The College provides you with a Life Insurance policy of twice your annual base salary rounded to the next highest $1,000 up to a maximum of $500,000. The policy includes an additonal accidental death & dismemberment (AD&D) benefit. If you pass away as a result of an accident, the AD&D benefit is equal to twice your annual base salary rounded to the next highest $1,000 up to a maximum of $500,000.
If the Life Insurance provided by the college totals more than $50,000, the cost of the insurance coverage over $50,000 will be taxed as income and identified as excess life on your statement of earnings. This policy is convertible upon separation from employment.
The amount of voluntary life insurance will reduce to 65% of the original amount at age 65, 40% of the original amount at age 70 and 25% of the original amount at age 75.
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For more information on this benefit, please login to your ICUBA Benefits site and visit the Reference Center.