4 minute read
Life Insurance Coverage
The College provides life and accidental death and dismemberment (AD&D) insurance at no cost to you.
The standard life and AD&D insurance benefits are each 2 ½ times base annual salary, rounded down to the next lowest $500. The maximum amount of life insurance is $175,000 (AFSCME $150,000).
OTHER IMPORTANT THINGS TO NOTE ABOUT YOUR LIFE INSURANCE AND AD&D COVERAGE:
n
n
n The amount of life insurance is reduced by 50% at age 70. Change or update your beneficiary or beneficiaries at any time at lifebenefits.com. Life insurance amounts in excess of $50,000 result in a small amount of taxable income to you called “imputed income.” The amount varies according to your age and the amount of life insurance over $50,000.
n
n If your life insurance ceases because you are no longer an employee or you are no longer in a class that is eligible for life insurance, you may continue your coverage through an individual policy. You may be eligible to request an accelerated benefit if you become terminally ill.
Life Insurance “Buydown” Option
You may “buy down” the amount of life insurance to an amount equal to your annual salary (rounded down to the next lowest $500) with a maximum of $50,000. If you buy down your life insurance, you will receive flexible benefits credits that can be applied toward other benefits or received as taxable income.
If you elect to buy down your life insurance benefit, you must provide medical evidence of insurability if you want to return to the standard life insurance benefit during a future annual enrollment. Once you buy down, there is no guarantee that you will be able to return to the standard life insurance benefit.
Additional Benefit Resources
With your life insurance benefit, you and your dependents also have access to the following benefits:
Travel Assistance Services
Assistance 24/7/365 for emergencies, transport services and pre-trip resources when traveling 100 or more miles away from home
Legal Services
Access to a national network of accredited attorneys for consultation on simple wills, estate planning documents and other legal issues
Legacy Planning Services
Access to online resources for end-of-life issues DESIGNATE YOUR LIFE INSURANCE BENEFICIARY
Log in to lifebenefits.com to designate your life insurance beneficiary.
Your ID consists of “CCC” followed by your S# with no spaces (CCCSxxxxxxxx).
Your password consists of your eight digit date of birth followed by the last four of your Social Security number.
WHEN DO YOU NEED TO PROVIDE EVIDENCE OF INSURABILITY?
You are required to provide Evidence of Insurability (EOI), or proof of good health, if you:
Purchase spousal coverage above $20,000
Purchase additional insurance on your spouse
Enrolled in SLI or Dependent
Life more than 90 days after you became eligible
Have not previously enrolled in
SLI or Dependent Life The Total Rewards office will notify you and provide instructions if you are required to provide EOI. Coverage becomes effective on the date the insurance company determines the evidence is satisfactory.
Supplemental Life Insurance
You may purchase Supplemental Life Insurance (SLI) valued at 1 to 8 times your annual salary (rounded down to the lowest $500) to a maximum of $750,000. This amount includes the Basic Life insurance provided by the College. Coverage will reduce to 65% at age 65, 50% at age 70 and 25% at age 75. As a newly hired employee, SLI will be offered to you with a guaranteed issue amount valued at the lesser of three times your base annual salary (rounded to the lowest $500) or $400,000 (Basic Life and SLI combined). This means you can purchase up to this amount without providing evidence of insurability. Amounts above the guaranteed issue will require evidence of insurability. If, during a subsequent open enrollment period, you elect to increase your SLI or elect for the first time, you will need to provide evidence of insurability. Employees who separate from the College may convert their SLI to an individual life insurance policy.
Dependent Life Insurance
You may choose to purchase dependent life insurance on your eligible dependents. In the event of the death of a covered dependent, benefits are paid to you.
For the purposes of the dependent life Insurance plan, an eligible dependent is:
n Your lawful spouse
n
n Your domestic partner and his or her children for whom you have completed an Affidavit of Domestic Partnership
Any unmarried child, from birth until age 26, who lives in your household in a parent-child relationship and is reported by you to the Internal Revenue Service as a dependent
IMPORTANT THINGS TO NOTE ABOUT YOUR DEPENDENT LIFE INSURANCE AND AD&D COVERAGE:
n If your spouse is also an employee and insured under the standard life insurance plan, you cannot insure him or her as a dependent in the dependent life insurance plan.
n
n If both you and your spouse are covered under the standard life insurance plan, only one of you may enroll for dependent life insurance coverage on your dependent children. If you are enrolled in dependent coverage and subsequently acquire a new dependent, that dependent will automatically be covered.
n Dependent life insurance coverage is $10,000 for all eligible dependent children, regardless of the benefit level of the spouse.
n Your covered dependent may be able to continue coverage through an individual life insurance policy if his or her life insurance ceases.
The cost for dependent life insurance, regardless of the number of dependents covered, is:
BENEFIT LEVEL FOR SPOUSE $10,000 $15,000 $20,000 $25,000 $30,000
BENEFIT LEVEL FOR CHILDREN $10,000 $10,000 $10,000 $10,000 $10,000
BIWEEKLY COST FOR NON-FACULTY $1.27
$1.85
$2.28
$2.70
$3.12
BIWEEKLY COST FOR FACULTY $1.50
$2.18
$2.70
$3.19
$3.68
