 and over 0.27

Voluntary Dependent Child(ren) Life Insurance

Voluntary Dependent Child(ren) Life may cover one child or multiple children in your family. You will only pay premium based on one level of coverage. So, if you choose the $2,000 level of coverage, you will only pay premium based on $2,000, yet you will have $2,000 coverage on each eligible child in your family. The monthly cost is $0.200 per $2,000 increments of coverage