Policy 356: Life Insurance
Section: Personel Policies
Policy Number: 356
Subject: Life Insurance
Covered Employees: Benefit Eligible Employees
Origin Date: January 24, 1997
Revision Date(s): July 1, 1999
Effective Date: July 1, 1999
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The University offers benefit-eligible employees several death benefits, as described herein.
2.1 Basic Group Term Life Insurance for Employees
The University provides group term life insurance coverage equal to one times the employee's annual salary (rounded up to the nearest $1,000). The policy provides for double indemnity in the case of accidental death. The University pays the full premium for this coverage.
Benefit-eligible employees may enroll within 31 days of their hire date without providing proof of insurability. Employees must provide proof of insurability if they enroll after 31 days of their hire date.
2.2 Supplemental Group Term Life Insurance for Employees
Benefit eligible employees may elect to enroll in supplemental group term life insurance in addition to the basic insurance provided by the University (356.2.1). The employee pays the full premium for this supplemental coverage. The premiums are age based and the cost is available in the Office of Human Resources. Elected coverage over certain dollar amounts will require proof of insurability.
2.3 Optional Dependent Life Insurance
Benefit-eligible employees may enroll their spouses and eligible dependent children in group term life insurance. All options have a double indemnity clause for accidental death. The employee pays the entire premium for any spouse/dependent coverage elected. Additional information is available in the Office of Human Resources. The Office of Human Resources is responsible for administering and facilitating the group life insurance programs; however, each enrolled employee carries the responsibility to stay current with the eligibility and enrollment requirements of the policies. Evidence of insurability is required for coverage over certain dollar amounts.
2.4 Special Death Benefits
In the event of an employee's death, the University will pay one month's salary from the date of death plus any unused annual leave to the beneficiary. In addition, medical and dental insurance coverage with premiums paid by the University will be provided to the beneficiary and dependents of the beneficiary until the last day of the month following the month of death, as long as they were enrolled in the insurance programs prior to the death of the employee.
3.1 Office of Human Resources
Responsible for providing advice and assistance in implementing this policy.