OM 8.1.10 Group Life Insurance
About This Policy
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Effective Date: July 1987 |
Policy Contact: Human Resources |
Policy
These plans provide faculty and administrative, supervisory, and general staff with basic life insurance plus the option of buying additional coverage.
- Basic Coverage – Cigna. All active employees are covered for an amount of life insurance equal to their annual salary rounded to the next $500.00. The minimum benefit is $17,500 and the maximum benefit is $70,000. There is no charge to the employee for this basic amount of insurance. Benefits are reduced at age seventy according to plan provisions.
- Accidental Death and Dismemberment - Cigna. All active employees are covered for an amount of accidental death and dismemberment benefit equal to their annual salary rounded to the next $500. The maximum benefit is $70,000. There is no charge to the employee for this benefit. Benefits are reduced at age seventy-five according to plan provisions.
- Voluntary Life Insurance Coverage – Cigna. All active employees are eligible to purchase additional life insurance up to 3x’s their annual salary up to $500,000. Upon hire employees have 30 days to elect up to $150,000 without providing medical history form. After the 30 days have passed, employees will be required to submit a medical history form for any voluntary amount elected. Payment is through payroll deduction. The Human Resources Office will provide information on this optional coverage upon request.
History
July 1987
Revised February 1992
Revised September 1993
Section Renumbered & Revised July 2011
Editorial Revision (benefit provider name) December 2016
Title revision, Aug 2023