Life Insurance

Life Insurance Underwritten by Standard

Term life insurance coverage equal to the employee’s annual salary is paid by the University. Employees may purchase additional coverage up to three times their annual salaries through payroll deduction. Term life insurance is also available for eligible dependents in amounts of $5,000, $10,000 or $15,000.

Additional life insurance rates:

Age Premium per $1,000 annual salary
Under 25 $0.040
25 – 29 $0.051
30 – 34 $0.068
35 – 39 $0.077
40 – 44 $0.085
45 – 49 $0.130
50 – 54 $0.200
55 – 59 $0.370
60 – 64 $0.560
65 – 69 $1.080
70+ $1.750

Dependent life insurance rates:

Level Monthly Premium
$5,000 $1.74
$10,000 $3.48
$15,000 $5.22

Dependent life insurance rates are a flat-fee no matter how many qualifying dependents are covered. Dependent children may be covered through age 25.

Please note that these premiums are based on a 12-month pay schedule. Rates for employees paid over 9 months will be pro-rated accordingly.

Age Reductions:  Basic Life and AD&D insurance coverage amounts reduce to 65% at age 65, to 45% at age 70, to 30% at age 75 and to 20% at age 80.

 

Group Life Insurance Certificates

Group Basic Life and Accidental Death and Dismemberment Insurance
Additional Life Coverage Highlights